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WELLBEING, RESILIENCE and PROSPERITY for AUSTRALIA FINANCIAL SYSTEM INQUIRY March 2014
WELLBEING, RESILIENCE AND PROSPERITY FOR AUSTRALIA FINANCIAL SYSTEM INQUIRY March 2014 CBA0416 FSI Doc_Final.indd 1 31/03/14 5:46 PM COMMONWEALTH BANK’S SUBMISSION IS FOCUSED ON IMPROVING THE LONG-TERM WELLBEING OF AUSTRALIANS, CONSISTENT WITH OUR VISION TO SECURE AND ENHANCE THE FINANCIAL WELLBEING OF PEOPLE, BUSINESSES AND COMMUNITIES. COMMBANK CAN. CBA0416 FSI Doc_Final.indd 2 31/03/14 5:46 PM TABLE OF CONTENTS EXECUTIVE SUMMARY 6 SECTION IV: SAFEGUARDING SECTION I: AUSTRALIA’S RETIREMENT BUILDING ON SOLID WITH A SUSTAINABLE FINANCIAL SYSTEM SUPERANNUATION FOUNDATIONS 9 SYSTEM 72 CHAPTER 1: HOW THE FINANCIAL CHAPTER 10: IMPROVE THE EFFICIENCY SYSTEM HAS SUPPORTED OF THE SUPERANNUATION SYSTEM 72 ECONOMIC STABILITY 9 CHAPTER 11: FUND AUSTRALIA’S CHAPTER 2: A FREE MARKET RETIREMENT 79 PHILOSOPHY FOR AUSTRALIA’S FINANCIAL SYSTEM 24 SECTION V: CHAPTER 3: POSITIONING AUSTRALIA ENHANCING REGULATORY FOR A PROSPEROUS FUTURE 27 EFFICIENCY 87 SECTION II: CHAPTER 12: IMPROVE EFFICIENCY SUPPORTING A STRONG AND ADAPTABILITY OF THE REGULATORY SYSTEM 87 BANKING SYSTEM 33 CHAPTER 4: ENSURE SUSTAINABLE SECTION VI: FUNDING FOR AUSTRALIAN BANKS 34 ADDRESSING OTHER CHAPTER 5: ENABLE COMPARABILITY IMPORTANT ISSUES FOR OF AUSTRALIAN BANK CAPITAL CUSTOMERS 96 RATIOS TO INTERNATIONAL PEERS 42 CHAPTER 6: EMBED A SUPPORTIVE CHAPTER 13: IMPROVE FINANCIAL OPERATING FRAMEWORK FOR LITERACY 96 AUSTRALIAN BANKS 47 CHAPTER 14: FUND INFRASTRUCTURE CHAPTER 7: ENSURE AN APPROPRIATE DEVELOPMENT 102 FRAMEWORK FOR THE SHADOW CHAPTER 15: IMPROVE ACCESS BANKING SECTOR 52 TO -
Annual Report and Sustainability Update 2018/2019
Annual Report and Sustainability Update 2018–2019 “Our dedication to running an ethical and sustainable institution has been recognised with Teachers Mutual Bank Limited being named one of the World’s Most Ethical Companies for the sixth year running.” Contents Annual Report and Sustainability Update Our mission is to deliver quality financial products and services to workers and their families within the education, emergency services, and health communities. We will do this in an ethical, simple and friendly manner. Key financial performance 02 Chairperson and CEO’s report 04 Members 06 Social Responsibility 10 Community 14 Employees 18 Environment 22 Summary of Sustainability KPIs and targets 26 Directors’ report 28 Auditor’s independence declaration 32 Financial statements and notes 33 Statement of comprehensive income 34 Statement of changes in member equity 35 Statement of financial position 36 Statement of cash flows 37 Notes to the financial statements 38 Directors’ declaration 87 Independent auditor’s report 88 TEACHERS MUTUAL BANK LIMITED Telephone: 13 12 21 | Fax: (02) 9704 8205 Email: [email protected] | Address: 28-38 Powell Street Homebush NSW 2140 | PO Box: PO Box 7501 Silverwater NSW 2128 | ABN: 30 087 650 459 | AFSL/Australian Credit Licence: 238981 | Design: www.frescocreative.com.au 1 Key Financial Performance Our focus is to maintain sustainable growth to ensure we provide competitive products and services to enable our members to secure their financial futures. OVERVIEW Capital adequacy ratio Membership Capital adequacy is a ratio which protects depositors and Membership refers to all shareholders that are eligible to investors by indicating the strength of an institution. -
Australia's Best Banking Methodology Report
Mozo Experts Choice Awards Australia’s Best Banking 2021 This report covers Mozo Experts Choice Australia’s Best Banking Awards for 2021. These awards recognise financial product providers who consistently provide great value across a range of different retail banking products. Throughout the past 12 months, we’ve announced awards for the best value products in home loans, personal loans, bank accounts, savings and term deposit accounts, credit cards, kids’ accounts. In each area we identified the most important features of each product, grouped each product into like-for-like comparisons, and then calculated which are better value than most. The Mozo Experts Choice Australia's Best Banking awards take into account all of the analysis we've done in that period. We look at which banking providers were most successful in taking home Mozo Experts Choice Awards in each of the product areas. But we also assess how well their products ranked against everyone else, even where they didn't necessarily win an award, to ensure that we recognise banking providers who are providing consistent value as well as areas of exceptional value. Product providers don’t pay to be in the running and we don’t play favourites. Our judges base their decision on hard-nosed calculations of value to the consumer, using Mozo’s extensive product database and research capacity. When you see a banking provider proudly displaying a Mozo Experts Choice Awards badge, you know that they are a leader in their field and are worthy of being on your banking shortlist. 1 Mozo Experts Choice Awards Australia’s Best Banking 2021 Australia’s Best Bank Australia’s Best Online Bank Australia's Best Large Mutual Bank Australia's Best Small Mutual Bank Australia’s Best Credit Union Australia’s Best Major Bank 2 About the winners ING has continued to offer Australians a leading range of competitively priced home and personal loans, credit cards and deposits, earning its place as Australia's Best Bank for the third year in a row. -
Methodology Report
Mozo Experts Choice Awards Deposits 2019 Every day, Mozo keeps track of thousands of products in banking, insurance and energy. Unlike some other awards, providers don’t ‘enter’ the Mozo Experts Choice Awards nor do they pay to be considered. Our in-house team of experts analyse all the product data they’ve been tracking and scour the market to see if there are any other worthy candidates. Then we use our data and our experience to make a hard-nosed assessment of those products, to identify which offer great value or market-leading features. We recognise the leading products with the Mozo Experts Choice Awards. ● For product providers, a Mozo Experts Choice Award is a thoroughly researched third-party endorsement of their product. ● For consumers, the Mozo Experts Choice Awards badge is a sign that a product is among the leaders in the market, and is worthy of consideration. This report lists the winners and explains the judging methodology for our 2019 Deposit awards. 1 Deposits - 2019 Winners Transaction Accounts Everyday Bank of the Year Exceptional Everyday Account Bank of Sydney Everyday Saver Account Bankwest Hero Transaction Account Bankwest Qantas Transaction Account BOQ Specialist Everyday Plus Account Citi Global Currency Account Citi Plus Transaction Account ING Orange Everyday Macquarie Platinum Transaction Account Macquarie Transaction Account UBank USaver Ultra Transaction Account Up Bank Everyday Account Best New Transaction Account Citi Global Currency Account 2 Student Bank Account Community First Credit Union Student -
Global Payments 2020-30 a Quantium Shift in the Next Decade Australia's Challenge
McLean Roche Consulting Group Global Payments 2020-30 A quantium shift in the next decade Australia’s challenge – to keep up 1 Submission To RBA Payments Boards – Future of Payments – January 2020 McLean Roche Consulting Group AUSTRALIA’S PAYMENT CHALLENGE Australian payments will see more change in the next 10 years than the last 40 years combined. Australia has an expensive US/Anglo legacy based retail payments system which will be challenge by new technology, new data uses, new players and the need to protect consumer rights and data. Consumer retail payments total $975.7 billion in 2019 and will reach $3.2 trillion by 2030. A faster rate of expansion will occur in SME and Corporate payments. Payments are a very high volume, low margin business with even the smallest changes in revenues or margins delivering significant changes in actual dollars. Regulators around the globe will be challenged by forces of change and this requires all regulators and politicians to be aware of the scale of change and ensure the regulatory frame work changes and evolves quickly. 4 MYTHS DOMINATE THE NARRATIVE 1. CASH WILL DISAPPEAR – many including regulators keep predicting the death of cash. While bank notes may disappear, various forms of cash now dominate retail payments in Australia combining to total 71% share. 2. CREDIT CARDS DOMINATE LENDING – consumer credit cards are in decline having peaked 8 years ago. All the leading indicators are falling – average balance, average spend, revolve rate and number of cards. Corporate and Commercial cards are the only growth story. 3. DIGITAL PAYMENTS ARE THE FUTURE – many payment products use the ‘digital’ tag for marketing ‘glint’ however the reality is all payment products using Visa, MasterCard, Amex or eftpos payment networks are not digital. -
Business Accounts and Payment Services
Business Accounts and Payment Services Fees and charges and how to minimise them. Terms and conditions, and general information. Effective: 13 September 2021 This booklet sets out the terms and conditions applying to our transaction and Part A: Fees and charges and how to minimise them ���������������������������������������������������6 savings accounts listed in Part A that are available for business customers. Business accounts: Features ������������������������������������������������������������������������������������������������������������������������������������ 10 Business accounts: Everyday banking fees and charges ����������������������������������������������������������������������� 12 Corporate accounts: Features ��������������������������������������������������������������������������������������������������������������������������������� 14 Different accounts have different features. The features that apply to our Corporate accounts: Everyday banking fees and charges ������������������������������������������������������������������� 16 accounts are set out in Part A. Specialist industry accounts – Statutory trust: Features ���������������������������������������������������������������������� 18 Separate terms and conditions apply to other banking services we offer, such as Internet and Phone Banking, Business Banking Online, or any linked Specialist industry accounts – Statutory trust: Everyday banking fees and charges ��������� 20 business lending facility. Specialist industry accounts – Society Cheque Account: Features -
AUSTRALIA Executive Summary
Underwritten by CASH AND TREASURY MANAGEMENT COUNTRY REPORT AUSTRALIA Executive Summary Banking Australia’s central bank, the Reserve Bank of Australia (RBA), is an independent body with sole responsibility for monetary policy, as well as other central bank functions such as banker to the state, lender of last resort and issuer of notes and coin. The RBA is also charged with maintaining the stability of the financial system, but financial sector supervision is undertaken by the Australian Prudential Regulation Authority (APRA). The Australian Bureau of Statistics (ABS) collects information on balance of payments statistics using monthly, quarterly and annual surveys, and administrative data. All resident companies engaging in transactions with non-residents are surveyed annually, apart from approximately 1,000 resident companies engaging in the largest amount of transactions with non-resident companies which submit international investment surveys every quarter. Approximately 1,600 resident companies submit International Trade in Services (SITS) monthly surveys. Unprompted reporting is not required and companies are contacted individually. Resident entities are permitted to hold convertible domestic and foreign currency bank accounts within and outside Australia. Non-resident entities are permitted to hold convertible domestic and foreign currency bank accounts within Australia. The banking system is dominated by National Australia Bank, Commonwealth Bank of Australia, ANZ Bank and Westpac, and also includes another 27 domestic commercial banks, seven foreign bank subsidiaries, 45 branches of foreign banks, 15 representative offices of foreign banks, 4 building societies and 46 credit unions. Payments Australia’s national payment system includes the Reserve Bank Information and Transfer System (RITS), the High-Value Clearing System (HVCS), the Australian Paper Clearing System (APCS), the Bulk Electronic Clearing System (BECS) and the Issuers and Acquirers Community (IAC). -
Select Committee on Financial Technology and Regulatory Technology
The Senate Select Committee on Financial Technology and Regulatory Technology Select Committee on Financial Technology and Regulatory Technology Interim report September 2020 © Commonwealth of Australia 2020 ISBN 978-1-76093-108-7 This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Australia License. The details of this licence are available on the Creative Commons website: http://creativecommons.org/licenses/by-nc-nd/3.0/au/. Printed by the Senate Printing Unit, Parliament House, Canberra Committee Members Chair Senator Andrew Bragg LP, NSW Deputy Chair Senator Marielle Smith ALP, SA Members Senator Susan McDonald NATS, QLD Senator Rex Patrick IND, SA Senator Paul Scarr LP, QLD Senator Jess Walsh ALP, VIC Secretariat Lyn Beverley, Committee Secretary Christopher Sautelle, Principal Research Officer Kate Campbell, Senior Research Officer Elise Gruttner, Senior Research Officer Claire Rhodes, 2019 Graduate Program Margaret Cahill, Research Officer Shannon Ross, Administrative Officer Committee Webpage: http://www.aph.gov.au/senate_FinRegtech PO Box 6100 Phone: + 61 2 6277 3535 Parliament House Fax: + 61 2 6277 5818 Canberra ACT 2600 Email: [email protected] Australia iii Table of Contents Committee Members ........................................................................................................................ iii List of Recommendations ............................................................................................................... vii Chair's Foreword ............................................................................................................................ -
List of Participating Lenders - Phase 2
List of Participating lenders - Phase 2 The Government is currently considering applications from lenders interested in participating in Phase 2 of the Scheme. The following lenders have been approved to participate in Phase 2. ANZ Banjo Bank Australia Bank of Queensland Bendigo and Adelaide Bank Ltd Bigstone Lending Commonwealth Bank of Australia Community First Credit Union Limited Credabl Earlypay Fifo Capital Finstro Securities Pty Ltd Flexirent Capital Get Capital Heritage Bank Limited Hume Bank Limited IQumulate Premium Funding Judo Bank Pty Ltd Liberty Financial Metro Finance Pty Ltd Moneytech Finance Moula Money National Australia Bank Limited Prospa Queensland Country Bank Limited / Regional Australia Bank Ltd Social Enterprise Finance Australia Southern Cross Credit Union South West Credit Union Speedy Finance Suncorp-Metway Limited TrailBlazer Finance Unity Bank Volkswagen Financial Services Australia Westpac Banking Corporation Zip Business List of Participating Lenders - Phase 1 The Government approved 44 lenders to participate in the Coronavirus SME Guarantee Scheme Phase 1. The following lenders were approved to participate in the Scheme. Phase 1 of the Scheme commenced on 23 March 2020 and closed for new loans on 30 September 2020. ANZ Australian Mutual Bank Limited Banjo Bank Australia Bank of Queensland Bank of us Bendigo and Adelaide Bank Ltd Commonwealth Bank of Australia Community First Credit Union Credabl Fifo Capital Australia Pty Ltd First Choice Credit Union Get Capital / Goulburn Murray Credit Union Heritage -
Internet Phone Banking Terms and Conditions
BankSA Internet and Phone Banking. Terms and Conditions and Important Information. Effective date: 1 October 2021 This document sets out terms and conditions for BankSA Internet, Mobile and Phone Banking along with important information about these services. This document does not contain all of the terms and conditions that apply to your use of Internet, Mobile and Phone Banking. Further terms and conditions (including information about fees and charges) are set out in the terms and conditions that apply to accounts that you access using Internet Banking and Phone Banking (including Mobile Banking for services available using Mobile Banking). Further information about our products and services is available by visiting our website banksa.com.au Contents. Important Information. ........................................................................................................................................................... 5 Security. ���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������5 Stopping or altering payments........................................................................................................................................................................................................................5 Scheduled transactions and payments. ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������5 -
Connections & Collaboration
APCA Annual Review 2016 The Australia Payments Environment Connections & Collaboration APCA Annual Review 2016 Australian Payments Clearing Association 1 APCA Annual Review 2016 Connections & Collaboration Click here to return to Contents Contents Chair and CEO Message 3 The Australian Payments Clearing Snapshot 4 Association has Highlights 6 been at the heart of the Australian The Australia Payments Environment 7 payments system for Driving Payments 10 close to 25 years. Evolution As a member organisation and industry association, we have grown to represent the needs of a diverse set of stakeholders, as the payments system itself has evolved. With a clear understanding of the requirements Positioned for 14 of a digital economy, we are the home for the Future collaboration and cross industry innovation. In our role as self-regulatory body for payments, we bring rigour to the application of existing regulation and an inquisitive, front-footed Engaging with approach to supporting the requirements the Community 18 of the emerging payments landscape. Decision Making 22 Glossary & Contact 29 APCA has 103 members including Australia’s leading financial institutions major retailers, payments system This Annual Review is designed to provide our members and stakeholders with a summary of what was achieved operators and other in financial year 2015-2016. References in this report to payments service providers. a year are to financial year ended 30 June 2016 unless otherwise stated. A full list of our members is available on page 28. Australian Payments Clearing Association 2 APCA Annual Review 2016 Connections & Collaboration Chair and CEO message The Australian payments landscape has never been more vibrant and it’s for this reason that we have chosen the theme of ‘connections and collaboration’ for our annual report this year. -
Help Gets Your Business Ready
Help gets your business ready. Getting ready for the New Payments Platform (NPP). Effective as at 2nd July 2018. Westpac Institutional Bank. Contents. Getting ready for the NPP. ������������������������������������������������������������������������������������������������������������������������������������������������3 NPP at a glance ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������5 The NPP. ������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������ 6 Overview �����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������7 NPP brands and features ���������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������8 How will Westpac enable the NPP? ����������������������������������������������������������������������������������������������������������������������������������������������������������������������� 9 How do I get a PayID or PayIDs? ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������10