Australia and New Zealand Bank (ASX:ANZ) yesterday became the first local bank to scrap its exit fee for mortgages. But this move failed to molify customers after it also lifted the interest rate on its standard variable home loans by 39 basis points to 7.8 per cent.
The Australian Competition & Consumer Commission will carefully scrutinise the proposed takeover of ASX Ltd. by Singapore Exchange Ltd.
Two of Australia's major banks, Westpac Banking Corporation and the National Australia Bank (NAB) are seen following its two competitors in implementing higher interest rates after government authorities tighten up on exit fees.
The Industry Funds Management and the Queensland Investment Corporation has acquired the Port of Brisbane for $2.3 billion, reports said.
Home loan approvals improved in September before the central bank's rate increase, but analysts are wary that this will not be sustained in the next 12 months.
Consumer confidence in Australia skidded to a five-month low as family finances became tighter due to rising mortgage fees, following the interest rate adjustments early this month.
The Australian Competition and Consumer Commission warned executives of Qantas Airlines Ltd. that it maybe criminally liable for an alleged involvement in a price-fixing cartel along with 11 other air cargo companies fined by the European Commission.
The Federal government is convinced that no necessary tweak should be forthcoming on the current budget, notwithstanding the latest Mid-Year Economic and Fiscal Outlook, in which a reduction of $10 billion in revenues was outlined by Federal Treasurer Wayne Swan in a statement on Tuesday.
The Australian economy is in superior shape and enjoys considerable lead time as against the economic status of other leading nations, according to Federal Treasurer Wayne Swan.
Bankers today called on the Federal Coalition to base criticisms on facts, not false and misleading statements.
The National Union of Workers (NUW) is joining the chorus of South Australians rallying today against the Rann Government.
Even before the culmination of its inquiry on the proposed mineral resource rent tax, the chair of the Senate Select Committee on the Scrutiny of New Taxes is convinced that the planned measure is detrimental to the Australian economy.
High-level talks between the United States and Australia will take place today as U.S. Secretary of State Hillary Clinton initiated discussions on China's monopoly of rare earths, which are used as key components in military systems.
Still smarting from the debacles he incurred during the recently-concluded US midterm elections, President Barack Obama sent Secretary of State Hillary Clinton to Australia for talks on mutual policy goals and strengthening of defence pacts.
The Federal government’s dwindling revenue forecasts based on the surging Australian dollar would eat its way on the GST allocations of states and territories, according to Queensland financial authorities.
Due recognition of Indigenous Australians in the country’s Constitution should be forthcoming and according to the federal government, the creation of an advisory expert panel is only the first step towards a much bigger goal.
Spending cuts must be strictly observed if the federal government really intends to return to budget surplus by 2013, that according to opposition leader Tony Abbott.
The Australian currency's appreciation against the US dollar will also mean lower export earnings for local industries, which would also entail declines in their tax remittances to government.
Emerging reports pointed to a possibility that Australia’s major banks are inching their way to some sort of reforms that would see the lowering of mortgage exit fess required from clients wanting to change their loan provider.
It appears that the federal government has overcome another hurdle on its ongoing campaign to split up giant telecommunication firm Telstra Corporation Ltd in preparation for the full roll out of its National Broadband Network (NBN).
Australia will return to a budget surplus by 2013 as driven by a determined and committed Labor-led federal government.
Fanning further the already burning issue of banking controversies, opposition treasury spokesman Joe Hockey said on Friday that he is set to file a legislation that would bolster the power of the Australian Competition and Consumer Commission (ACCC).
Share market reforms were meant to create competition against dominant stock operator Australian Securities Exchange (ASX) and still protect the interests of investors.
The American Republican Party's landslide victory in this year's mid-term elections in the United States will spell trouble for the administration of President Barack Obama.
The Australian Bankers' Association (ABA) said the current debate about banking is long on rhetoric but short on facts. The comments come while Australia's top officials continue to pressure the country's four major banks to ease interest rates as consumers bear the brunt of higher financial service fees on their loans and mortgage debts.
The thought of switching banks was not even considered by most Australians, regarding the move as non-essential and fraught with too much hassle with no clear benefits at all.
The government of Australia may be willing to compromise and put up new concessions on its proposed minerals resource rent tax that will satisfy the country's mining industry.
No less than Australian Prime Minister Julia Gillard has joined the fray in publicly criticising the country's banks for imposing higher rates above that of the Reserve Bank.
Western Australia is poised to reap more financial benefits once it decides to support the federal-sponsored national health reform plan and the same goes with all the other states.
Hollywood actor Morgan Freeman expressed his anger over the claims of a Republican candidate that the actor rendered his voice for a campaign video of the candidate.
