Financial services
Westpac warns that cutting interchange fees will raise costs for consumers and give global tech firms a free ride. Instead, it wants a regulated 30bps cap for small merchants.
The new CEO said the bank must simplify and focus on fewer priorities to meet its APRA obligations, after thousands of job cuts raised compliance concerns.
In a major split from its big four rivals, Macquarie wants the RBA to target credit cards and stop large banks from gouging small business.
The chief executive of the $85 billion investment house says "it will take a long time" before the US' dominance of the financial system fades away.
Australian institutions have paused some investing into the United States as a result of Trump's tariffs and other policy shifts. But not in the areas you might expect, according to a JANA strategist.
Pillemer says he is shocked at moves by Wilson to block a Pengana LIC from investing in private credit. Wilson says the fund has underperformed for a decade and must improve.
Shares in the alternative asset manager soared after its annual results, with its booming residential mortgage business the standout.
