Australia’s financial crimes agency has identified co-ordinated mortgage fraud that could reach into the hundreds of millions of dollars following a review of the country’s major banks.
Richard Henderson
Australians struggling to put together a cash deposit for a bank loan are turning to this novel method to secure a mortgage.
Blair Jackson
Australia’s largest retail bank has unveiled a new loyalty program tie-up with Virgin in an apparent slight to Qantas, and also expanded points accumulation beyond credit cards.
Rebecca Le May
Westpac boss Anthony Miller is confident Australia’s property market will withstand interest rate hikes and a tax shake-up but says the country must build more homes to improve affordability.
Matt Mckenzie & Ryan Johnson
Australia’s prudential regulator has tightened its grip on an Aussie bank, imposing licence conditions over failures, including money laundering issues.
Cameron Micallef
WA businesses are still borrowing billions to expand despite higher interest rates, with Commonwealth Bank declaring it the best-performing state in its business lending division over the financial year.
Ryan Johnson
NAB’s troubled mortgages jumped $150 million in three months as higher rates and Labor’s tax changes helped drive a 15 per cent slump in home-loan demand.
All four of Australia’s big banks have now recorded the same trend in home loan applications in the past several months.
Westpac chief executive Anthony Miller has warned Australia’s future prosperity relies on skilled migration continuing but has acknowledged community concerns over ‘unfettered’ and ‘unrestrained’ arrivals.
Andrew Greene
Q+A: What is a super death tax? It’s what happens when you children collect what’s left of your superannuation when you die. But there’s a clever way to prevent your hard-earned savings going to the taxman.
Nick Bruining
The philosophy of being #justenoughbank has turned out to be not enough bank full stop for customers of WA’s financial stalwart Bankwest. Plus: Telstra’s orbital strike on Elon.
A surprise timeline for economic relief has been issued despite everyday Aussies feeling the “squeeze” of the cost-of-living crisis.
Amy Jackson
Consulting giant KPMG is facing a parliamentary grilling over a whistleblower scandal alleging partners used confidential client data to win lucrative contracts.
The inquiry is probing shocking allegations that KPMG partners misused client secrets, crossed conflict lines and passed confidential information around the firm to help win lucrative work.
ANZ’s mortgage application values have fallen 12 per cent since the May Budget as the bank plays down its reliance on home lending and competition for new borrowers intensifies.
Another major bank is reporting a sizeable drop-off in this activity as housing tax overhauls sweep through the economy.
The country’s biggest home lender has laid bare a near 20 per cent collapse in applications from prospective buyers since the Federal Government’s May Budget.
Australian businesses kept borrowing through higher rates and a slowing economy, helping Commonwealth Bank’s business arm lift its contribution 11 per cent to $4.54 billion.
CBA has banked a $10.9b profit but falling mortgage demand, rising arrears and a retreat by property investors point to a tougher year ahead.
Australia’s largest bank’s full-year results have surpassed expectations, but there is still a warning about a huge drop-off.
Cameron Micallef, Alexandra Feiam
Commonwealth Bank has announced an annual cash net profit of $11 billion, which was just above market expectations, while warning that the economy is slowing.
Derek Rose and Kaaren Morrissey
Australia’s largest crypto ATM network, which has become a familiar sight around shopping centres, has been ordered offline for a wild reason.
Andrew Hedgman
One of Australia’s major banks expects growth in one part of the business to more than halve over the coming year.
Westpac says rates and Canberra policy changes are cooling mortgage demand as investor credit growth slows.
