The debate over bank funding costs shows the Big 4 are getting away with distracting us from the real issue: their profits, write Glenn Dyer and Bernard Keane.
Westpac
Doom-laden forecasts rejected by central banking heavy hitter
The tensions continue to go out of the tight conditions in global banking, especially in the eurozone.
Bank stand-off over interest rate cut
Crikey media wrap: The Reserve Bank’s decision to cut interest rates by 0.25% earlier this week has turned into a stand-off with ANZ the only one of the Big Four banks to pass the cuts on to customers.
Bartholomeusz: tougher times for a wary Westpac
While Westpac’s third quarter numbers were slightly disfigured by an unexpected blip in its impairment charges, there was nothing in the update that challenged the view that conditions for the major banks are getting tougher.
Westpac stays ‘mum’ on emergency $1b loan from US Fed
Sometimes important corporate news is ignored. Shareholders miss it, companies hide it and governments fail to publicise it.
BHP 3rd most valuable company as Liberal bank holdings hit $28m
With the federal government warning of revenue shortfalls on its new mineral resources rent tax courtesy of the surging dollar, it is clear BHP-Billiton could comfortably afford to pay billions more in tax if the MRRT variables were tweaked.
Westpac’s Labor insiders go to work in Canberra
Westpac has turned to two former Labor staffers to represent it in Canberra as the heat comes on to regulate the banks.
Crikey Says: The banks, like Bernie, don’t give a rat’s
It’s always fun to read about American fraudster Bernie Madoff — mostly because he’s one of the few headline acts of the GFC who didn’t get away with it.
Business confidence down for third successive month: NAB
As was probably expected, Australian business confidence fell sharply in May, down for a third successive month while business conditions were mixed to weaker.
Fee gouging: banks may take it up the class (action)
It has taken more than a decade but finally, a serious Australian legal action has been launched against 12 of Australia’s largest financial institutions for alleged fee gouging.
Westpac gets ready to gouge Australia
With so many Westpac stories in the media this morning, you’d be mistaken for thinking there was some sort of campaign under way.
Collingwood announces new Westpac sponsorship, Westpac announces interest rate rise. Coincidence?
On the same day that Westpac reveals it is taking over as Collingwood Football Club’s major sponsor, it also suggests that an interest rise is imminent. Leigh Josey sniffs a conspiracy.
Do banks really give crap customer service?
With all the bad press that banks receive, The Punch decided to put five banks to the test in a bit of old fashioned role playing, testing the speed, efficiency and friendliness of their customer service.
Tips and rumours: Tips and rumours: Having a Westpac of a day
Ah, the old running two profiles at once gage has tripped up someone again, with Westpac accidentally tweeting “oh so very over it today” from their company account. Plus, how the ABC addresses pollies.
Business As Usual: Kerry hardly stoked by WA Newspapers … Westpac’s big bananas … Top Gear payout
WA Newspapers still shedding readers (and profits), Westpac’s knee-deep in bananas, the earnings power of Top Gear and the latest on the Japanese and European economies in today’s business briefs.
Feds tell banks ‘there are no guarantees’
The federal government is finally withdrawing its guarantees to banks and the state governments that allowed both groups to have a good recession. The measures kept our banks alive, but they gave the Big Four too much power.
Aussie bankers doing fee-nominally well
Executives at our biggest banks continue to enjoy a myriad benefits, the Big Four being among the most generous remunerators of executives in business. But lower-paid workers have not been so lucky.
Consumers shrug off RBA’s rate hikes
Get ready for a rates rise. The level of rising confidence, taken with solid retail sales for November, good car sales, still strong demand for housing finance and surging overseas travel, have increased the odds of the RBA lifting rates.
The biggest Aussie marketing disasters of 2009
Media and marketing blog mUmBRELLA has named Westpac’s banana smoothie campaign as the biggest marketing disaster of the year, beating out Kraft’s iSnack 2.0 and Witchery’s disastrous man-in-a-jacket stunt.
Political snippets: Copenhagen confusing, the Gail Kelly admiration society, the Governator of Palin
The reports from Copenhagen are very confusing, with still no news of what the final outcome will be. Is this Chinese tactic of testing the nerve of those they negotiate with being repeated?
When a bank bailout is a bailout
It’s a sorry state of affairs when it takes a speech from a regulator to advance the case of Australia’s banks for lifting home-loan rates more than the Reserve Bank’s 0.25% increases.
Westpac’s head banana: not fair for home loan borrowers to pay lower rates
When bankers grab hold to the national good to help justify a bad decision, you know — like politicians grabbing onto patriotism — that you are being screwed.
Political snippets: Time for the Libs to exploit the government on health
Are the Liberals finally basing their attacks on the Rudd Government around health policy after months of missing out on the opportunity? Even just a look at the last week of reporting shows rich pickings.
