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ASIC’s Greg Medcraft accuses banks of ‘hiding trail of advice’

01 June 2017 | The Australian

ASIC boss Greg Medcraft says the big banks and wealth management industry have used poor record-keeping to “hide a trail” of questionable financial advice.

Mr Medcraft, who finishes his term at the Australian Securities & Investments Commission in November, also hit out at the vertically integrated business model of the big lenders, arguing that cross-selling wealth, advice and insurance products was “not a ­viable business strategy any more”.


Australia's lowest earners hit hard by penalty rate cuts

29 May 2017 | Kelly Hughes, Charlotte Lemmon, Lexi Denison, Ainslie Couper

The Fair Work Commission, with the support of the Turnbull government, has made a hallmark decision to cut penalty and Sunday pay rates.

This decision affects those working across the retail, hospitality, fast food and pharmacy sectors and is expected to hit hundreds of thousands of low earning Australians.


Confessions of an overconfident, mediocre man

29 May 2017 | ABC

I can't really put my finger on the precise moment I embraced my own male mediocrity. It was more a dawning realisation.

Be it striding confidently onto stage to deliver a lecture with minimal preparation, having the sheer audacity to think I can pull off live TV or radio, or even sharing my thoughts with you here, its warm embrace is always with me.


Australian Bankers Association examines pitches for tax campaign

29 May 2017 | AFR

As a parliamentary inquiry into life insurance continues to hear shocking misconduct revelations and NAB became embroiled in a new scandal at the weekend, the banks' mouthpiece, the Australian Bankers' Association, has been interviewing agencies as they consider a new campaign.


Department of Prime Minister and Cabinet paid alleged tax fraud company $1.3m

25 May 2017 | The Age

The Department of Prime Minister and Cabinet paid $1.3 million through recruitment firms to the company at the centre of what is allegedly one of the largest tax frauds in Australian history, a Senate estimates committee has heard. 


Fairfax Media receives competing bid from Hellman & Friedman

18 May 2017 | AFR

Fairfax Media has received a competing bid from global private equity firm Hellman & Friedman valuing the publisher at up to $2.87 billion.

From global private equity firm Hellman & Friedman, the bid is for a range of $1.225 to $1.25 per share, compared with the TPG consortium proposal of $1.20.





World's richest lose $47b with market drop overnight

18 May 2017 | SMH

The world's richest people lost $US35 billion ($47 billion) when global equity markets were rocked overnight by political turmoil in the US, according to the Bloomberg Billionaires Index.


Unemployment falls to 5.7% in April

18 May 2017 | SMH

Australia's unemployment rate fell to 5.7 per cent in April, official figures show, beating expectations of a flat rate of 5.9 per cent.

The total number of people with jobs rose by 37,400 in the month, the Australian Bureau of Statistics said on Thursday.


Tax Office deputy commissioner linked to country's biggest tax fraud

18 May 2017 | AFR

Michael Cranston's illustrious 35-year career at the Trax Office suffered a major blow when he learned his son had been arrested over his involvement in one of the country's biggest white-collar crimes.


Budget 2017: Shorten’s reply speech shows dangerous new political reality

17 May 2017 | The Australian

Australian politics is now a race to the bottom of the economic canyon.

Bill Shorten’s budget reply speech tonight crystallised the dangerous new political reality in Australia.


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