GOVERNMENTAL INVESTIGATIONS – AUSTRALIA

Murray inquiry calls for social investment

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Original article by James Eyers
The Australian Financial Review – Page: 17 : 11-Dec-14

Impact Investing Australia has welcomed a call by David Murray, chairman of the inquiry into Australia’s financial system, for greater involvement of the private sector in social impact investing. Murray said the Australian Prudential Regulation Authority should develop a framework for impact investment by superannuation funds. Impact Investing Australia expects the impact investing market to grow to at least $A32 billion by 2025

CORPORATES
IMPACT INVESTING AUSTRALIA LIMITED, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIA. DEPT OF THE TREASURY, BIG SOCIETY COUNCIL, SOCIAL VENTURES AUSTRALIA LIMITED, THE BENEVOLENT SOCIETY OF NEW SOUTH WALES

Nation needs strong banks, Murray says

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Original article by Michael Bennet
The Australian – Page: 22 : 9-Dec-14

Among the recommendations made in the financial system review report by David Murray for the Australian Government is lifting the capital requirements for the main banks. Murray says the sector needs to be strong enough to withstand another financial crisis, and at the same time cannot rely on being saved by the Government. Estimates of the additional funds likely to be needed if the measures are adopted range from $A8bn to $A32bn. Investors on 8 December 2014 were unconcerned, with the share prices of the four major banks all rising

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, BANK OF QUEENSLAND LIMITED – ASX BOQ, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, DEUTSCHE BANK AG, MERRILL LYNCH (AUSTRALIA) PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, ARGO INVESTMENTS LIMITED – ASX ARG, MACQUARIE BANK LIMITED – ASX MBL, UBS HOLDINGS PTY LTD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN BANKERS’ ASSOCIATION

Majors facing $20bn squeeze

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Original article by Michael Bennet
The Australian – Page: 17 : 8-Dec-14

Among the recommendations made in the financial system review report by David Murray for the Australian Government is that the four main banks should significantly increase their reserve capital holdings. They are also urged to lift the risk weighting on home mortgage loans to a range of 25% to 30%. Analysts calculate that if adopted the new requirements will create an additional cost burden of $A20bn per annum for the sector. Australian Bankers’ Association CEO Steven Munchenberg has vowed to persist with its lobbying effort against the proposals and those of the Australian Prudential Regulation Authority

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, AUSTRALIAN BANKERS’ ASSOCIATION, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, BANK FOR INTERNATIONAL SETTLEMENTS. BASEL COMMITTEE ON BANKING SUPERVISION, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, WATERMARK FUNDS MANAGEMENT PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, CREDIT SUISSE (AUSTRALIA) LIMITED, THE BOSTON CONSULTING GROUP PTY LTD

Boycott safeguards ‘inadequate’: Boral

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Original article by Annabel Hepworth
The Australian – Page: 21 : 26-Nov-14

The draft report of Ian Harper from his review of competition law for the Australian Government does not recommend changes to secondary boycott provisions. These had been called for in the submission of building materials group Boral, which also told the Royal Commission into Trade Union Governance & Corruption that the current legislation was insufficient to deal with the Construction, Forestry, Mining & Energy Union. The latter is now the target of Federal Court proceedings launched by the Australian Competition & Consumer Commission

CORPORATES
BORAL LIMITED – ASX BLD, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, FEDERAL COURT OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION

‘Corrupt culture’ in super fund

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Original article by Joanna Mather, Sally Patten
The Australian Financial Review – Page: 1 & 6 : 3-Nov-14

Jeremy Stoljar SC, counsel assisting the Royal Commission into Trade Union Governance & Corruption, has criticised the Cbus industry superannuation fund. He argued that evidence of members’ details being leaked to the Construction, Forestry, Mining & Energy Union showed an overly close relationship and a "cultural failure". Industry Super Australia CEO David Whiteley rejects any suggestion the leak is symptomatic of practices in the sector generally. Stoljar also recommended criminal charges against some building union officials over an unlawful secondary boycott

CORPORATES
CONSTRUCTION AND BUILDING UNIONS’ SUPERANNUATION FUND, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, BORAL LIMITED – ASX BLD, LIS-CON HOLDINGS PTY LTD, INDUSTRY SUPER AUSTRALIA PTY LTD, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. ATTORNEY-GENERAL’S DEPT, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, HIGH COURT OF AUSTRALIA

Suncorp urges inquiry to level the playing field

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Original article by Clancy Yeates
The Australian Financial Review – Page: 27 : 30-Oct-14

Suncorp CEO Patrick Snowball believes that the Federal Government’s financial system inquiry focuses excessively on the stability of Australia’s banking system while paying little attention to competition in the sector. He said on 29 October 2014 that smaller banks are disadvantaged by the current regulations. Snowball also spoke against allowing foreign insurers to sell policies in north Queensland

CORPORATES
SUNCORP GROUP LIMITED – ASX SUN, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF FINANCE, WESTPAC BANKING CORPORATION – ASX WBC, AMERICAN CHAMBER OF COMMERCE IN AUSTRALIA, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC

Leave capital levels alone ANZ chief tells Murray

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Original article by James Eyers
The Australian Financial Review – Page: 13 & 18 : 3-Oct-14

The final report of the inquiry into Australia’s financial system is widely tipped to include recommendations on changes to capital requirements in the banking sector. ANZ Bank CEO Mike Smith argues that the inquiry should not outline any specific capital levels, noting that the Australian Prudential Regulation Authority can already direct banks to hold a certain level of capital. Smith has also downplayed concerns about banks’ high exposure to mortgage loans

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, MORGAN STANLEY AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, BANK FOR INTERNATIONAL SETTLEMENTS. BASEL COMMITTEE ON BANKING SUPERVISION, FINANCIAL STABILITY BOARD

Big win for competition

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Original article by Fleur Anderson, Joanna Heath, Katie Walsh, Julie-Anne Sprague
The Australian Financial Review – Page: 1 &6 : 23-Sep-14

The draft report of the Australian Government’s competition policy review was delivered on 22 September 2014. Professor Ian Harper made 52 recommendations for reform of competition law. They include changes to regulations on trading hours, pharmacies, town planning, taxi licences and cheap imported goods. Harper said that the changes to competition could expand the economy by 2.5 per cent a year in the long-term

CORPORATES
LIBERAL PARTY OF AUSTRALIA, COLES GROUP LIMITED, WESFARMERS LIMITED – ASX WES, WOOLWORTHS LIMITED – ASX WOW, WESFARMERS BUNNINGS LIMITED, THE PHARMACY GUILD OF AUSTRALIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. DEPT OF INDUSTRY, AUSTRALIAN CHAMBER OF COMMERCE AND INDUSTRY

Steely Gillard stares down corruption questions

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Original article by Marianna Papadakis, Hannah Low
The Australian Financial Review – Page: 1 & 8 : 11-Sep-14

Former prime minister Julia Gillard has appeared before the Royal Commission into Trade Union Governance & Corruption. She told the commission on 10 September 2014 that she did not receive any financial benefit from a union slush fund which she helped to set up in 1992. Funds from the Australian Workers’ Union Workplace Reform Association were subsequently misused by Gillard’s then boyfriend, Bruce Wilson. Gillard told the commission that, in hindsight, she would have acted differently

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIAN WORKERS’ UNION – WORKPLACE REFORM ASSOCIATION INCORPORATED, HEALTH SERVICES UNION OF AUSTRALIA

Steely Gillard stares down corruption questions

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Original article by Marianna Papadakis, Hannah Low
The Australian Financial Review – Page: 1 & 8 : 11-Sep-14

Former prime minister Julia Gillard has appeared before the Royal Commission into Trade Union Governance & Corruption. She told the commission on 10 September 2014 that she did not receive any financial benefit from a union slush fund which she helped to set up in 1992. Funds from the Australian Workers’ Union Workplace Reform Association were subsequently misused by Gillard’s then boyfriend, Bruce Wilson. Gillard told the commission that, in hindsight, she would have acted differently

CORPORATES
AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, AUSTRALIAN WORKERS’ UNION – WORKPLACE REFORM ASSOCIATION INCORPORATED, HEALTH SERVICES UNION OF AUSTRALIA