REBATES – AUSTRALIA

‘Do the right thing’: ASIC raises pressure on CBA over refund refusal

roymorgansocial Leave a comment

Original article by Clancy Yeates
The Age – Page: Online : 30-Jul-25

The Commonwealth Bank of Australia is under scrutiny after advising that it will not provide refunds to low-income customers who had been charged high account fees. Westpac and the ANZ Bank have both agreed to provide such refunds to welfare recipients in the wake of an investigation by the Australian Securities & Investments Commission. However, the CBA contends that the fees in question were disclosed to customers and charged in accordance with its terms and conditions, although it subsequently indicated that it will consider making ‘goodwill payments’ to some affected customers. ASIC chairman Joe Longo has urged CBA to avoid taking a legalistic approach to the issue, arguing that other major banks are "doing the right thing".

CORPORATES
COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Chalmers concedes energy rebates must end

roymorgansocial Leave a comment

Original article by Rhiannon Down
The Australian – Page: 7 : 21-May-25

Treasurer Jim Chalmers has refused to rule out extending the federal government’s energy rebate for a third time. However, he acknowledges that the government is aware that the $6.8bn rebate must end at some stage, which is why it has been extended for just six months rather than a year. Independent economist Chris Richardson says the rebate is "bad policy" and the money should have been used to reduce the structural deficit and increase unemployment benefits. Professor Bob Breunig from the Australian National University agrees that the rebate should not be extended beyond 2025, arguing that such subsidies tend to be inflationary.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN NATIONAL UNIVERSITY

Virgin to pay 61,000 flyers refunds for overpricing

roymorgansocial Leave a comment

Original article by Alex Mitchell, Farad Farad
The Australian Financial Review – Page: 10 : 11-Apr-25

Virgin Australia says it will contact passengers who have been found to have been overcharged as a result of an error with its booking system. The airline has stated that the error occurred between April 2020 and March this year, and that around 61,000 travellers were affected. Virgin Australia says the impacted travellers will have to lodge a claim to receive their refund and that they have a year in which to do so, with the average refund due being $55; Consumer advocate Adam Glezer contends the refund claim process is too laborious, and puts an unfair onus on affected passengers.

CORPORATES
VIRGIN AUSTRALIA HOLDINGS LIMITED

Forrest defends bid to axe diesel rebate

roymorgansocial Leave a comment

Original article by Nick Evans
The Australian – Page: 15 & 18 : 24-Nov-21

Fortescue Metals Group founder Andrew Forrest says the diesel fuel rebate costs taxpayers about $5bn a year at present. He adds that a small number of large mining and energy companies receive the bulk of the rebate, and he has urged the federal government to start phasing it out between 2025 and 2030. However, Forrest says the rebate should only be scrapped for large mining and energy companies, and it should be retained for farmers and other small business than rely upon it. The Mineral Council of Australia is among the critics of Forrest’s push to have the rebate scrapped.

CORPORATES
FORTESCUE FUTURE INDUSTRIES PTY LTD, MINERAL COUNCIL OF AUSTRALIA

Medibank pays back unused $105m

roymorgansocial Leave a comment

Original article by Liam Walsh
The Australian Financial Review – Page: 20 : 30-Jun-21

Private health insurer Medibank expects about two million customers of its flagship and ahm brands to be eligible for a discount on their next premium payment. Medical procedures such as elective surgery were cancelled in 2020 due to the COVID-19 pandemic, preventing policyholders from making full use of their private health coverage. HBF is among the other health funds that have previously revealed plans to return some money to its members.

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, AHM HEALTH INSURANCE, HBF HEALTH LIMITED

Miners seek assurance on fuel tax break

roymorgansocial Leave a comment

Original article by Phillip Coorey
The Australian Financial Review – Page: 4 : 21-Apr-20

The resources sector is lobbying the federal government not to touch the diesel excise rebate as it looks at ways to repay the cost of the COVID-19 pandemic. The rebate is worth around $2 billion to the resources sector; it is also received by other industries, including fishing and agriculture. Minerals Council of Australia CEO Tania Constable contends that imposing higher taxes to pay for the cost of COVID-19 will harm jobs and curtail growth, while she notes that both the Henry tax review and Treasury are of the view that the fuel tax credit is sound economic policy.

CORPORATES
MINERAL COUNCIL OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY

ALP’s $2000 handout in battery plan

roymorgansocial Leave a comment

Original article by Simon Benson
The Australian – Page: 1 & 4 : 22-Nov-18

Federal Opposition Leader Bill Shorten will announce key details of Labor’s energy policy on 22 November. Amongst other things, Labor will provide households with annual income of less than $180,000 with a rebate of up to $2,000 to install electricity storage batteries. Labor’s aim is for one million households to have storage batteries by 2025, as part of its commitment to a 50 per cent renewable energy target. Labor will also flag plans to implement the federal government’s national energy guarantee if it wins the next election.

CORPORATES
AUSTRALIAN LABOR PARTY, AUSTRALIA. CLEAN ENERGY FINANCE CORPORATION, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION

NBN Co to pay telcos $25 for every missed appointment

roymorgansocial Leave a comment

Original article by Max Mason
The Australian Financial Review – Page: Online : 13-Sep-18

NBN Co has provided a court-enforceable undertaking to the Australian Competition & Consumer Commission regarding missed or late appointments by its technicians. It will pay a rebate of $25 to retail service providers (RSPs) such as Telstra, TPG Telecom and Vodafone Hutchison Australia every time an appointment is missed or a technician is late. Under the terms of the undertaking, the RSPs are expected to take "reasonable steps" to ensure their customers receive some form of benefit as a result of the improved rebates.

CORPORATES
NBN CO LIMITED, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, TELSTRA CORPORATION LIMITED – ASX TLS, TPG TELECOM LIMITED – ASX TPM, VODAFONE HUTCHISON AUSTRALIA PTY LTD, VOCUS GROUP LIMITED – ASX VOC, SINGTEL OPTUS PTY LTD

Thousands to get refunds after NBN overcharging

roymorgansocial Leave a comment

Original article by Anthony Klan
The Australian – Page: 2 : 21-Aug-17

Optus may look to refund customers who signed up for national broadband network (NBN) packages that offered internet speeds that could not be delivered. Telstra made a similar announcement in May, stating that almost 8,000 customers would get refunds. Optus has criticised the $A49 billion NBN project over the high cost of bandwidth, stating that this is making it difficult for it to offer high-speed internet access to some of its customers.

CORPORATES
SINGTEL OPTUS PTY LTD, TELSTRA CORPORATION LIMITED – ASX TLS, NBN CO LIMITED

Westpac refunds $20m over credit card transaction fees

roymorgansocial Leave a comment

Original article by Clancy Yeates
The Age – Page: 21 : 9-Sep-16

Some 820,000 credit card customers of Westpac will be reimbursed after being charged foreign transaction fees on purchases via offshore merchants that were made in Australian dollars. The banking major has issued about $A20m worth of refunds after the Australian Securities & Investments Commission found that it had neglected to inform customers that such transactions would attract a so-called "foreign transaction fee". Westpac has also updated its terms and conditions.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION