Today's Lead Article
AFR
| 07 Jun 2018 | News
The formula that led to Commonwealth Bank's record-breaking $700 million settlement with AUSTRAC has been revealed with the bulk of the penalty being sheeted back to its failure to conduct due diligence on customers or properly assess the risks posed by its high-tech ATM network.
Leading Stories
Adele Ferguson | 10 Jul 2018 | News
As the royal commission prepares for a showdown with the $2.6 trillion superannuation industry on August 6, it has assigned a team to trawl through submissions, meet key players and comb various reports including the Productivity Commission's landmark draft report into super.
Kelly Hughes | 04 Jul 2018 | News
India has been named the most dangerous country in the world for women. War-torn countries including Afghanistan and Syria were ranked second and third, followed by Somalia and Saudi Arabia, in a survey conducted by global experts from the Thomson Reuters Foundation.
The Age | 20 Jun 2018 | News
Telstra CEO Andy Penn has announced a drastic plan to cut costs at the struggling carrier, including a reduction of 8,000 jobs from its workforce, about a quarter of its total headcount.
AFR | 20 Jun 2018 | News
The letter arrived without warning in the mailboxes of almost two dozen senior partners of PwC Australia, including chief executive Luke Sayers, late last year.
Adele Ferguson | 07 Jun 2018 | News
The crisis at Mortgage Choice is deepening with documents emerging that show almost half its brokers are considered "low performers" for failing to meet the loan giant's controversial sales targets.
The Age | 28 May 2018 | BankingRC
Systemic problems with the approach taken by the Financial Ombudsman Service (FOS) when dealing with disputes were revealed before the royal commission on Monday.
Kelly Hughes | 10 May 2018 | BankingRC
The bell can’t be unrung for the Australian banking and financial institutions. The revelations from the Banking Royal Commission detail the horrors of a deeply entrenched and systemic culture of dishonesty within the country’s biggest financial sector.
David Crowe | 08 May 2018 | News
A tax cut for 10 million workers will start on July 1 under a Turnbull government plan to win back middle Australia and prepare for an election, setting up an immediate test in Parliament over income tax reform that will cost an extraordinary $140 billion over a decade.
The Guardian | 30 Apr 2018 | BankingRC
The chair of financial services giant AMP, Catherine Brenner, has resigned from her $660,00-a-year role, the latest casualty from the unfolding scandals uncovered by the banking royal commission.
James Frost | 24 Apr 2018 | BankingRC
The actions of a rogue NAB financial planner who forged the initials of customers on a superannuation document set off a chain of events that uncovered an entrenched practice of false witnessing of documents by hundreds of NAB staff, the Hayne Royal Commission has heard.
News
The Age | 28 Jun 2018 | News
Fact 1: Next week on July 1, Prime Minister Malcolm Turnbull will enjoy a weighty pay rise, meaning he’ll pocket more than $538,000 over the next year.
F
The Guardian | 28 Jun 2018 | News
From Sunday, thousands of students and graduates across the country will have to start paying off their debts earlier than expected.
The Guardian | 25 Jun 2018 | News
At a time when journalists have never been more needed to explain the complexities of an increasingly integrated world, they have never been more under threat: jailed in increasing numbers by some of the more authoritarian administrations, threatened with prosecution in the countries which have democratic governments.
There is a real possibility that the overreach of national security laws in the west will damage the very commodity that heightened internet surveillance is supposedly designed to protect: security and liberty.
The SMH | 25 Jun 2018 | News
Commonwealth Bank of Australia plans to demerge its wealth management and mortgage broking businesses, CFS Group, and undertake a strategic review of its general insurance business, including a potential sale.
CFS Group will include CBA’s Colonial First State, Colonial First State Global Asset Management (CFSGAM), Count Financial, Financial Wisdom and Aussie Home Loans businesses.
News of the spin-off came as chief executive Matt Comyn also announced six appointments and changes to his leadership team.
The Age | 20 Jun 2018 | News
Labor’s d
eclaration that it won’t vote for stage two and stage three of the Coalition’s tax plan has suddenly made the choice at the next election clear.
But whether you are better off under Labor or the Coalition after that election depends on how far out you look.
Noah Smith | 07 Jun 2018 | Investing
A roundup of recent developments from the front lines of the Great Trade War doesn't look good.
David Fickling | 07 Jun 2018 | BankingRC
What's worse than calling a banker dishonest? Calling them stupid. That may be the best defence of the former Citigroup, Deutsche Bank and ANZ Bank executives who've been charged with criminal cartel offences over a 2015 placement of $2.5 billion of ANZ shares.
Clancy Yeates & Cara Waters | 21 May 2018 | News
Senior conservative figures have criticised the big banks for their aggressive treatment of some small businesses, with the royal commission expected to reveal more examples of irresponsible lending and harsh loan enforcement this week.
Adele Ferguson | 09 May 2018 | BankingRC
Financial giant AMP was wading knee-deep in blood on Tuesday as three more directors fell on their swords in the wake of damning revelations at the royal commission, including repeatedly lying to the regulator, deliberately ripping off customers and doctoring an “independent report”.
Rob Burgess | 08 May 2018 | Economics
One of the difficult bits of advice many parents will have to give their kids in the next few years is “don’t do the job I did”.