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The Latest Breaking News from Anna Bligh

Scam victims to be compensated under Labor plan to fine banks and social media platforms $50m

Measures would see companies failing to meet anti-scam obligations forced to pay compensation, government says

The Guardian - AU

Tech giants who fail to protect scam victims in strife

Tech giants, banks and telcos could soon be fined up to $50 million for failing to protect scam victims.

AAP

$1.5b data spend to simplify bank switching a 'flop'

A banking industry-backed report says just 0.3 per cent of bank customers were actively using the data-sharing arrangements made possible by costly investments.

AAP

From analysis to the latest developments in health,
read the most diverse news in one place.

Digital systems dethrone cash as dominant payment type

Online payments have surged in the past year to overtake the rate of cash withdrawals at ATMs, research shows.

AAP

Aussies feel social media fails to stop 'scam war'

One in five Australians believe social media giants are encouraging scams to occur on the platforms, a new survey reveals.

AAP

With Annastacia Palaszczuk gone, can Labor achieve the unachievable in Queensland?

Democracies are, by nature, systems of stability and change.

The Conversation

Australian banks buckle to pressure over scams and vow to block transfers to suspect accounts

Consumer groups have long lobbied for institutions to crack down on scams by rejecting transfers if name and bank details of recipient don’t match

The Guardian - AU

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Banks push back on mandates to stay in rural Australia

Increasing branch closures across rural Australia have raised the possibility of forcing banks to operate a minimum number of country outlets.

AAP

Australians selling investment properties and refinancing mortgages ‘at a rate never before seen’

Home owner Katy says she's been struggling to meet her loan demands, and fears losing her home. What are the steps between missing a payment and losing your property?

ABC News

Banks unveil new weapon to fight scams, but consumer group says customers remain exposed

Australia's under-pressure banks unveil a new tool to combat scam transactions, but consumer groups say they're still not doing enough to deal with an escalating problem.

ABC News

Australian banks announce new anti-fraud platform to help quickly freeze scam payments

Move adds to ‘arsenal of anti-scam initiatives’ as consumer rights groups call for laws to see banks reimburse victims

The Guardian - AU

Kiwi banks at odds with Aussie bosses over gambling on credit

Australian banks are supporting a Canberra government ban on gamblers using their credit cards to bet online. Their Kiwi subsidiaries are taking quite a different position.

Newsroom.co.nz

Consumer watchdog turns up heat on banks over savings rates

The ACCC is turning the spotlight on banks over interest rates – especially those paid to savers as borrowers are increasingly slugged.

The New Daily

Financial pain not over by any stretch as fears mount

Financial stress levels are low but an unexpected expense can easily push borrowers over the edge, Australian Banking Association head Anna Bligh says.

AAP

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news in one place.

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ABC News

Scam victims ask why they're paying the price if bank processes can be replicated so easily

Trina thought she was talking to her bank's fraud unit. Within minutes she had lost $114,000 to a scammer. As a new report from ASIC reveals the extent of such scams, victims are calling for banks to be more accountable.

The New Daily

Lenders cut fixed rates as Reserve Bank decision looms

More than 10 lenders have cut fixed interest rates in the past 10 days, with ING moving to slash its offerings ahead of the Reserve Bank's next interest

The Guardian - AU

Can Australia’s banks withstand the contagion stalking the global finance sector?

The seeds of a shock have been planted. The question is whether that will grow into a threat to bank stability and the broader economy

ABC News

Australian banks are boring, scrutinised … and safe, says APRA boss

In his first public speech, the chair of bank, insurance and super regulator APRA moves to reassure Australians that our banks are safe amid the recent turmoil on global financial markets.

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news in one place.

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The New Daily

Local banks ‘well-positioned’ to resist overseas storm

Australia's financial system is in a strong position to withstand a banking crisis overseas, say the financial services minister and banking association chief.

AAP

Local banks 'well positioned' to resist overseas storm

Australia's financial system is in a strong position to withstand a banking crisis overseas, say the financial services minister and banking regulators.

The Guardian - AU

Australian banks urge Albanese government to ban use of credit cards for online gambling

‘Why should it be possible to do something in the virtual world that is prohibited in the real world?,’ Anna Bligh says

ABC News

A third of the nation's bank branches have shut in the past five years — for people in the country, that's a huge problem

Despite soaring profits for Australia's big four banks, that number in the billions, almost one-in-three of their branches have closed in the past five years and now a parliamentary committee is examining the impact of those closures, especially on regional centres.

The Conversation

See when Australia's biggest banks stopped paying proper interest on your savings – and what you can do about it

Whenever interest rates went up in the past, I used to get told it wasn’t all bad news. At least it was good for some people: savers – people with money in the bank.

Crikey

Values-led capitalism lasted a fortnight. Now Jim’s batting for bankers — again

When the RBA governor raised interest rates for the ninth time this month, the treasurer and co mumbled ‘Carry on’ through gritted teeth.

Newsroom.co.nz

Hipkins' energy – and inexperience – on display in Australia visit

The new PM's enthusiasm for his role was palpable during his first offshore visit to Canberra, but more work may be needed on his foreign policy bona fides.

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