http://www.money-au.com.au/finance-news Australian Finance News from Money-Au.com.au Tue, 06 Jan 2009 10:31:32 +0000 http://backend.userland.com/rss092 en Reserve Bank of Australia data shows that bank term deposits have increased by more than 50 per cent in 2008 which is the fastest growth in term deposits in nearly 20 years. Official cash interest rates currently stand at 4.25 per cent and may fall by a further half percentage point ... http://www.money-au.com.au/finance-news/banking/australians-put-record-amounts-into-term-deposits-during-2008-3617/ National Australia Bank, Australia’s largest bank by assets has priced a three year US Dollar Bond issue guaranteed by the Australian Federal Government. The deal priced at between 85 to 90 basis points over mid-swaps is being managed by HSBC, Merrill Lynch and RBC Capital Markets. NAB has not yet ... http://www.money-au.com.au/finance-news/banking/nab-prices-us-dollar-bond-issue-3636/ 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. International bank risk aversion to lending in foreign markets is expected to ... http://www.money-au.com.au/finance-news/news/international-banks-beat-retreat-from-australia-causing-shortfall-in-australian-corporate-lending-3620/ A report in The UK’s Sunday Times, suggested that NAB is inclined to sell of both its UK units, Clydesdale and Yorkshire Banks, after the ascension of new NAB Chief Executive Cameron Clyne who took over from predecessor John Stewart on New Year’s Day. The report, which did not cite any ... http://www.money-au.com.au/finance-news/banking/speculation-over-whether-nab-plans-to-sell-its-uk-units-3624/ A report commissioned by the Australian Government shows that the wealthiest 20 per cent of Australian families own as much as 60 times more wealth than the poorest 20 per cent. The report titled “2008 Families In Australia” says that Australians with more than A$ 750,000 control 61 per cent ... http://www.money-au.com.au/finance-news/news/australian-income-inequality-massive-despite-household-wealth-rising-3611/ 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 ... http://www.money-au.com.au/finance-news/banking/australian-banks-minting-fees-from-consumers-3587/ The trading group of eight banks that set Australian daily interbank financing rates has dropped Citi and Deutsche Bank from its pool after credit rating agency Standard & Poor’s cut both lenders global risk ratings. The Australian Financial Markets Association (AFMA) which set up a system under which eight “prime banks” ... http://www.money-au.com.au/finance-news/banking/deutsche-citi-dropped-from-australian-interbank-rate-setting-group-3584/ A class action lawsuit has been filed against Australian Banking major ANZ which is alleging that the lender failed to adequately disclose risks associated with loans to insolvent margin lender Opes Prime. The lawsuit was filed on Monday by The Florida-based law firm of Vianale & Vianale LLP on behalf of ... http://www.money-au.com.au/finance-news/banking/class-action-lawsuit-filed-against-anz-over-opes-prime-3604/ Research provided by wealth managers AMP Capital Investors suggests that Aussie bonds, which have been serial underperformers for most of the last decade when compared to their equity brethren, have provided relatively spectacular returns this year. The Australian Wealth Manager reckons that Australian Bonds will deliver a 14.4 per cent return ... http://www.money-au.com.au/finance-news/investments/aussie-bonds-provide-spectacular-returns-in-2008-3590/ 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 ... http://www.money-au.com.au/finance-news/banking/australian-non-bank-lenders-to-consolidate-further-3580/