Government proposes changes to smooth the path for borrowers

Government proposes changes to smooth the path for borrowers

The government has announced reforms to facilitate an increased flow of credit to households and businesses. A key change will be that banks and other lenders will be able to rely on the information provided by borrowers, unless there are reasonable grounds for doubting it. The current practice of "lender beware" will be replaced...

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How the New Payments Platform is changing the way we bank

How the New Payments Platform is changing the way we bank

The New Payments Platform (NPP) has significantly changed everyday banking over the last couple of years by speeding up the way we send and receive payments. Mutually owned by 13 organisations including Australia's largest banks and the RBA, the NPP was launched in 2018 with an open access infrastructure giving users faster&nbs...

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Deloitte reveals scale of hospitality spending slump, but retail rebounds

Deloitte reveals scale of hospitality spending slump, but retail rebounds

Divergence in spending across the retail landscape means not all categories are on an equal footing, despite a strong lift in total spending volumes during June and July 2020. As a result, there has been a wide range of growth across both categories and states, with sectors like recreational goods and liquor performing exceptionally well whi...

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Fintech DataMesh signs up private retail giant Peregrine

Fintech DataMesh signs up private retail giant Peregrine

Australian financial payment systems and software solutions provider DataMesh Group has secured its first major contract, signing up Adelaide-based Peregrine Corporation to service the point-of-sale needs of its retail operations. Peregrine, one of South Australia's largest private companies, will deploy DataMesh's full suite of fina...

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Australian GDP falls by a record 7 per cent

Australian GDP falls by a record 7 per cent

The Australian economy is officially in recession after the country's gross domestic product (GDP) fell by 7 per cent in the June quarter. The contraction is the largest on record and follows a dip of 0.3 per cent in the March 2020 quarter. According to the Australian Bureau of Statistics (ABS) the combined effect of the pandemic and g...

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Afterpay sales double to $11.1 billion

Afterpay sales double to $11.1 billion

After seeing its share price rise 10-fold since March, buy-now-pay-later (BNPL) darling Afterpay (ASX:APT) has today announced a 112 per cent jump in underlying sales to $11.1 billion. The largest part of that increase came from the US where underlying sales were up 330 per cent to reach $4 billion, compared to a 52 per cent uptick for its l...

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Flexigroup to raise $140m for Humm repayments brand

Flexigroup to raise $140m for Humm repayments brand

Sydney-based fintech Flexigroup (ASX: FXL) plans to raise $115 million at a 12.6 per cent discount in a bid to bolster 'Humm', its Afterpay-like solution for large transactions. Unlike Afterpay's maximum transaction of $1,500, Flexigroup - soon be renamed as Humm - allows for transactions of up to $50,000. With income sources r...

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Fees for no service payouts and offers approach $900m

Fees for no service payouts and offers approach $900m

Six of Australia's largest banking and financial institutions have now collectively paid or promised $1.05 billion in compensation for fees for no service (FFNS) conduct and non-compliant advice. These types of behaviour drew the ire of the public when they were revealed by the Royal Commission, and just last week the country's corpo...

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ASIC launches fees for no service cases against StatePlus Super, Westpac subsidiaries

ASIC launches fees for no service cases against StatePlus Super, Westpac subsidiaries

The Australian Securities and Investments Commission (ASIC) has today commenced its third and fourth legal actions over 'fees for no service' (FFNS) behaviour, this time with StatePlus Super, Asgard Capital Management and BT Funds Management in the firing line. Like ongoing cases launched over the past couple of years against Na...

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Record profit for EML Payments despite mall gift card slowdown

Record profit for EML Payments despite mall gift card slowdown

Brisbane-based prepaid card solutions provider EML Payments (ASX: EML) has achieved record results in FY20, with buoyant growth in its reloadable cards and North American virtual account numbers businesses.  Net profit after tax and amortisation (NPATA) rose 17 per cent to $24 million, while the revenue increase was greater still a...

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Insider trading has become more subtle

Insider trading has become more subtle

Insider trading comes in two main forms: arguably legal and clearly illegal. But, as with drugs in sport, it's hard to tell when arguably legal ends and clearly illegal begins. It is generally accepted that it is wrong to buy shares in the company you run when you know something about it that the market does not. It's especially ...

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Magellan to merge global funds into $15.6 billion trust

Magellan to merge global funds into $15.6 billion trust

Magellan Global Trust (ASX: MGG) aims to improve the liquidity and value of its offering through an unorthodox plan announced today, bringing three funds under the one roof with a $15.6 billion trust. If approved by regulators and shareholders, the proposed restructure would involve the Magellan Global Fund (MGF) acquiring Magellan G...

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Blackbird Ventures raises $500m for Aussie and NZ startups

Blackbird Ventures raises $500m for Aussie and NZ startups

The Sydney-based venture capital (VC) fund that helped propel the likes of Canva and Culture Amp has recently completed its largest funding round to date, garnering a $500 million kitty to spend on the potential Antipodean unicorns of the future. In a blog on behalf of the team at Blackbird Ventures, co-founder Niki Scevak (pictured ...

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Credit loss provisions send Prospa into the red

Credit loss provisions send Prospa into the red

Fintech lender Prospa (ASX: PGL) saw its revenues hit the wall in April and May, with pressures on its small business clients winding back nine months of 10 per cent annualised revenue growth. The slowdown in loan originations led to expectations for a 4 per cent growth rate for the full FY20, while the company today announced a 'prud...

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Westpac changes offshore tune, brings 1,000 jobs back to Australia

Westpac changes offshore tune, brings 1,000 jobs back to Australia

One of Australia's largest banks Westpac (ASX: WBC) has made the decision to bring its call centres back to Australia, returning around 1,000 jobs that were previously done overseas. The new Australia-based roles are also expected to provide processing and operational assistance to functions like home lending and consumer finance, alt...

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Westpac uncovers more reporting breaches as anti-money laundering probe continues

Westpac uncovers more reporting breaches as anti-money laundering probe continues

Big Four bank Westpac (ASX: WBC) has today revealed hundreds of thousands of transactions that should have been reported to Australia's financial crime watchdog as part of its investigation into alleged non-compliance with anti-money laundering laws. In its interim annual report published in May, Westpac identified 60,000-90,000 ...

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Hemp seed exporters to benefit from reduced red tape

Hemp seed exporters to benefit from reduced red tape

The first successful export of Australian hemp seed to New Zealand has been completed under amended legislation designed to remove cumbersome regulatory barriers for the industry. According to the Minister for Agriculture David Littleproud, the legislation was changed to cut red tape, bust congestion in regulation and enable agricultural ...

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Joint taskforce arrests 12 over alleged crime syndicate fraud

Joint taskforce arrests 12 over alleged crime syndicate fraud

Authorities have arrested 12 individuals linked to an alleged criminal syndicate after an 18-month operation targeting tax fraud, including seven men arrested in Queensland who are expected to be extradited to NSW to face court. The Australian Federal Police (AFP), Australian Taxation Office (ATO) and Australian Securities and Invest...

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Management exit deal signals "brighter future" for Blue Sky spin-off BAF

Management exit deal signals "brighter future" for Blue Sky spin-off BAF

Blue Sky Alternatives Access Fund (ASX: BAF) shares rose 6 per cent this morning after the company announced it had signed agreements to transition management to Wilson Asset Management (WAM). Shareholders in the fund are expected to vote on the matter at an extraordinary general meeting (EGM) to be held in early September. BAF is cur...

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Loan deferrals extended by four months

Loan deferrals extended by four months

The Australian Banking Association (ABA) has announced a new phase of support to avoid a "cliff" for customers in September, with those facing hardship due to COVID-19 able to apply for loan deferral extensions of up to four months. The initiative is backed by the Australian Prudential Regulation Authority (APRA), which will giv...

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