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Healy departs NAB

ELIZA BAVIN  |  MONDAY, 23 MAR 2020
... leadership, NAB will continue to thrive in a challenging banking environment. "Now is the right time for me to consider what the next ten years will look like, both professionally and personally." Michael Saadie will act as chief customer officer, business ...

Chief economist update: What happens in China...

BENJAMIN ONG  |  MONDAY, 23 MAR 2020
... and online divorces. No pain, no gain! China - the epicentre of the virus - and its actions provide a guide on what happens next. China quarantined and locked down activity of about 60 million inhabitants of Wuhan in Hubei province - what other countries ...

Hamish Douglass remains confident amid COVID-19 crisis

ALLY SELBY  |  FRIDAY, 20 MAR 2020
... likely outcome of the efforts to contain this health emergency is a near total shutdown of the world's economy over the next two to six months," he said. "This is likely to lead to a near total collapse in demand for many (but not all) businesses ...

Platforms maintain cash rate on RBA cut

ALLY SELBY  |  FRIDAY, 20 MAR 2020
... rate," she said. "In line with the RBA announcements, the rate offered on the pooled cash account will drop to 25bps early next week." She has seen an increase in cash holdings on WealthO2 amid the current market volatility. "In the recent months, a ...

Call for pause on default insurance changes

HARRISON WORLEY  |  FRIDAY, 20 MAR 2020
... insurance cover in the instance of a death or loss of job as a result of the outbreak. "We believe the changes scheduled for next month should be delayed until after the COVID-19 threat has passed so families don't miss out on insurance if a loved ...

APRA locks in mid-year heat map update

HARRISON WORLEY  |  THURSDAY, 19 MAR 2020
... Disclosed by emailing the regulator. Any updated fees and costs submitted after that time won't be included until the next heat map revision in December. The regulator noted a "small minority" of trustees had resubmitted changes to their strategic ...

HUB24 wins $1b mandate

ALLY SELBY  |  THURSDAY, 19 MAR 2020
... development, transition and implementation of the migration will cost ClearView $4-6 million. This will be incurred over the next 6-12 months. ClearView managing director Simon Swanson said the move would help simplify the business and offer a differentiated ...

Chief economist update: Water, water everywhere and not a fish to catch

BENJAMIN ONG  |  THURSDAY, 19 MAR 2020
... speck of living organism has killed us all or a cure is found or a vaccine developed so that we'll all just brush it away next time it comes. In the meantime, we all just have to go... panic buying - toilet papers (as if our lives depended on it) ...

Australia narrowly avoids 0.9% GDP blow: KPMG

ALLY SELBY  |  MONDAY, 16 MAR 2020
... 0.9% near miss would amount to a $17 billion loss by the end of 2020, which would partially rebound by $12 billion over the next 12 months. The report also found that 36 million workdays could be lost from workers withdrawing from the labour force to ...

US turns to QE, RBA to follow

ELIZA BAVIN  |  MONDAY, 16 MAR 2020
... Stephen Miller, adviser at Grant Samuel Funds Management, said against the current backdrop it seems probable that in the next couple of quarters we will see the globe in recession. "What happens subsequently, and the rapidity of any bounce back, may ...