Opinion on Retail Banking and Lending in Australia

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Type Product title / description Pub Price
CommentWire
CommentWire

AMP: marketing push to revive its retail banking brand

AMP is looking to redefine its retail banking business and to capitalize on the opportunity created from having fewer players in the market. To achieve this, the company has launched a new marketing campaign, focusing on an innovative transaction account. This novel product will attract consumer interest and Datamonitor expects other banks to develop similar accounts in the future.

Published By Datamonitor
05 Mar 2009
CommentWire
CommentWire

Australia: interest rates on hold as economy slides toward recession

The Reserve Bank of Australia has left interest rates on hold, contradicting most analysts' expectations of a modest cut. However, subsequent economic data show that the Australian economy contracted by 0.5% in the December quarter, bringing the country closer to technical recession. Now, with the benefit of hindsight, the bank may well be regretting its decision.

Published By Datamonitor
05 Mar 2009
CommentWire
CommentWire

Australia: mortgage defaults increasing

A recent survey of Australian banks has shown that mortgage defaults and home repossessions have been rising recently, prompting a number of relief measures. However, the country's major banks have reported that many borrowers are taking advantage of recent rate cuts by paying more than required on their mortgages, thus limiting the effect of introduced stimulus packages.

Published By Datamonitor
20 Mar 2009
CommentWire
CommentWire

Australia: ATM reforms have desired effect

The Reserve Bank of Australia recently introduced changes to ATM regulations aimed at making associated charges more transparent. The reformed regulations came into effect on March 3, and tentative evidence has so far suggested that customers are avoiding higher fee ATM transactions ensuring increased market competition.

Published By Datamonitor
24 Mar 2009
CommentWire
CommentWire

ANZ: looking to capitalize on China's growing economy

While many Australian banks are refocusing their domestic operations, ANZ has set its sights on transforming its operations in China. The bank aims to rapidly expand its footprint in several high-growth regions out to 2012, thus capitalizing on the country's economic recovery.

Published By Datamonitor
26 Mar 2009
CommentWire
CommentWire

Australia: banks face public ire

Several large Australian banks have announced they are not passing on the Reserve Bank of Australia's rate cut in full to their customers, citing continued elevated funding costs. The lowering of the cash rate target was an effort to provide relief to mortgagors and stimulate the economy, and the refusal to pass it on has drawn criticism from the government, the media and consumer advocates.

Published By Datamonitor
08 Apr 2009
CommentWire
CommentWire

Australia: banks claim bigger profits are in public interest

The major Australian banks have argued that banks should be allowed to reap larger profits to ensure the stability of the financial system, following criticism for not passing on rate cuts in full to their mortgage customers. However, the Australian Bankers Association pointed out that bank margins are historically low and that events overseas show the dangers of a weak banking sector.

Published By Datamonitor
16 Apr 2009
CommentWire
CommentWire

Australia: first home owner grant controversy continues

The Australian first home owner grant increase expires on June 30 and Prime Minister Kevin Rudd has indicated to reporters that he does not plan to extend it, despite the urging of building industry associations to do so. Some economists argue that the grant only serves to artificially boost prices for first home buyers while not addressing core issues of housing supply and affordability.

Published By Datamonitor
23 Apr 2009
CommentWire
CommentWire

Australia: falling profits at major banks reduce chance of rate cuts being passed on to consumers

Major Australian banks ANZ and NAB have issued their interim results for the six months ending in March, revealing falling profits due to the rising cost of bad debts. The six-month profit of the former sank by 43%, while the latter's experienced a drop of 9.4%. These disappointing results make it more likely that the banks will at least partly hold on to any subsequent Reserve Bank rate cut.

Published By Datamonitor
30 Apr 2009
CommentWire
CommentWire

Australia: rates kept constant following signs of economic recovery

Citing signs of economic recovery, the Reserve Bank of Australia has elected to maintain interest rates at 3%. Despite falling house prices and expectations of rising unemployment in 2009, the stock market has picked up and there are some positive economic indications. However, the Reserve Bank must consider that banks may not pass on further rate cuts.

Published By Datamonitor
06 May 2009

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