Australia

Big Picture

Australian Mutual Banks Face Consolidation Pressure: S&P Global Ratings

By Manesh Samtani | 22/08/2024

S&P Global Ratings suggests that as many as 40 mutual banks could disappear in the coming years, leaving fewer than 10 significant players in the market.

Capital / Liquidity

NZ Government Releases Final Report on Banking Competition

By Ranamita Chakraborty | 22/08/2024

The government said it will act on all 14 recommendations in the report, including measures to speed up open banking implementation.

ESG / Sustainability

ASX Commences Trading in New Natural Gas Futures Contract

By Sanday Chongo Kabange | 21/08/2024

ASX said the Wallumbilla Natural Gas Futures contract will help investors hedge energy transition risks and more confidently invest in decarbonisation initiatives.

Market Infrastructure

ASIC Finds Lack of Maturity in Banks’ Scam Strategies

By Sanday Chongo Kabange | 21/08/2024

ASIC conducted a review of scam strategies and governance at 15 non-big-four banks, finding a “less mature approach” than expected.

Capital / Liquidity

RBNZ Consults Additional Standards for New DTA Regime

By Sanday Chongo Kabange | 21/08/2024

RBNZ is consulting on standards covering areas such as governance, lending, risk management and operational resilience.

Fintech / Regtech

Australia Introduces Policy for Responsible AI Use in Government

By Ranamita Chakraborty | 21/08/2024

The government will issue a standard for AI transparency statements and further guidance on additional measures over the coming months.

AML / KYC

ASIC Has Shut Over 7,300 Scam Websites in One Year

By Sanday Chongo Kabange | 20/08/2024

Since July 2023, ASIC has taken down over 5,530 fake investment platform scams, 1,065 phishing scam hyperlinks and 615 crypto investment scams.

Enforcement

ASIC Stands Firm Despite Mounting Criticisms of Failures

By Natasha Teja | 20/08/2024

An inquiry into ASIC’s capacity and capability identified a need for reforms, but these appear to be contingent on next year’s elections.

Market Infrastructure

ASIC Extends Reference Checking Protocol to Mortgage Aggregators

By Sanday Chongo Kabange | 19/08/2024

The updated protocol enables financial advisers and mortgage brokers to request references about prospective representatives from mortgage broking intermediaries.