POLITICS & POLICY

Republican win spells more chaos for US

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.

Banks slam politicians' claims as unfounded

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.
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Liberal senator urges colleagues to check growth of sharia banking practices

If a Liberal senator has his way, sharia-style banking should be superseded by the existing financial laws and regulations governing Australia’s banking industry as he vowed for a senate initiative that would arrest the growth of sharia-based loans and financial products being offered in the country.

Australia Carer's Recognition bill passed

Australia's carers have been formally recognised for their contribution to society with the passing of the Carer Recognition Bill 2010 through the Federal Parliament.

Australian Senate set to probe banking industry

The country’s major banks are poised to face a Senate inquiry as the Coalition backed an initiative made by an independent senator calling for an investigation on whether the Australian banking sector is marred by unfair practices being observed by industry players.

Swan upbeat on moderating inflation and ASX-SGX merger

Federal Treasurer Wayne Swan is upbeat that economic indicators were pointing to encouraging developments as he expressed joy that inflation figures were moderating while dynamics in the shares market remain exciting, with the prospect of a likely merger between the Australian Securities Exchange and the Singapore Exchange almost a creeping reality.

Abbot confirms support for Hockey’s banking plan

Opposition leader Tony Abbot finally voiced out his support on the nine-point plan laid out by his treasury spokesman Joe Hockey that seeks to restore and strengthen competition in the country’s banking sector.

Farmers’ group bats for mining moratorium in NSW

The New South Wales Farmers’ Association wants the state authorities to implement moratorium on the coal seam gas industry across the region in light of the environmental risks pose by such activities.

Tax concerns impacting buyout funds

New buyout fund-raising has stalled at 2009 levels as anxiety over the country's tax regime keep investors at bay, according to data released by the Australian Private Equity & Venture Capital Association (AVCAL) on Tuesday.

Banks remain concerned with Opposition's proposal

The Australian Bankers' Association (ABA) remains concerned with the direction of the Coalition's proposals on bank regulation, although it said the industry welcomes clarification of the Shadow Treasurer's comments.

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