Mortgage brokers, small lenders fear Hayne will deliver CBA a profit windfall

Mortgage brokers, small lenders fear Hayne will deliver CBA a profit windfall

"[CBA] will be the largest beneficiary of that. They might be able to turn things around in their favour as a result of this royal commission." Brokers write a record 59.1 per cent of mortgages in Australia, a proportion that has risen almost 4 percentage points over the period of the royal commission. And one…
Macquarie’s Shemara Wikramanayake has the best sort of growth challenge

Macquarie’s Shemara Wikramanayake has the best sort of growth challenge

Nicholas Moore says it's one of the downsides of moving into the chief executive's chair at Macquarie Group: stepping back from the excitement of doing deals. "There is always a slight feeling of missing being at the coal face, but at the same time you enjoy managing," Moore told AFR Weekend after announcing his retirement…
Banking royal commission: APRA hasn’t taken court action over super law breaches

Banking royal commission: APRA hasn’t taken court action over super law breaches

The escalating fee-for-no-service scandal will likely top $1 billion, according to the Australian Securities and Investments Commission, which is preparing to sue banks and other financial institutions for gouging customers. ASIC deputy chairman Peter Kell told the banking royal commission on Friday that the regulator had considered taking criminal action where customers were changed fees…
Author Carl Honoré: stop whingeing about ageing, start winning at getting older

Author Carl Honoré: stop whingeing about ageing, start winning at getting older

That book was about the inevitable losses of a life lived in fast forward and the riches that could flow from the right amounts of slow. An international best seller, it was also about the power of saying "no". Some people may remember his 2015 ABC show Frantic Family Rescue in which he advised three…
Ten questions that could save your life (insurance)

Ten questions that could save your life (insurance)

The royal commission into banking and financial services has exposed so many egregious practices across the life insurance industry that many policy holders are deeply concerned about what their cover will provide if they have to make a claim. Some life cover, total and permanent disability (TPD), trauma and income protection policies have been revealed…
Why the joy of giving lasts longer than the joy of receiving

Why the joy of giving lasts longer than the joy of receiving

Ed O'Brien from the University of Chicago Booth School of Business, and Samantha Kassirer from Northwestern University Kellogg School of Management, conducted two studies. "If you want to sustain happiness over time, past research tells us that we need to take a break from what we're currently consuming and experience something new," O'Brien said. "Our…
Bespoke furniture vying with artwork as focus in wealthy homes

Bespoke furniture vying with artwork as focus in wealthy homes

by Stephen Todd In a carpentry workshop in southern Sydney amid date palms and brick veneer bungalows, designer Trent Jansen and a team of assistants are “skinning” a rarefied beast. The Pankalangu cabinet is named after a creature from Aboriginal mythology and, like its namesake, the body of this curious beauty is covered in shiny…
Not reliant on credit, Sydney’s (very) top-end housing market shows resilience

Not reliant on credit, Sydney’s (very) top-end housing market shows resilience

Russell Staley has put his Collaroy home on Sydney's northern beaches up for sale. The engineer, a former Worley Parsons executive and Rich Lister, is selling up and moving - four houses up the road. While Staley is selling the Peter Stutchbury-designed house built for him in 2011, he's not giving up on the finer…
Sunsuper says ‘best in show’ a viable option

Sunsuper says ‘best in show’ a viable option

"A workplace default framework is a necessary counterweight to finance sector sales tactics," he said. The commission's plan for overhauling the $600 billion default super system is the creation of a shortlist of 10 "best in show" funds. Workforce entrants who fail to nominate a fund would be directed to one of the 10 so-called…
Partner moves drive growth in $23b legal market

Partner moves drive growth in $23b legal market

The "hyper-competitive" market for senior lawyers is driving more partners to switch firms, with banking, finance and property the current hot spots. A breakdown of partner movements by practice type, firm size, city and gender confirms the keen interest in lateral hires who can bring over clients. The report by market analyst Eric Chin shows…

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