As the US and China engage in a tit-for-tat trade war Australia remains caught in the middle. The two countries have implemented sweeping and crippling tariffs on vast swaths of inter-country trade. What does a trade war mean for Australia? The Importance of China and the US to Australia Both the...
The $7 billion Australian money remittance industry is set for a massive shake-up as a new wave of online and digital-based players enter the market. According to Ashley Jessen, CEO of Profile Booster, the retail money remittance industry is a top candidate for fintech disruption and innovation. “A few years
Ripple announced the addition of 10 new customers to their growing global network. Among them some of the world’s largest banks, innovative smaller banks, and payment service providers (PSPs). As the only blockchain provider that has real use cases and customers using our solution commercially, more and more customers
The Australian share market and dollar have been beneficiaries of Emmanuel Macron's victory in the first round of the French presidential election, as the centrist looks increasingly likely to win the run-off. The biggest initial beneficiary of the outcome was the euro, which jumped around 2 US cents to $US1.
THE toxic sales culture in Australian banks that sees customers saddled with inappropriate financial products may finally be coming to an end. Maybe. All four big banks have committed to winding back the “deep-seated” culture of product-based incentive payments after an independent review into the practice. Stephen Sedgwick AO, the
Banks, financial services houses and credit companies will face public naming and shaming over bad behaviour in a suite of major reforms being considered by the Turnbull government. However, the reforms put forward by the Australian Securities and Investments Commission enforcement review task force do not include naming the executives
Gavin Slater, former NAB executive, will be the new chief executive of the Australian government’s Digital Transformation Agency. In a statement the Assistant Minister for Digital Transformation Angus Taylor said Slater had a proven track record in driving transformation change to respond to digital disruption, and his experience would
Australia's banking sector is one of the most highly concentrated in the world and the much-hyped arrival of digital disruption has hardly shifted the dial. More competition is not the solution to the housing affordability crisis, but there is no doubt it would benefit consumers. Australian Competition and Consumer Commission
Chairman of the corporate watchdog Greg Medcraft lashed out at the banking “oligopoly” for chipping away at customer trust with sector-wide interest rate hikes out-of-cycle with the Reserve Bank of Australia. “I think every time you do an out-of-cycle increase you chip away that trust,” Mr Medcraft said. “It’s
The Australian Dollar has dropped against the Canadian Dollar due to a concerning report about AU-US ties. The report looked at Australia’s relationship between the US and China, and the potential difficulties of trying to alter these relationships. With the US looking increasingly protectionist, Australian officials have considered whether
One of the most significant drivers in currency markets is relative interest rates as investors transfer capital from lower interest rate currency jurisdictions to higher interest rate currencies. Last weeks 25 bps interest rate hike in the United States and a closing gap between Australian interest rates and those in
The Australian dollar surged back above the 0.7700 level on Thursday morning, propelled higher by renewed US dollar weakness after yesterday’s US Federal Reserve [https://www.federalreserve.gov/newsevents/press/monetary/20170315a.htm] lifting interest rate by 25 basis points. The gain in the AUD/USD was the
ANZ and Westpac have followed rivals and yielded to the corporate regulator’s investigation into banks’ foreign exchange businesses, agreeing to oversight and changes after traders shared confidential client information and traded to benefit themselves. Similarly to the CBA and NAB transgressions, ASIC said Westpac traders disclosed confidential details of