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Banking

APRA boss Byres to stand down early from bank regulator

By business reporter Michael Janda
The head of Australia's bank regulator will end his term almost two years early, announcing he will step down from his role at the end of October.
Posted Updated
A head-and-shoulders shot shows a middle-aged white man in a dark suit and red tie with short cropped dark hair

Wall Street a mixed bag ahead of rate hike decision, ASX rising

By business reporter Emilia Terzon
Australian shares are rising on Tuesday, despite Wall Street wavering ahead of another likely rate hike later this week.
Posted Updated
A blurred photo of the share trading boards at the Australian stock exchange

ASIC has been trying to shut down this 'predatory' lender for years. Is it finally about to succeed?

By business reporter Rhiana Whitson
ASIC is investigating whether a third lending model set up by "predatory" payday lender Cigno is legal, while the company takes its fight to be exempt from credit laws to the High Court. 
Posted Updated
Laura Platt

ASX flat, EML plunges 22pc while Flight Centre jumps on upbeat forecast

By business reporter Samuel Yang and wires
Australian shares struggle for momentum as gains in miners on the back of firm commodity prices counter losses in technology and financial stocks.
Posted Updated
A man and woman, with their baby in a pram, looking at the ASX stock market boards in Sydney.
analysis

analysis: Why your super may not be worth as much as you think

By business editor Ian Verrender
While super funds have fared better than most investments over a turbulent past year, Australians may need to face up to the fact that their retirement assets are worth considerably less than they think, writes business editor Ian Verrender.   
Posted Updated
A graphic image showing a zombie hand and a superannuation piggy bank.
analysis

analysis: 'Confronting' new data sheds light on the true scale of Australians' financial pain

If inflation is being driven by profits, as new analysis suggests, some of the financial pain Australians are experiencing may be unnecessary — and something will have to give, writes David Taylor.
Posted
A woman holds a leather wallet with a $5 and $20 note in it.

Here's what some experts think China's economic woes could mean for Australians

By Dong Xing and staff 
From a banking crisis to property market slumps, China's economy is under stress and the country also recently recorded its lowest quarterly growth rate figure since 1990. What might those challenges mean for Australians?
Posted
Huge residential towers in China

Former treasurer Josh Frydenberg lands a job with Goldman Sachs

By business reporters Michael Janda and Gareth Hutchens
Former treasurer Josh Frydenberg lands a new job with investment bank Goldman Sachs two months after losing his seat at the federal election.
Posted Updated
Treasurer Josh Frydenberg smiling at the Liberal Party campaign launch.
analysis

analysis: The Treasurer is giving 'confronting' warnings, but there's yet another show stopper coming

When the new parliament sits next week, Labor will be under pressure to explain what progress is being made on one of its most important promises – delivering real wage growth, writes David Speers.
Posted Updated
Chalmers raises a hand with a decorative bracelet on his wrist as he speaks in front of a lectern.

ASX jumps on boost from resources and banking stocks, Wall Street sharply higher on strong corporate earnings

By business reporter Samuel Yang and wires
Australian shares are heading for their best day in weeks, with resources stocks jumping on worries over a supply crunch and banks advancing on expectations higher interest rates will boost profits.
Posted Updated
A woman and a man look at the Australian Security Exchange boards in Sydney

Is the Reserve Bank fit for purpose? A review of the central bank aims to find out

By political reporter Melissa Clarke
A Reserve Bank of Australia review is set to examine whether its long-standing inflation target should remain.
Posted Updated
RBA building

ASX rises, Suncorp share price jumps amid ANZ takeover bid, NZ inflation hits 7.3 per cent,

By business reporter Samuel Yang and wires
As comments from two US central bank officials eased fears about a bigger interest rate hike this month, Australian shares rose on Monday, while Suncorp scrip jumped after ANZ said it would buy the insurer's banking business.
Posted Updated
A stock market watcher stands in front of an ASX board.

ANZ announces $5 billion Suncorp Bank takeover

By business reporter Michael Janda and senior business correspondent Peter Ryan
Suncorp accepts a $4.9 billion bid from ANZ to take over its banking business, as the big four bank seeks to accelerate its growth.
Posted Updated
suncorp bank

'There was almost nothing left in my account': Sam is one of 1.4 million Australians who are victims of card fraud each year

By business reporter Sue Lannin
More Australians have had money stolen from their bank or credit-card accounts during the pandemic due to a growth in online shopping. While most victims are reimbursed by their financial institutions, there are some grey areas. 
Posted Updated
A woman in a brown dress sits at a desk working on a laptop

Man who falsified payslips to help migrants secure home loans avoids jail

By court reporter Claire Campbell
A South Australian Justice of the Peace who provided false pay slips to banks in a bid to help Vietnamese migrants buy properties that they otherwise could not have secured is given a suspended sentence.
Posted
A man with short grey hair and glasses with a face mask on stands in front of a court building
analysis

analysis: 'When the US sneezes, we usually catch cold': America's woes could spell more trouble here

It's a funny old economy where achieving almost full employment is met with shaky shoppers and talk of recession, writes David Taylor.
Posted
People are seen in a long queue outside a Centrelink office

US annual inflation rises 9.1 per cent, posting largest increase since 1981

By business reporter Samuel Yang and wires
Australian shares have risen on Thursday, lifted by mining and gold companies after a sharp rebound in commodity prices, although worries over hot US inflation data and an impending rate hike capped gains.
Posted Updated
A person shops in a supermarket in Manhattan, New York City.

ASX rises, RBNZ hikes rates, US dollar hits parity with euro

By business reporter Samuel Yang and wires
Australian shares have ended the session higher on Wednesday, despite mining and energy stocks being hit by subdued commodity and metal prices following fresh COVID-19 curbs in China.
Posted Updated
A man and woman, with their baby in a pram, looking at the ASX stock market boards in Sydney.

BNPL Sezzle tanks 39 per cent, Wall Street lower ahead of economic data and earnings, while ASX edges higher

By business reporter Samuel Yang and wires
Australian shares edge higher after sharp losses in the previous session, powered by gains in financials and energy stocks.
Posted Updated
City office-workers and passers-by watch the ASX board in Sydney

Violence in China as hundreds gather for bank protests

Hundreds of people gather outside a branch of the People's Bank of China in Henan's capital Zhengzhou, demanding their money.
Posted Updated
People wearing face masks stand on steps holding banners

ASX slips as gold, mining stocks weigh, EML plunges as chief executive resigns

By business reporter Samuel Yang and wires
Australian shares slip on Monday, after weakness in commodity prices weighed on gold and mining stocks.
Posted Updated
A generic photo of ASX board.

'The banks are breaking the law': Chinese protesters demanding frozen millions dragged away by security

Around 1,000 people protested the freezing of deposits by some rural-based banks, estimated to be worth more than $2 billion. 
Posted
People grab a protesters shirt, lifting it over his head
analysis

analysis: Five reasons interest rates won't rise as high as predicted

By business editor Ian Verrender
Surging costs for everyday grocery items and fresh food, exorbitant prices for fuel and, to top it all off, pretty much every expert you listen to will tell you worse, far worse, is at hand when it comes to interest rates, writes Ian Verrender.
Posted Updated
An aerial view of houses and vacant blocks.

Crown CEO steps down after Blackstone takeover, ASX rises on miners rebound

By business reporter Samuel Yang and wires
Australian shares rise slightly higher on Thursday, boosted by a rebound in the heavyweight mining sector after sharp declines in the prior session.
Posted Updated
A close-up shot of a logo of Crown Resorts on the top of a high-rise building in Perth.

For the first time in two years, the big four banks offer bonus savings rates above 1pc

By business reporter Samuel Yang
All of the big four banks will pass on the Reserve Bank's latest interest rate rise to home loan customers in full — but not all savers.
Posted Updated
Australia's big four bank logos: Commonwealth, National, ANZ, and Westpac.