Tuesday, November 20, 2018

"Temper your sense of justice" - CBA boss Matt Comyn on "robust" meeting with predecessor Ian Narev

Commonwealth Bank boss Matt Comyn has told the banking royal commission he was ordered to "temper his sense of justice" by former chief executive Ian Narev. 

Mr Comyn was attempting to abolish a range of junk insurance products and decided not to go the the CBA Board because he believed they shared Mr Narev's views. 

ABC's Peter Ryan is covering the Royal Commission and saying the revelations as culture at the top of the CBA are extraordinary

Monday, November 19, 2018

Collaboration caused consensus, compromise, complacency, CBA boss Matt Comyn tells Royal Commission

Commonwealth Bank chief executive Matt Comyn has conceded that internal policies to promote greater collaboration resulted in consensus that contributed to misconduct or poor ethical behaviour. 

Mr Comyn is the first major bank boss grilled at the financial services Royal Commission this morning where senior counsel assisting Rowena Orr QC insisted the time for apologies is over.

 ABC's Peter Ryan is covering the Royal Commission.

Bank chiefs prepare for Royal Commission grilling amid to confront "culture of greed" evidence. I speak with Macquarie University professor Elizabeth Sheedy

Commonwealth Bank chief executive Matt Comyn and chairman Catherine Livingstone will face the final round of the financial services commission amid expectations of intense grillings. 

Meanwhile, Macquarie University associate professor Elizabeth Sheedy says the "balanced scorecard" used by banks does not improve productivity and tempts executives to chase bonuses rather than acting in the interests of customers. 

Elizabeth Sheedy speaks with the ABC's Peter Ryan.

Friday, November 16, 2018

NAB boss Andrew Thorburn in $2.1 million pay cut as Royal Commission fallout bites; small banks fear squeeze from tough regulation and compliance

NAB chief executive Andrew Thorburn has copped a $2.1 million pay cut as a result of fallout and potential criminal misconduct emerging from the financial services Royal Commission taking his pay down to $4.3 million.

The penalty comes as chief executives including Mr Thorburn prepare to face intense grillings at the Royal Commission which begins its final round of hearings on Monday. 

At the same time, the Customer Owned Banking Association fears smaller banks might be squeezed out of the sector amid tougher compliance as a result of the Royal Commission. 

Here's my report from The World Today

Banking royal commission prompts $51.5m funding boost to expedite prosecutions, plan for Federal Court to take on corporate crime

Bankers and financial institutions are about to come under more heat with commonwealth prosecutors and the Federal Court given more money to pursue cases of criminal or civil misconduct that have emerged from the banking Royal Commission.

The $51.5 million boost comes as bank chief executives prepare for an intense grilling when the Royal Commission begins its final round of hearings next week. 

Meanwhile, smaller banks worry that tougher compliance might squeeze mutuals, credit unions and building societies out of the industry. 

ABC's Peter Ryan explains

Thursday, November 15, 2018

Jobs boom rolls on with unemployment at its lowest since April 2012

Australia's jobs boom has rolled on for another month with a better than expected 32,800 jobs created in October according to the ABS. 

That was enough to keep the jobless rate at a six year low of five percent. 

ABC's Peter Ryan says a tightening labour market could eventually push wages higher ahead of the federal election.

Wednesday, November 14, 2018

Wages yet to pick up much momentum, up just 2.3pc over the year

Australian wages are a bit fatter - but not by much. 

The Wage Price Index for the September quarter shows wages grew by 0.6 percent. 

According to the ABS, wages grew 2.3 percent over the year seasonally adjusted. ABC's 

Peter Ryan goes through the numbers which are increasingly important with an election scheduled for next year.