INCENTIVES IN INDUSTRY – AUSTRALIA

Byres puts spotlight on incentives

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Original article by James Eyers, Jonathan Shapiro
The Australian Financial Review – Page: 15 & 18 : 3-May-18

Australian Prudential Regulation Authority chairman Wayne Byres has indicated that the structure of incentives in the financial services industry is currently a bigger concern for APRA than the level of remuneration. He notes that scandals in the sector have largely arisen when incentives have focused too much on growth and sales targets. Byres adds that although the general public’s trust in financial services providers has been tarnished by recent scandals in the sector, there is still a lot of trust in the underlying financial strength of such institutions.

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, AMP LIMITED – ASX AMP, AUSTRALIA. DEPT OF THE TREASURY, UNIVERSITY OF NEW SOUTH WALES

PM pushes risk taking, start-ups

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Original article by Phillip Coorey
The Australian Financial Review – Page: 1 & 6 : 8-Dec-15

Prime Minster Malcolm Turnbull has unveiled the National Innovation and Science Agenda. He said at the CSIRO Discovery Centre on 7 December 2015 that Australia needs new ways of stimulating the economy, considering that the country could no longer count on the mining boom as the driver of the economy. The Government has proposed 24 measures, including income tax rebates and incentives for business start-ups.

CORPORATES
AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, CSIRO, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF INDUSTRY, INNOVATION AND SCIENCE, AUSTRALIA. PRODUCTIVITY COMMISSION, ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT, KPMG AUSTRALIA PTY LTD

Crackdown on super inducements

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 16 : 15-Jun-15

The Superannuation Industry (Supervision) Act prohibits Australian financial institutions from offering employers incentives to choose them as their superannuation fund provider. Assistant Treasurer Josh Frydenberg has flagged stricter penalties to discourage such behaviour, a move that has been welcomed by Financial Services Council CEO Sally Loane.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, FINANCIAL SERVICES COUNCIL, AUSTRALIA. FAIR WORK COMMISSION, INDUSTRY SUPER AUSTRALIA PTY LTD

Regulators examine super switch breaches

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Original article by Clancy Yeates
The Australian Financial Review – Page: 18 : 3-Mar-15

The Australian Prudential Regulation Authority will look into allegations that banks are illegally trying to gain market share in the superannuation sector. UMR Research has released the findings of a survey which suggests that banks have offered inducements to encourage employers to change their default super funds to those offered by the banks. The Financial Services Council says UMR should disclose which banks have offered incentives to switch default funds

CORPORATES
AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, UMR RESEARCH PTY LTD, FINANCIAL SERVICES COUNCIL, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA. DEPT OF THE TREASURY, INDUSTRY SUPER AUSTRALIA PTY LTD, 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, BT FINANCIAL GROUP PTY LTD