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International Banks Beat Retreat from Australia Causing Shortfall in Australian Corporate Lending
Major international banks are scaling back their lending to Australian corporations in the wake of the global credit crisis as they retreat to their domestic markets and the Australian Federal Government loan guarantee continues to divide the banking sector.
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Australian Banks Minting Fees From Consumers
The Australian Prudential Regulatory Authority (APRA) published new research last week showing that in the year to June financial institutions accrued income from fees and commissions totalling A$ 22.6 billion. The amount represented at least a ten per cent increase in fee and commission based income from the previous year which amounted to A$ 20.48 billion.
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Australian Non Bank Lenders To Consolidate Further
The capitulation of GE Money, and the subsequent divestment of its Wizard Home Loans unit for just A$ 26 million, after having paid A$ 500 million for the business only 4 years ago suggests the outlook for non bank lenders and mortgage brokers is positively horrendous. The acquisition of Wizard by Aussie Home Loans and CBA bears the beginnings of a wave of consolidation for the industry in general.
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ANZ Hit’s Out At Ratings Agencies
International credit ratings agencies are facing fresh criticism and increasing threats as corporations fund managers and investors increasingly believe that the credibility of their ratings have been destroyed in the wake of the credit crisis which to some degree has affected every corner of the globe.
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Australian Federal Government To Lend Money To Struggling State Governments
Federal Treasurer Wayne Swan plans to aid struggling individual states that are having a tough time raising money, by issuing sovereign debt and using some of the proceeds to purchase state issued bonds.
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Non Bank Lenders To Be Squeezed Out Of Australian Mortgage Market In 18 Months
Deloitte Australia released a report yesterday which suggested the non bank mortgage lenders would be squeezed out of the Australian home loan business if global credit markets do not thaw, which would have the effect of consolidating the big four banks’ competitive advantage.
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Australian Banks Continue to Claim Deposit Guarantee Distorting Market
The Federal Government’s decision to blanket guarantee all retail bank deposits of under A$ 1 million continues to distort the landscape, with domestic banks claiming interest rates on deposits are now artificially inflated as a result.
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Australia’s AAA Sovereign Rating Under Threat Says S&P
Standard & Poor’s, the credit rating agency is considering whether to downgrade the Australian sovereign risk rating. The rating agency has previously downgraded Australia’s sovereign debt twice in the past, first in 1986 and again in 1989. The credit rating agency restored Australia’s top rating in a two step upgrade back in 1999 and then again in 2003.
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Australian Banks Charging Customers Increasingly Higher Interest Rates
Australian Banks are charging their customer higher interest rates today than they were seven years ago, despite official lending rates being exactly the same level back then as they are today.
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Foreign Banks Clash With Australian Lenders over Federal Deposit Guarantee
The Federal Government deposit guarantee has resulted in a conflict of interest between foreign financial institutions and the Big Four domestic Australian lenders.
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