This Month
Banks lobby accuses Apple, credit card giants of payments free-ride
In a submission to parliament, the Australian Banking Association says the US companies are not paying tax and are using infrastructure with few obligations.
AI’s latest ‘penny drop’ moment hit markets. It should scare all of us
Investors were shocked by the potential for artificial intelligence to disrupt business models, but households, politicians and regulators should also wake up.
Six months of work in two days: Banks race to scale AI as risks rise
Artificial intelligence leaders in banks say software engineering and workplace productivity are accelerating, as CBA calls for more focus on AI safety.
Telix chairwoman quits after brutal year, shares sink
The radiopharmaceutical giant says that Tiffany Olson is leaving for personal reasons, with Caledonia’s Mark Nelson stepping in.
New chair Sarah Court brings continuity to ASIC but critics want change
In choosing ASIC chair Joe Longo’s loyal deputy to succeed him, the government has ignored calls for a major reset at Australia’s corporate regulator.
Coinbase says debanking is a ‘systemic feature’ of Australian finance
One of the world’s largest cryptocurrency exchanges says it is “standard protocol” for major banks to deny services to digital asset companies and fintechs.
ASIC enforcement chief named first woman to lead agency
The long-time public service figure will be paid $850,000 and joins a growing list of women appointed by Treasurer Jim Chalmers to senior public service roles.
The 3 pieces of red tape CEOs hate most
The majority of CEOs working for multinationals believe conditions had worsened under the Albanese government, sparking fresh calls for regulatory reform.
ASIC scrubs director data after Chalmers, ASIO intervention
The treasurer wrote to the regulator’s chairman Joe Longo, citing intelligence advice to limit “open access to personal information” due to safety concerns.
Under pressure Ley targets Chalmers with $44b war on red tape
A new deregulation agenda, aimed at wooing a business community increasingly angry about red tape, will be announced by Opposition Leader Sussan Ley on Monday.
What Bernie Madoff can teach us about the Shield collapse
It is clear from ASIC court filings that a managed investment scheme that has left superannuation investors in limbo was riven with conflicts of interest.
January
Super reform after Shield collapse needs scalpel, not sledgehammer
By focusing on reforms that are targeted to the harm that has occurred, we can avoid future failures without sacrificing consumers’ legitimate right.
Inside the banks’ big shift into the cloud
Institutions such as CBA and NAB are driving the data centre surge, shifting IT systems into services run by US giants. The regulator is paying close attention.
Visa in fight with Reserve Bank over plans to cut credit card fees
Banks and credit card companies are lobbying to convince the central bank to strike a compromise on plans to cut bank interchange fee revenue by $900 million.
What Joe Longo is telling his family about investing in super
The collapse of Shield and First Guardian shows why we need a new conversation about investing, ASIC boss Joe Longo says.
Unleash challenge to big three telcos, OECD tells Australia
Encouraging a fourth mobile services operator to compete with Telstra, Optus and TPG Telecom could lower consumers’ phone bills, the organisation says.
Housing industry to call for $12b cut in red tape costs
The building industry is set to call for a drastic reduction in red tape, amid warnings from the OECD over lagging productivity.
Trigger-happy or asleep at the wheel? Longo gave ASIC its mojo back
In May, former lawyer Joe Longo will step down as the country’s chief corporate regulator. His five-year tenure has plenty of fans – and detractors.
Big business thumbs its nose at ASIC alumni
Accepting a commissioner appointment at the Australian Securities and Investments Commission is not recommended for those seeking careers on a top-tier board.
Two centuries on, what would Adam Smith make of Australia?
The father of economics, championing competitive markets, free trade and a narrow role for government, would be perplexed by what’s happening in the country.
