Westpac adds credit, liquidity and data to risk overhaul
Apr 7, 2021 â 3.23pm
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Westpacâs plan to lift risk governance standards in the wake of the AUSTRAC scandal has been ticked off by the regulator following a significant expansion that has seen it add five additional streams to 14 others it had agreed to complete.
A report from an independent third party reveals Westpac has agreed to add renewed focus to the bankâs handling of credit risk, financial risk, liquidity risk, technology risk and data risk.
Westpac and APRA have agreed on a plan to fix long-standing problems at the bank.Â
Italy, Portugal Bond Sales Flooded With Orders by Yield Chasers
This content was published on April 7, 2021 - 12:00
April 7, 2021 - 12:00
(Bloomberg) Bond sales by two of Europe’s most indebted nations have been inundated by demand as an economic recovery begins to lift yields from historically low levels.
Italy received more than 64 billion euros ($76 billion) of bids for its first new 50-year bond in almost five years via banks on Wednesday, according to a person familiar with the matter. That’s more than three times the previous record. The nation is also selling debt maturing in 2028.
Meanwhile, Portugal is bringing to market a 10-year security, racking up more than 30 billion euros of orders from investors. The orderbook is sizable for Portugal, but still stands more than 10 billion euros short of its all-time record after being scaled back slightly over the course of the day.
Super Consumers call for probe into political advertising
Apr 7, 2021 – 3.41pm
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The government should include administration fees in its new performance tests for high-cost, low-returning superannuation funds, according to Super Consumers Australia, a body linked to flagship consumer group Choice.
It has urged parliament to legislate the government’s Your Future, Your Super bill with few amendments amid an onslaught of industry lobbying against the reforms.
Senator Andrew Bragg.
Peter Braig
Super Consumers Australia, which has received seed funding from the government, also called on the prudential regulator to put to the test political advertising run by lobby groups for the $3 trillion industry.
RBA review could look at ways to avert the next crisis
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April 7, 2021 â 4.00pm
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As Australia plots its economic recovery from the pandemic, public attention is understandably focused on politicians but this week the
Herald has felt it equally important to put the spotlight on the policies of the Reserve Bank of Australia.
As we reported on Tuesday, shadow treasurer Jim Chalmers has joined a growing group of influential economists who have called for a review into the bankâs operations in the light of its failure to meet its primary function of keeping inflation between 2 per cent and 3 per cent a year.
Cheap money has a high hidden price for society
The Reserve Bank hopes that low rates will see economic growth lift off. But it has already blasted the price of a home into a dangerous new orbit.
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The great Australian dream is in danger of falling victim to the ‘bystander effect’.
House prices surged at their fastest monthly pace in 32 years in March, equal to annualised growth of 33 per cent.
A generation denied entry to the housing bubble.
Louise Kennerley
Property prices are virtually certain to continue their upward ascent, cementing Australian houses as among the most expensive in the world.