Never one to let a bandwagon pass by, Greg Medcraft, the Chairman of the Australian Securities and Investments Commission (ASIC), has enthusiastically hopped onto the Blockchain wagon. Mr Medcraft has…
- Visiting Fellow, Macquarie University Applied Finance Centre, Macquarie University
Tax is back in the news with the release of information of the taxes paid (or rather not paid) by some of the biggest companies operating in Australia. After much hand wringing (and a break for Christmas…
It has been said, rather cruelly, that risk management is 99% hindsight after 1% perspiration. That is because many failures of risk management only come to light after a disaster happens. But that is…
A substantial fine, of US$ 150 million on Barclay’s bank by the New York State Department of Financial Services (NYDFS) has given us a little glimpse into the future direction of bank misconduct and it…
It is such a shame that the story of lemmings rushing pell-mell over a cliff to their deaths is just a myth created by Walt Disney because it describes really well the panic that sometimes grips financial…
Andrew Robb, Minister for Trade and Investment, loves, and is very good at closing out, Free Trade Agreements (FTAs). He is especially enthusiastic about the economic opportunities for services, particularly…
Income tax returns are back in the news but as Herman Wouk, the prizewinning author of the Caine Mutiny quipped Income tax returns are the most imaginative fiction being written today. A little thought…
Aldous Huxley wrote That men do not learn very much from the lessons of history is the most important of all the lessons of history Crowdfunding is the new big thing. The Member for Wentworth, now Prime…
St George Bank ruined a lot of bank holiday plans this weekend when their online banking systems stopped working. The bank’s Internet systems appear to have stopped working on Sunday evening and were still…
Like Malcolm Turnbull, the head of the Australian Prudential Regulation Authority (APRA), Wayne Byres, is a glass half full type of guy. In a speech to the Institute of Actuaries this week, Mr Byres was…
As part of the government’s newly found willingness to send ministers jetting off to far-flung places to find out what is actually going on (and gaining credits in the polls for doing so), the Prime Minister…
Regulators tend to talk in convoluted riddles, deliberately torturing the language such that one is able to read into their official statements almost anything one wants. Who can forget the patron saint…
The federal government’s decision to implement a deposit levy may increase the costs of banking in Australia without improving the stability of the system.
The successful conviction of LIBOR ‘ringmaster’, Tom Hayes, is a much needed win for the UK Serious Fraud Office (SFO), which had been under pressure for its lacklustre performance over many years. But…
The IOOF circus is back in town and the performance of the stars promises to be even more entertaining than last time. The story so far. In December 2014, an employee of IOOF, which runs the second largest…
Last week, the Australian Prudential Regulation Authority (APRA) issued an information paper comparing the capital ratios of Australian banks against 98 international competitors, noting that the largest…
Conduct risk is the hipster of the regulatory world. Whereas Credit risk is solid and sensible and Market risk is sharp-suited and dodgy, Conduct risk harks back to gentler times, when traditional values…
Jailing bankers for failing to uphold an ethical code is possible - it’s simply a matter of enforcing current laws.
Recent regulator outrage about the state of banking culture overlooks the fact regulators often look the other way.
As long as fund managers and traders work for the same companies, the problems plaguing the financial sector will continue.
Increased regulation is doing little to stem the tide of bank scandals, with fines racking up. It’s time more bankers were held to account.
If Treasurer Joe Hockey is serious about cracking down on white collar crime, he should bolster the new Serious Financial Crime Taskforce with stronger whistleblower protection legislation.
With rates on the way down the problem of runaway property investing has been left to the regulator APRA. But regulators should not be used as agents of short-term government policy.
Major banks including the ANZ, NAB, the CBA and Macquarie have faced a public humbling, but professed contrition must become real action.
There are many and increasing ways for corporations to minimise tax legally. Solving the problem will take more, not less firepower from the ATO.
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