APRA (Australian Prudential Regulation Authority) has just released the report of its inquiry into the Commonwealth, finding that a failure of culture is behind a series of scandals which have eroded trust in Australia's biggest bank. The regulator calls the bank’s culture “insular” and an environment where learning from experiences and mistakes was ignored.
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Australians will finally enjoy the ability to send each other money in “real time”, with the launch of the New Payments Platform this week. The platform is a mixture of new processes for settling transactions between banks, guided by the Reserve Bank of Australia.
But while this may make payments faster, it could also make them less safe.
Last week, we were given a sneak peak at Halo: a new contactless payment system from Bankwest that puts your banking details into a ring. Boasting batteryless, app-free operation and waterproofing up to 50 metres, it's the first "IoT wearable" concept that I'm actually exited about.
It's also one of the cheapest wearables on the market, with an introductory price of $29. Here's what you need to know!
Dear Lifehacker, I'm getting on in life and at this point it seems unlikely that my credit card debts will ever be paid off in full. (I can barely afford the monthly interest repayments, let alone the outstanding debt.) I also don't own much in the way of assets. So my question is: What happens to my credit debt when I die? Do I need to worry about my adult son getting saddled with my debt?
A successful home loan application generally requires a steady job. However, there are a range of additional factors that can seriously hamper your borrowing power with banks, even if your salary is higher than average. This superhero-themed infographic outlines the various occupational pitfalls that can trip up applicants.
The major Australian banks are following familiar public relations tactics in requesting a parliamentary commission of inquiry into banking and financial services. When the public mood is against an industry, it will try to win the public over, while getting the politicians to ignore the public mood. If that fails, the industry gradually concedes ground until attention goes elsewhere.
Australia's 'Big Four' banks have decided to remove the cash withdrawal fee for using their ATMs. This means you will no longer be charged $2 for using a CBA, Westpac, ANZ or NAB ATM with your card, regardless of who you bank with. Or to put it another way, the banks are rorting us slightly less than before.
On September 20, the Reserve Bank of Australia (RBA) will release a redesigned $10 banknote with new security features to prevent counterfeiting ranging from bird wings that flap to micro-printed poetry. This video explains everything you need to know about how these features work.
Last week's announcement by the ACCC to block a number of banks from acting as a block in negotiating with Apple over access to Apple Pay was hardly a surprise, given previous comments by the business regulator. But it says a lot about some of the wealthiest and most powerful businesses in the country that they felt the need to get help from the regulator.
Most of us have a stash of coins somewhere in our home. It could be a change jar, a drawer, or even a pile of the jingly, jangly stuff sitting on a window sill. You save it because, well, it's money, but also because it's a pain to carry around and actually use. Here's what to do with that massive coin stash.