Commonwealth Bank probe to focus on governance, pay, culture

Australia’s banking regulator will probe whether cultural, governance and pay structures contributed to a string of scandals at Commonwealth Bank of Australia. The inquiry, commissioned after allegations the country’s biggest lender repeatedly breached anti-money laundering laws, will focus on identifying any internal shortcomings at the bank and make recommendations for change, the Australian Prudential Regulation […]

Australia marks 26 recession-free years

The economy grew 1.8% last quarter from the same period in 2016, the Australian Bureau of Statistics revealed on Wednesday. On a quarter-to-quarter basis, growth stood at 0.8%. Both figures are lower economists’ forecasts of 1.9% and 0.9%, respectively, as a slump in non-residential construction offset higher household and government spending. The expansion marked Australia’s […]

New report exposes ‘white-collar criminality’ in the mortgage market

The Australian mortgage market has expanded drastically due to banks issuing new loans against the unrealised capital gains of existing investment properties. This has created a $1.7trn “house of cards,” according to a new report from LF Economics founder Lindsay David. Entitled “The Big Rort,” the report argues that the banks’ use of combined loan-to-value […]

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