Financial services industry

Discussion paper

21 Jul 2017

This report, by The Australia Institute’s Senior Research Fellow, David Richardson, shows that, according to ATO data, the equivalent of 21.6 per cent of Australia’s national income was run through a trust.

The latest ATO figures show there are 823,448 trusts with assets of $3.1 trillion...

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Briefing paper

19 Jul 2017

The 2014 Financial System Inquiry (FSI) endorsed the benefits of a strong and well capitalised banking system and recommended that APRA set capital standards such that capital ratios of authorised deposit-taking institutions (ADIs) are ‘unquestionably strong’. The Australian Government...

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Report

12 Jul 2017

AUSTRAC assesses that Australia’s securities and derivatives sector attracts a wide range of criminal threats that often involve sophisticated tactics and methods. Serious and organised crime groups have exploited the sector to launder money and engage in market manipulation. The criminal threat...

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Discussion paper

04 Jul 2017

The research finds that the banks are not only very capable of paying the 0.0036% levy on the same liabilities that the federal government levy is based on, but also that the levy is good economics, justified by the unique structures governing banking in Australia which help make it the most...

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Report

01 Jun 2017

This report provides an overview of the marketplace lending industry, based on the findings from ASIC’s survey of a limited cross-section of marketplace lending providers in November 2016.

This report explains:

  • marketplace lending and current regulation;
  • how we
  • ...
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Report

02 May 2017

AUSTRAC assessed the overall risk associated with the use of stored value cards (SVCs) to be medium, and their vulnerability to criminal misuse to be high. The report found that the risk level of individual SVCs varies significantly depending on the features of the specific product. Travel cards...

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Audio interview

28 Apr 2017

Westpac has effectively blocked any funding to the controversial Adani coal mine after overhauling its policies for the bankrolling of new thermal coal projects. Australia's second biggest bank has updated its climate change policy where it will only finance new projects in existing, rather than...

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Research report

19 Apr 2017

Former Public Service Commissioner, Stephen Sedgwick AO, was appointed by the ABA to review how bank tellers and other customer-facing bank employees, their managers, and third parties are paid by banks.

The review was charged principally with examining product sales commissions and...

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Audio program

28 Mar 2017

Australians are increasingly moving away from paying cash when they go shopping or eat out. But security experts are warning that the convenience of a cashless society comes with some serious privacy concerns.

The more people use their cards the more their activity can be tracked by big...

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Research report

03 Feb 2017

On 6 September 2016, the Minister for Small Business, the Hon. Michael McCormack MP, tasked the Australian Small Business and Family Enterprise Ombudsman with undertaking an inquiry into the adequacy of the law and practices governing financial lending to small businesses.

Consistent with...

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Briefing paper

13 Dec 2016

After some years of stasis, superannuation tax reform was back on the agenda in 2016. Not since the Howard-Costello changes in the 2006-07 Budget has there been such a substantial amount of superannuation reform. However, the 2016 changes go in the opposite direction of the Howard-Costello...

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Research report

06 Dec 2016

The Review Panel’s Terms of Reference require it to examine whether changes to the current external dispute resolution (EDR) framework in the financial sector are needed to deliver effective outcomes for users in a rapidly changing and dynamic financial system. As the impact of financial...

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Research report

25 Nov 2016

The Productivity Commission has finalised its comprehensive framework to assess the efficiency and competitiveness of Australia's $2 trillion superannuation system.

The superannuation system is large, complex and has broad reach. This means even small system improvements can offer...

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Research report

24 Nov 2016

Banking regulation should have two key goals: promoting financial stability and achieving strong outcomes for consumers. Financial stability is critical – but so is ensuring that consumers get a fair deal from the banking sector.

Due to Australia’s strong regulatory framework and the...

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Research report

31 Oct 2016

AUSTRAC identified higher than anticipated risks of fraud, cybercrime and terrorism financing in the superannuation sector, and has assessed the overall risk of ML/TF activity as medium. This report aims to develop awareness in the sector of these risks and help harden APRA-regulated...

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Research report

27 Oct 2016

In 2015, ASIC commenced a project to review the extent of failure to deliver ongoing advice services to financial advice customers who were paying fees to receive those services.

The project covers Australian financial services (AFS) licensees that are product issuers or provide personal...

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Research report

26 Oct 2016

It has been more than ten years since Australia adopted IFRS. It is time to ask some big questions: Has IFRS improved the quality of financial reporting in Australia? Has it improved comparability of Australian entities’ financial reporting with their global peers?

As part of a larger...

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Research report

12 Oct 2016

ASIC has released its review of the life insurance sector's handling of claims. The review found that, while life insurers are paying the considerable majority of claims, there are significant shortcomings in a number of areas of life insurance claims handling, and there is a clear need for...

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Commentary

Article

20 Sep 2016

We’re paying too much for a bloated financial service sector.

A prominent example is Australia’s largest health insurer, Medibank Private, which in the last financial year absorbed just over a billion dollars of contributors’ premiums in management overheads and profits – $511 million as...

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Research report

20 Sep 2016

The rise of China as a global economic powerhouse has been well documented. Perhaps less well known has been the emergence of China’s currency, the Renminbi (RMB), as one of the world’s truly global currencies. 

Use of the Renminbi was limited even ten years ago. In 2009, China launched a...

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