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Banking Summit

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Banks funding the recovery

Banking takes centre stage as the economy rebounds

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Banking Summit reveals growth hurdles for banks

Banks have exited the pressure cookers of the royal commission and the pandemic only to enter an even more uncertain world.

  • James Eyers

ACCC warns banks on delivery of consumer data right

ACCC chair Gina Cass-Gottlieb told banks it will take enforcement action if proper data is not being delivered into the open banking regime.

  • James Eyers

CBA backs move to scrutinise Apple’s restrictions on bank apps

The AFR Banking Summit has reignited tension between CBA and Apple over payments as the government considers new regulations for global digital platforms.

  • James Eyers and Max Mason

Commonwealth Bank, Revolut, set stage for race to ‘super app’ supremacy

Is it a bird? Is it a plane? No, it’s a super app, and it’s the next big thing in finance, according to Revolut and the Commonwealth Bank.

  • Lucy Dean

ANZ widens ambition for its A$DC, a cash-backed AUD stablecoin

The initial use case for the A$DC was onboarding into crypto. Now it’s extending to collecting government revenue, carbon trading and, ultimately, buying NFTs.

  • James Eyers
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May

Gas crisis shows no simple answers on climate for banks

There are no easy solutions to the bind that Australia finds itself in over energy. We are reliant on ageing coal-fired power stations, and have been slow to develop the renewable energy infrastructure the nation requires.

  • James Thomson

May

The big banks’ ‘Wexit’ is an elephant in the room

The exit of the major banks from wealth management might have been smart politics, but it has left far too many Australians without insurance or advice.

  • Updated
  • Aleks Vickovich

Skills shortage threatens economic recovery, government warned

The Albanese government must prioritise attracting skilled and unskilled workers to Australia or risk acute labour shortages further curtailing the economic recovery, banking leaders say.

  • James Eyers, Ronald Mizen and John Kehoe

Albanese announces Labor’s frontbench

Anthony Albanese says his newly announced frontbench has the most women ever in Australian history; CBA’s Michael Baumann expects house prices to drop 10 per cent. How the day unfolded.

  • Updated
  • Campbell Kwan and Georgie Moore

Labour shortage at crisis levels

The Albanese government has been put on notice by the banking industry that it needs to urgently address the shortage of skilled workers.

  • Tony Boyd
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Future funding rests on green credentials: Westpac

Australia’s big banks are increasingly weighing carbon risk as seriously as credit risk, as the shift to net zero gathers pace.

  • Ayesha de Kretser and Lucy Dean

On-demand video: Banks on the recovery and reshaping their future

The Australian Financial Review Banking Summit 2022 challenges Australia’s most influential banking leaders.

ANZ CEO warns of ‘pain’ that will ‘flush out’ businesses

Chief executive Shayne Elliott warns that rising rates, inflation and labour shortages will bring “pain”, with the building sector most fragile to a wave of collapses.

  • Patrick Durkin

Big banks get cold feet on crypto trading

Matt Comyn says it is still the bank’s intent to launch the service, but the project faces hurdles.

  • Updated
  • Aleks Vickovich, Jonathan Shapiro and Campbell Kwan

Apple, Google on notice on payments dominance

Apple and Google may be forced to loosen their grip over their digital payments, with the ACCC considering regulation to stop anticompetitive practices.

  • Max Mason

What US hedge funds told Comyn about Aussie housing

Matt Comyn has returned from the US bursting with insights on the pain in the tech sector, the challenges facing BNPL, and the crypto conundrum. 

  • James Thomson

Business ‘under-indebted’ and hungry for post-COVID growth

Business bankers at three of the big four banks say they are ready to step up and lend as the nation’s obsession with property shows signs of waning.

  • Jonathan Shapiro

Bankers surprised at Peter Dutton’s ‘woke’ criticism

Bankers say they are surprised that new Opposition Leader Peter Dutton has criticised big business for speaking too much on climate and social issues, arguing that managing the energy transition is a core part of business.

  • John Kehoe and Michael Pelly

‘Markets are saying your life is about to be hell’: Deloitte partner

Financial markets predicting rates will hit 3 per cent are effectively betting people’s lives will become ‘hell’, Deloitte’s Chris Richardson says.

  • Updated
  • Ronald Mizen

Schoolboy attacks ‘evil’ banks in protest at AFR Summit

Climate fury has boiled over at The Australian Financial Review Banking Summit with protesters inside and outside the event taking aim at the big banks.

  • Lucy Dean
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Ugly twin of buy now, pay later is raising its head

ANZ’s head of retail banking, Maile Carnegie, says its customers who use buy now, pay later services are twice as likely to default as others.

  • Jonathan Shapiro

Interest rates to hit repayments, lenders warn

Chairman Wayne Byres says while most banks have lent responsibly, some have allowed customers to borrow too much in a sector that was no longer a low risk.

  • Max Mason and James Eyers

Construction is the ‘most worrying’ sector for NAB

National Australia Bank CEO Ross McEwan says the construction industry is particularly vulnerable to insolvencies at present.

  • Ayesha de Kretser

NAB says election shows mandate for climate action

National Australia Bank chief executive Ross McEwan wants to see a national approach to measuring carbon output.

  • Tony Boyd

Labor housing policy could spark buyer battles in affordable suburbs

Labor’s Help to Buy scheme could put upwards pressure on accessible suburbs, pushing prices even higher.

  • Ronald Mizen