Original article by Mark Ludlow
The Australian Financial Review – Page: 7 : 20-Sep-19
The federal government’s $5 billion Northern Australian Infrastructure Facility has made a $12.5 million loan to the $45 million First Iron mining project in Western Australia’s Pilbara region. The project, which is being developed by the Australian Aboriginal Mining Corporation, will use the loan to construct new supporting infrastructure for the First Iron mine, which is to supply ore for Fortescue Mining’s Cloudbreak operations. The NAIF has now awarded $1.4 billion in concessional loans to 13 projects in Australia’s north, with the NAIF stating the loans will help create over 4,000 jobs and generate $3 billion in public benefit.
NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY, AUSTRALIAN ABORIGINAL MINING CORPORATION
Original article by Andrew White
The Australian – Page: Online : 14-Aug-19
The Federal Court has dismissed claims by the Australian Securities & Investments Commission that Westpac had breached the responsible lending rules. ASIC’s case against Westpac had been closely observed by lenders, with the responsible lending rules being used by banks to determine a borrower’s ability to repay a loan. In rejecting ASIC’s case against Westpac, Justice Federal Court judge Nye Perram stated Westpac should not be automatically compelled to consider a borrower’s declared living expenses, and should be free to make use of spending benchmarks.
FEDERAL COURT OF AUSTRALIA, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, WESTPAC BANKING CORPORATION – ASX WBC
Original article by Mark Ludlow
The Australian Financial Review – Page: 8 : 12-Jul-19
Genex Power will receive a $610m loan from the Northern Australia Infrastructure Facility for its proposed pumped hydro project in Queensland. NAIF CEO Laurie Walker notes that the project will provide northern Queensland with an additional 250 megawatts of power, with EnergyAustralia in the process of concluding a deal to receive electricity from the project. The concessional loan is the largest allocation made by the $5 billion NAIF to date.
GENEX POWER LIMITED – ASX GNX, NORTHERN AUSTRALIA INFRASTRUCTURE FACILITY, ENERGYAUSTRALIA PTY LTD, AUSTRALIA. DEPT OF THE ENVIRONMENT AND ENERGY, J-POWER AUSTRALIA PTY LTD, QUEENSLAND. DEPT OF ENERGY AND WATER SUPPLY
Original article by Michael Roddan
The Australian – Page: 17 & 18 : 8-Jul-19
The Australian Securities & Investments Commission has been blamed in some areas for falling house prices and a decline in credit growth, due to a perception that it is taking a tougher approach to responsible lending. However, ASIC commissioner Sean Hughes notes that responsible lending laws have not changed since 2010, nor has its guidance in this area. ASIC advised in February that it will release an updated guidance note on responsible lending by September.
AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, 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
Original article by Primrose Riordan
The Australian Financial Review – Page: 7 : 15-Dec-16
The Parliamentary Budget Office estimates that the National Broadband Network will have an $A8.8 billion negative impact on Australia’s net worth. The PBO also warns in a report released on 14 December 2016 that NBN CO could experience difficulties with raising enough capital to pay back a loan of $A19.5 billion from the Federal Government in November. Finance Minister Mathias Cormann says the PBO’s doubts are unwarranted.
AUSTRALIA. PARLIAMENTARY BUDGET OFFICE, AUSTRALIA. DEPT OF FINANCE, AUSTRALIAN LABOR PARTY, NBN CO LIMITED