Banking royal commission forces Westpac to accelerate banker pay reforms

Banking royal commission forces Westpac to accelerate banker pay reforms

Westpac Banking Corp CEO Brian Hartzer has pledged to be more proactive identifying vulnerable customers, work harder to reduce complexity across the bank, accelerate reforms to eliminate conflicts of interest in banker pay, and establish a new 'consequence framework' for staff who misbehave. The multi-faceted response package to the Hayne royal commission will also see…
Australian researchers develop an early warning system for heart attack

Australian researchers develop an early warning system for heart attack

by Jill Margo Australian scientists have developed an "early warning system" that has the potential to alert doctors to an impending heart attack and then provide them with tools that may prevent it. The system has proved effective in mice and there is a strong expectation it will translate to humans. Trials in humans are…
National Australia Bank to refund customers $67 million for advice fees

National Australia Bank to refund customers $67 million for advice fees

National Australia Bank will refund $67 million to superannuation customers who were charged hundreds of dollars in annual fees since 2012 for financial advice services they did not know they could opt out of. Following an ongoing Australian Securities and Investments Commission investigation, NAB said it would refund around 305,000 members and average of $220 for general…
Nine’s challenge is to preserve Fairfax’s unique journalism culture

Nine’s challenge is to preserve Fairfax’s unique journalism culture

The end of Fairfax Media as an independent company with control of its own destiny does not have to mean the end of the critical role its mastheads play as a source of independent, quality journalism. But nurturing Fairfax's unique journalistic culture will be one of the key challenges for the chief executive of the…
Suncorp’s Pip Marlow admits fintech marketplace plan ‘harder than we thought’

Suncorp’s Pip Marlow admits fintech marketplace plan ‘harder than we thought’

Suncorp executive Pip Marlow has acknowledged starting an online portal from scratch to sell financial products offered by fintech partners has not been easy, but says the marketplace strategy is on track and meeting internal targets. "I would definitely say it was harder than we thought. We didn't have a deep history or DNA of…
Mining magnate Gina Rinehart shows her softer side in rare interview

Mining magnate Gina Rinehart shows her softer side in rare interview

by Jennifer Hewett Australia's richest woman walks almost hesitantly over the red dirt of the Pilbara and steps to the front of two giant pink trucks, weighing more than 200 tonnes a piece. "Hello everyone," she says in her surprisingly soft voice as she gives a little wave. The crowd of assorted mine workers, like…
Gig economy and casualisation threat to employment model ‘a myth’, expert says

Gig economy and casualisation threat to employment model ‘a myth’, expert says

Predictions that casualisation and the gig economy would lead to the demise of traditional employment have been greatly exaggerated, with most employers still preferring a permanent workforce, a new paper says. Griffith University Professor and labour economist David Peetz, who was deputy head of the industrial relations department under the Keating government, argued platform technologies…
‘Get ready for mass job losses’ if gas prices rise: buyers

‘Get ready for mass job losses’ if gas prices rise: buyers

Industrial gas buyers are angrily warning of large-scale plant closures and job losses and have renewed calls for the federal government to curb LNG exports from Queensland after a warning that east coast gas prices are heading north whether import terminals are built or not. "Get ready for mass job losses," Garbis Simonian, managing director…
How much office space do you really need? Not much says EY

How much office space do you really need? Not much says EY

Office space demand in Australia may have surged to a decade high this year but accounting firm EY is charting a different course, reducing its workspace by 25 per cent at the same time it has increased staff numbers by 50 per cent. It is a startling measure given that Australia's biggest CBDs of Sydney…
TPG a better long-term bet than Telstra: Airlie

TPG a better long-term bet than Telstra: Airlie

Airlie Funds Management's Matt Williams says he would back David Teoh's TPG Telecom over Telstra if he had to pick a winner in an increasingly competitive telco sector. "Telstra has the legacy assets and infrastructure and complexity upon complexity. TPG [is] simple, well run with that family manager-owner mentality," Mr Williams said in a presentation to…

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