K62 Finance

Aussie kids cashed up after Christmas

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 5-Jan-15

A Roy Morgan Young Australians Survey has found that 87 per cent of Australian children aged 6-13 receive cash gifts for Christmas. The survey, which was carried out in the year to June 2014, also shows that more than 22 per cent of children are given cash gifts totalling between $A50 and $A100, while 20 per cent receive between $A100 and $A200. Meanwhile, 24 per cent of boys have received cash gifts of at least $A200, compared with 20 per cent of girls

CORPORATES
ROY MORGAN RESEARCH LIMITED

ASIC in probe of senior trader

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Original article by Leo Shanahan
The Australian – Page: 16 : 6-Jan-15

The alleged manipulation of the bank bill swap rate by financial institutions, including ANZ Bank, is being looked into by the Australian Securities & Investments Commission. Seven ANZ staff were stood aside on full pay by the bank in November 2014, pending the outcome of the inquiry. It has now emerged that among those accused of wrongdoing is interest rate derivatives pricing executive Paul Woodward, who joined ANZ from Deutsche Bank in 2008. Balance sheet trading head Etienne Alexiou is said to be another of the seven

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, DEUTSCHE BANK AG, AUSTRALIAN FINANCIAL MARKETS ASSOCIATION INCORPORATED, ROYAL BANK OF SCOTLAND GROUP PLC, UBS AG, BNP PARIBAS SA

Debt soars on the home front

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Original article by David Uren
The Australian – Page: 2 : 5-Jan-15

A report from the Reserve Bank shows that Australia’s total housing debt now exceeds total household income by 39 per cent. This compared with a differential of just 29 per cent prior to the global financial crisis (GFC). Meanwhile, the interest paid on mortgage loans now accounts for about 7.2 per cent of household income, down from nearly 11 per cent prior to the GFC. The figures also show that total household assets significantly exceed household disposable income

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY

Sutton to take helm at BoQ

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Original article by Tony Boyd, Ruth Liew, Sarah Thompson
The Australian Financial Review – Page: 1 & 4 : 5-Jan-15

Sources at the Bank of Queensland (BoQ) have indicated that Jon Sutton will become the permanent successor to former CEO Stuart Grimshaw. Sutton has been acting CEO since August 2014, and joined BoQ in July 2012. His previous roles have included the MD of Bankwest and the executive GM of Commonwealth Bank Agribusiness. BoQ increased its cash profit by 20 per cent in fiscal 2014, to $A301.2m. Its share price has gained around 60 per cent over the last two years

CORPORATES
BANK OF QUEENSLAND LIMITED – ASX BOQ, BANK OF WESTERN AUSTRALIA LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SUNCORP GROUP LIMITED – ASX SUN, ST GEORGE BANK LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, EZCORP INCORPORATED, VIRGIN MONEY (AUSTRALIA) PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, INVESTEC BANK (AUSTRALIA) LIMITED

Treasury experts $290bn wide of the mark on budget forecasts

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Original article by David Uren
The Australian – Page: 1 : 18-Dec-14

Every single one of the Australian Treasury Department’s four-year forecasts in Budget estimates since 2010 has had to be downgraded later on. The total amount involved is $A290bn, and the poor track record casts doubt as well on the latest prediction, made in the December 2014 Mid-Year Economic and Fiscal Outlook, that a surplus will be restored in 2019-20. In the agency’s defence, Deloitte Access Economics’ Chris Richardson notes that reliable forecasts have become very hard to achieve due to the nation’s exposure to commodity export markets for coal, iron ore and LNG

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, DELOITTE ACCESS ECONOMICS PTY LTD, AUSTRALIAN LABOR PARTY, AUSTRALIA. PARLIAMENTARY BUDGET OFFICE

Rouble rout sends Aussie on the slide

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Original article by Vesna Poljak
The Australian Financial Review – Page: 1 & 10 : 18-Dec-14

The Australian dollar reached an intra-day low of $US0.8166 on 17 December 2014. The bearish sentiment toward the commodity currency was prompted by the continued selldown of Russia’s rouble, which has shed about 15 per cent in recent days. The Australian dollar’s continued weakness may be welcomed by the Reserve Bank, which have been talking down the currency for some time. However, Stephen Halmarick of Colonial First State Global Asset Management says this could mean that interest rate cuts in 2015 may not be necessary

CORPORATES
RESERVE BANK OF AUSTRALIA, COLONIAL FIRST STATE GLOBAL ASSET MANAGEMENT, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BANK OF NEW ZEALAND, STANDARD AND POOR’S ASX 200 INDEX, WOODSIDE PETROLEUM LIMITED – ASX WPL, RIO TINTO LIMITED – ASX RIO, OOH!MEDIA LIMITED – ASX OML, LATAM AUTOS LIMITED – ASX LAA, UNITED STATES. FEDERAL OPEN MARKET COMMITTEE

oOh!Media IPO more of an oh-oh than a go-go

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Original article by Jared Lynch, Sally Rose
The Australian Financial Review – Page: 16 : 18-Dec-14

Shares in oOh!Media closed 1.6 per cent below the issue price of $A1.93 when the stock debuted on the Australian sharemarket on 17 December 2014. Shares in the outdoor advertising group listed at $A1.80, following a $A168.8m IPO by CHAMP Private Equity. The firm has retained a 32.2 per cent stake in oOh!Media, while WPP has an 8.6 per cent stake

CORPORATES
OOH!MEDIA LIMITED – ASX OML, CHAMP PRIVATE EQUITY PTY LTD, CASTLE HARLAN AUSTRALIAN MEZZANINE PARTNERS PTY LTD, WPP GROUP PLC, EYE CORP LIMITED, TEN NETWORK HOLDINGS LIMITED – ASX TEN

Consumer satisfaction with banks in November the highest in nearly two decades

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 16-Dec-14

A Roy Morgan Single Source survey has found that the satisfaction level of the personal customers of Australian banks rose by 0.2 per cent to a record 82.8 per cent in November 2014. The Commonwealth Bank had the highest personal customer satisfaction rating of the four major banks in the six months to November, at 81.8 per cent. However, ING Direct (89.4 per cent) and Bendigo Bank (89 per cent) boasted the highest customer satisfaction rating of the nation’s 10 largest banks, while Bankwest had the highest level of customer satisfaction for internet banking services

CORPORATES
ROY MORGAN RESEARCH LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ING DIRECT, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK OF WESTERN AUSTRALIA LIMITED, SUNCORP BANK, SUNCORP GROUP LIMITED – ASX SUN, ST GEORGE BANK LIMITED

Stevens calls for US75c dollar

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Original article by Jacob Greber, Michael Stutchbury
The Australian Financial Review – Page: 1 & 10 : 12-Dec-14

The Australian dollar is currently trading at around $US0.83, but Reserve Bank governor Glenn Stevens believes that it needs to fall further. He argues that a more appropriate level for the currency would be about $US0.75, arguing that the decline in Australia’s terms of trade means the dollar needs to be lower. Stevens also says that the need for stability is a major reason why interest rates were kept on hold during 2014, and stresses that any further easing of monetary policy would need to has a positive effect on business and consumer confidence

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

Property curbs pave way for RBA rate cuts

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Original article by Jonathan Shapiro
The Australian Financial Review – Page: 16 : 11-Dec-14

Martin Whetton of the ANZ Bank says the decision to implement measures aimed at curbing growth in loans for investment properties could lead a reduction in the cash rate. The bond market had anticipated such action by the Australian Prudential Regulation Authority, with the 10-year bond rate falling below three per cent and the three-year bond rate easing to 2.27 per cent

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COUNCIL OF FINANCIAL REGULATORS, RESERVE BANK OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, TRIPLE T CONSULTING LIMITED