K: Financial and Insurance Services

ANZ-Roy Morgan Australian Consumer Confidence edges higher

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 4-Aug-15

The ANZ-Roy Morgan Consumer Confidence rating for Australia rose by 0.4 per cent to 112.9 in the week ended 2 August 2015. Consumer confidence has recovered from the lows experienced three weeks ago (up 5.5 per cent from the recent low). However, confidence remains subdued and is down 1.8 per cent compared with a year ago. While an improvement in consumers’ views about the economic outlook has helped the lift in overall confidence more recently, views towards current financial conditions remain the highlight. Consumers’ view of their personal finances compared with a year ago reached the highest levels in the history of the weekly confidence survey.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Up to 80 funds ought to close: Chant West

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Original article by Sally Rose
The Australian Financial Review – Page: 6 : 5-Aug-15

Chant West’s Ian Fryer estimates that only about 40 of the 120-plus superannuation funds that offer default MySuper accounts are competitive. He notes that super funds with at least $A10bn in assets under management have much lower fees and deliver higher returns that their peers with less than $A5bn worth of assets under management. Some 89 super funds fit into the latter category, and Chant West believes the majority of them should either merge or be closed down.

CORPORATES
CHANT WEST FINANCIAL SERVICES PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, TRANSPORT INDUSTRY SUPERNNUATION FUND, LESF PTY LTD, CONCEPT ONE PTY LTD, CLUBSUPER, SMARTSAVE SUPER, AMG UNIVERSAL SUPER, FINANCIAL SERVICES COUNCIL, AUSTRALIA. FAIR WORK COMMISSION, GRATTAN INSTITUTE, MINE WEALTH AND WELLBEING

ANZ-Roy Morgan Australian Consumer Confidence edges higher

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 4-Aug-15

The ANZ-Roy Morgan Consumer Confidence rating for Australia rose by 0.4 per cent to 112.9 in the week ended 2 August 2015. Consumer confidence has recovered from the lows experienced three weeks ago (up 5.5 per cent from the recent low). However, confidence remains subdued and is down 1.8 per cent compared with a year ago. While an improvement in consumers’ views about the economic outlook has helped the lift in overall confidence more recently, views towards current financial conditions remain the highlight. Consumers’ view of their personal finances compared with a year ago reached the highest levels in the history of the weekly confidence survey.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

$2.5m super cap gains support

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Original article by Sally Rose
The Australian Financial Review – Page: 6 : 4-Aug-15

There is growing support among superannuation funds for the introduction of a cap on super balances of at least $A2.5 million. The Actuaries Institute expressed support for the cap in its submission to the Australian Government’s tax inquiry, which closed on 31 July 2015. The institute also believes that the transfer of super from the accumulation to retirement phase should trigger capital gains tax liability.

CORPORATES
THE INSTITUTE OF ACTUARIES OF AUSTRALIA, GRATTAN INSTITUTE, BT FINANCIAL GROUP PTY LTD, THE ASSOCIATION OF SUPERANNUATION FUNDS OF AUSTRALIA LIMITED, TOWERS WATSON, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN INSTITUTE OF SUPERANNUATION TRUSTEES, FINANCIAL SERVICES COUNCIL, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN TAXATION OFFICE

Mobile banking tipped to wipe 600 branches

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Original article by James Eyers
The Australian Financial Review – Page: 14 : 3-Aug-15

A UBS report forecasts that the growing shift to the use of mobile banking services will result in a 5.6 per cent reduction in the number of bank branches globally. Australian bank executives who participated in the UBS survey expect local bank branch numbers to be slashed by 11 per cent in coming years, which would equate to 603 branches. The survey also forecasts that the proportion of banking transactions carried out using mobile technology will rise from 25 per cent to 46 per cent in the next three years.

CORPORATES
UBS AG, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, SCENTRE GROUP – ASX SCG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, NAB VENTURES

ANZ offers women free super advice

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Original article by Ruth Liew
The Australian Financial Review – Page: 3 : 29-Jul-15

It is estimated that Australian women who work full-time are paid about $A15,000 less each year than their male peers. Women also tend to have about 50 per cent less in superannuation upon retirement. The ANZ Bank has launched initiatives aimed at addressing this imbalance. Female customers whose super balance is less than $A50,000 will be offered free financial advice. ANZ’s female employees will also be paid an additional $A500 in super each year.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, QUEENSLAND. DEPT OF THE PREMIER AND CABINET

Super board overhaul will cost up to $168m

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Original article by Joanna Mather
The Australian Financial Review – Page: 7 : 29-Jul-15

Industry Super Australia has estimated that implementing the Federal Government’s governance reforms for the superannuation industry will cost between $A89m and $A168m. Amongst other things, super funds will have to recruit and train new directors in order to comply with the requirement that 33 per cent of directors – and the chair – are independent. Australian Institute of Company Directors CEO John Brogden rejects suggestions that directors will demand higher fees for being on the board of a super fund.

CORPORATES
INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN INSTITUTE OF COMPANY DIRECTORS, FINANCIAL SERVICES COUNCIL, AUSTRALIA. DEPT OF THE TREASURY

ANZ-Roy Morgan Australian Consumer Confidence Creeps Higher

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 28-Jul-15

The ANZ-Roy Morgan Consumer Confidence rating for Australia rose by 0.6 per cent to 112.5 in the week ended 26 July 2015. This follows a rise of 4.5 per cent in the previous week, driven by easing concerns around the Greece debt crisis and China stock market volatility. Despite this bounce, consumer confidence remains subdued and is down 3.2 per cent compared with this time in 2014. The sub-index for households’ finances in the next year rose by 1.1 per cent, but the sub-indices for confidence in the economic outlook over the short-term and medium term fell by 1.4 per cent and 0.5 per cent respectively.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

SMSFs opt for better returns

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Original article by Kate Cowling
The Australian Financial Review – Page: 6 : 28-Jul-15

A report by the SMSF Association and nabtrade shows that 15 per cent of self-managed superannuation fund members opted to outsource the investment process in 2014. This compares with just 7.3 per cent in 2012. Almost 40 per cent of SMSF investors chose to handle investment decisions themselves in 2014, which has not changed much since 2012. The report also shows that falling interest rates have prompted many SMSF members to increase their exposure to assets such as shares.

CORPORATES
SELF-MANAGED SUPER FUND ASSOCIATION OF AUSTRALIA PTY LTD, NABTRADE

Westpac’s $1m-a-day IT glitch

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 1 & 6 : 28-Jul-15

The Commonwealth and ANZ banks increased their mortgage interest rates for property investors in late July 2015, while cutting fixed interest rates for owner-occupiers. However, Westpac and National Australia Bank currently have a single reference rate for both types of customers, which has forced the latter to increase interest rates for both. Westpac’s IT systems do not allow it to charge different interest rates at present, which is said to be costing it about $A1.15m each day.

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE GROUP LIMITED – ASX MQG, BANK OF MELBOURNE LIMITED, ST GEORGE BANK LIMITED, AUSTRALIA. FOREIGN INVESTMENT REVIEW BOARD, AUSSIE HOME LOANS LIMITED, DEUTSCHE BANK AG, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY