BANK of Queensland boss David Liddy has warned that another rate rise would “hurt like hell”, as business leaders express mounting concern about the Reserve Bank’s determination to fight inflation. Mr Liddy said yesterday that the Queensland economy was the weakest it had been for at least five years. “Tourism ...
Fairfax Media chairman Roger Corbett speaks at a Gold Coast Business Leaders lunch at Crown Plaza hotel, on the Gold Coast. Picture: Glenn Hampson, Source: The Australian THE Reserve Bank will push ahead with an interest rate rise in the next few months, despite growing concerns from its corporate board ...
INVESTMENT bank Macquarie Group wants to strengthen its brokerage operations in South Korea to get more local market deals and will consider a partnership with or acquiring a Korean brokerage to do so, a senior executive said. “We’re still open to finding a way of working on domestic (initial public ...
COMPETITION tsar Graeme Samuel’s blind trust has again been restructured, following the resignation of former stockbroker Andrew Kroger as sole director of the trust companies. Mr Kroger, who is often overseas, stepped down as a director of Lyngrae and Samfa, part of the structure that holds Mr Samuel’s 25 per ...
THE competition watchdog has started taking market soundings on the formation of a credit reporting services provider to be partly owned by the major banks. It is proposed that each of the four majors will have a 4 per cent stake in Experian Australia Credit Services, which will be 76 ...
GRESHAM Partners has added to its high-profile team with the appointment of former Macquarie Bank deputy chairman Mark Johnson as a senior adviser. Gresham, which is chaired by NAB and Woodside chairman Michael Chaney, yesterday said Mr Johnson would join the firm from June 1. He will be based in ...
Westpac chairman-elect Lindsay Maxsted moved quickly to put a lid on speculation about Gail Kelly’s future. Picture: Aaron Francis Source: The Australian WESTPAC chairman-elect Lindsay Maxsted has brushed aside persistent market speculation about the future of chief executive Gail Kelly, describing her as an “exceptional CEO”. The Westpac board met ...
THE Australian Taxation Office will find out today if it can use stolen bank data in its pursuit of Australians with offshore bank accounts. Three judges of the Full Federal Court will hand down a ruling that is likely to be closely watched by wealthy individuals facing investigation in relation ...
TIGHTER contribution limits are preventing Australians from saving another $16 billion a year in superannuation, according to the Self Managed Super Fund Professionals Association. The association is calling on the federal government to restore the contribution cap, set in 2009, in today’s budget. Speaking in Sydney yesterday, association chief executive ...
CAMERON Clyne stops well short of gloating, but he clearly feels sufficiently emboldened by last week’s standout interim profit to remind his more persistent critics of a few home truths. “This result shouldn’t be a surprise to anyone,” the National Australia Bank chief executive tells Strategy Matters. “From August last ...
MORE Australians are expected to strike home loan troubles in the next year because of high interest rates and cost of living pressures. An increase in mortgage arrears in the first half of this year was revealed this week in the interim reporting season for three of the big four ...
ON Valentine’s Day, NAB chief executive Cameron Clyne launched his remarkable “break up” campaign, a marketing effort aimed at announcing his bank’s divorce from the other three banking pillars. Yesterday he translated that advertising rhetoric into cold, hard numbers, delivering an interim result that at once pleasantly surprised investment markets ...
RETIREMENT: The chief executive of the Australian Chamber of Commerce and Industry has slammed the superannuation industry as irresponsible for lobbying for an increase in the superannuation levy, saying it should reduce its fees first. Peter Anderson said yesterday that super funds should increase the incentive to save for retirement ...
THE collapse in value of real estate investment trusts and other assets caused by the global financial crisis created some “very, very wary” older investors, according to the ASX 2010 share ownership survey released yesterday. ASX research manager Sandra Boyd-Hoare said people were keen to become more involved in managing ...
Malcolm Turnbull at the memorial service for former Macquarie chairman David Clarke, with his widow Jane CORPORATE and political leaders have paid tribute to former Macquarie chairman David Clarke who built the bank from a tiny company into one of the nation’s highest-profile financial institutions. The University of Sydney’s Great ...
INDUSTRY leader Heather Ridout has launched a stinging attack on Reserve Bank and Treasury complacency over the destruction of competitiveness caused by the soaring value of the Australian dollar. While the dollar has leapt 5.5 per cent against the greenback in the past three weeks and 11 per cent in ...
INVESTMENT: The Future Fund will continue to build its exposure to infrastructure, private equity and property, after reporting a 3.9 per cent return for the March quarter, excluding its Telstra holding. The fund’s return for the past nine months is now 11.7 per cent, or 5.3 per cent on an ...
