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RBA Says Further Interest Rate Hikes Likely
Guy Debelle, an assistant governor with the Reserve Bank of Australia has warned that it was extremely likely that interest rates would rise further, but said that central bank was acutely aware that higher levels of household debt, means that tightening monetary policy had a far greater impact than it did in the past.
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Bankwest Enters RMBS Market For First Time Since Being Acquired By CBA
Bankwest has waded into the residential mortgage backed securities market for the first time since it was acquired by Commonwealth Bank for $2 billion. The lender launched a $620 million deal with three different classes of securities.
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RBA Says Bad Debt Cycle Has Peaked
The Australian central bank, the Reserve Bank of Australia (RBA) says that bad debt charges faced by Australia’s major lenders appear to have peaked, and in doing so will help them maintain their position amongst the most profitable banks in the world.
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Citibank Has Ambitious Plans For Australian Credit Card Market
Global bank giant Citibank has ambitions to end the near total dominance of Australia’s Big Four banking groups on the consumer credit card market.
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Australian Tax Office To Crack Down On Tax Evaders
The Australian Tax Office (ATO) is cracking down on thousands of wealthy individuals and has asked banks to warn customers using offshore tax haven accounts that they may face huge penalties for doing so.
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Treasury Secretary Says Australian Financial Services Highly Competitive
The Federal Treasury believes that the financial services industry in Australia remains highly competitive, despite the capturing of a large proportion of market share by major lenders in the aftermath of the financial crisis.
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Australian Central Bank Remains Reluctant Regulator Of Electronic Payments System
The Australian central bank, The Reserve bank of Australia (RBA) says it remains a “reluctant regulator” of competition in the electronic card payments system space. The RBA says it prefers competition as the mechanism used to contain fees, and would like to take a step back instead, however RBA assistant governor Malcolm Edey says it is not quite ready to do so.
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NAB Optimistic Over AXA APH Acquisition
Steve Tucker, chief executive of MLC, the wealth management unit of Australian banking major National Australia Bank (NAB) says he is confident that the lenders $13.2 billion bid for AXA Asia Pacific Holdings (APH) will ultimately be successful, despite the fact that the ACCC on Friday deferred its ruling on the proposed deal.
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RBA Says Major Australian Banks Profiting At Expense Of Customers
The Reserve Bank of Australia says that Australia’s major lenders are using higher funding costs as an excuse to profit at the expense of mortgage borrowers and businesses.
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Australians Spend 22 Per Cent Less On Credit Cards In January
Australians spent nearly 22 per cent less on charge and credit cards during the month of January compared with the previous month according to new data from the Reserve Bank of Australia.
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