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Australian bank funding patterns have reflected two main factors. One is the imbalance between household borrowings and deposits which can be seen in Table 7 , partially reflecting the important role of superannuation as a recipient of household savings, but also the incentives which the tax system provides for leveraged investments by individuals. The other is the need for financing of the ongoing Australian balance of payments deficit, where bank offshore borrowings have played a major role Henry Also important have been regulatory capital requirements in the form of the Basel Accord, as well as the limited development of domestic bond markets such that corporate funding has largely occurred through bank balance sheets.

But there are substantial size-related differences in bank funding patterns, reflecting abilities to access particular types of funds and incentives to do so. Throughout the s, Australian banks have used deposits to fund approximately half of their portfolios, as shown in Table 8 which presents information on a consolidated basis including offshore activities. The importance of international debt funding is readily apparent, as is the reliance on debt and short-term security issuance.

The share of household deposits in total deposits also exhibited a downward trend. As a share of total liabilities, household deposits were in the range of 20—30 per cent, indicating the exposure of Australian bank funding to wholesale debt markets and non-retail depositors. Following the onset of the GFC these trends appear to have reversed, with an increase in deposit funding, less reliance on overseas funding, and a greater share of household deposits as shown in Figure Note: These figures are market value, and relate to consolidated balance sheets.

There are substantial differences in funding patterns between the types of banks as shown in Table 9. The non-major domestic banks have relied heavily on securitisation as a method of competition. Foreign branches have relied more heavily on non-deposit funding and are largely precluded from accessing the retail market.

Figure 12 shows aggregate trends in Australian bank capitalisation. The gradual decline in the ratio of equity to assets until the GFC is noticeable in common with international trends , as is the widening gap between total capital and equity as ratios to RWAs , reflecting the increasing use of hybrid securities as capital. Both of these trends were reversed after the onset of the GFC, with substantial equity raisings by Australian banks more than offsetting reduced use of hybrid capital instruments, and the introduction of Basel II at the start of causing a drop in calculated RWAs.

As a result, both the ratio of equity to assets and equity to RWAs increased substantially. It is also worth noting that in comparing Australian bank-reported capital ratios with those overseas, different treatments of allowable capital components and risk weights in Basel II create substantial differences.

At the end of the decade, following the GFC, Australian bank funding patterns had become more conservative, involving higher equity capital levels, more reliance on domestic deposits and lengthened maturities of wholesale funding. Since the introduction of the dividend imputation tax system, Australian corporate financial management has, in aggregate, been characterised by relatively low leverage and high dividend payout ratios, reflecting the reduced interest tax shield and value placed on distributed franking credits by Australian shareholders.

Figure 13 illustrates the small proportion of corporate debt accounted for by bond issuance relative to loans. In aggregate there was little variation over the decade, except for the temporary increase in leverage in reflecting the substantial decline in equity values, which was rectified by subsequent equity raisings, reduced dividend payouts and some recovery in stock prices. However, as Black, Kirkwood and Shah Idil show for listed companies , that aggregate picture hides significant diversity across sectors, with real estate and infrastructure companies relying heavily on raising funds externally, and resources and other non-financial companies raising most funding from internal sources.

Prior to the advent of the GFC, real estate and infrastructure companies in particular increased their leverage in response to relatively benign economic conditions and low credit spreads in borrowing and debt markets. Subsequently, this contributed to substantial problems during the GFC.

In some cases, this model had characteristics of private equity, with several operating businesses being the assets held by the trust and managed by boards chosen by the sponsoring manager, with unit holders in the trusts having virtually no say in governance of either the trust or the operating businesses. Until the GFC this business model proved highly successful in generating substantial annuity style fee income for the sponsoring companies.

It also provided opportunities for the sponsoring companies to profit by purchasing assets and selling them at higher values into the trust perhaps justified by increased value asserted to be associated with the new management. But it relied on substantial leverage, and upward revaluations of the untraded assets enabled increased borrowings to generate cash which could be distributed to investors in the fund, causing some commentators to liken the structures to a Ponzi scheme.

Development of these structures was facilitated by the introduction of the single Responsible Entity RE model in the Managed Investments Act , which removed the role of trustees. Such a structure has merit in the case of transparent structures such as equity trusts, where there is limited scope for adverse pricing of management and operational services and independent valuations of underlying assets are readily available. However, its suitability for more complex arrangements, including where liquid assets of several trusts get commingled with those of the RE is questionable.

The increased cost of debt, market distrust of leveraged structures, and concerns about overvalued assets arising from the GFC saw a number of large investment finance companies operating such business models lose market confidence and struggle for survival. The Australian private equity sector also increased in size and significance around the middle of the decade, [39] with proposed takeovers of two very large Australian companies Qantas, unsuccessfully, and Coles bringing this sector to public attention and prompting a parliamentary inquiry Senate Standing Committee on Economics To some observers, the participation of current executives in such buyouts caused concerns about priority of duties to existing shareholders.

A relatively small part of the industry takes the form of venture capital, with leveraged buyouts at high levels of leverage, much of it borrowings from foreign banks ultimately creating problems for some participants during and after the GFC. Superannuation funds were significant investors.

Another concern surrounding merger and acquisition activity which emerged during the decade involved governance issues. The use of schemes of arrangement in mergers grew substantially with over 40 per cent of the mergers in the 18 months to July being achieved via this mechanism CAMAC These require a lower level of target company shareholder agreement 75 per cent versus the 90 per cent holding required for compulsory acquisition for a takeover, although CAMAC saw no reason to recommend change to this particular feature.

Figure 14 shows the pattern of external equity financing by listed companies during the decade, and several features can be noted. However, the initial public offering IPO market, which had grown strongly during the middle of the decade, exhibiting substantial underpricing of new issues associated with such IPO waves, collapsed as it had done in the earlier period.

A further feature of capital raisings was the substantial increase in rights issues, often involving non-renounceable issues at a significant discount to the prevailing market price. Such issues can lead to dilution of small shareholders not wishing to participate, and for whom the transactions costs of selling existing stock to participate and maintain a constant level of holdings are excessive.

As noted earlier, Australian companies have not been substantial issuers of bonds — either in domestic or with the exception of the banks in international markets. Hybrid instruments have, however, been relatively popular, and prior to the GFC there were a number of issues, most of which were variants upon the converting preference share structure introduced in the s, often involving reset arrangements.

These were structured to look like debt securities, converting into a fixed value of equities at some date, possibly with some upside exposure to the issuer's stock price. Many of the issuers were financial institutions for whom the permanent capital raised met regulatory capital requirements.

One other feature of corporate capital management during the decade which deserves mention was the proliferation of share buybacks by listed companies. These were typically for significant proportions of outstanding equity and, because of the tax treatment of the repurchase amount as being mostly franked dividend and a small deemed sale price for capital gains tax purposes, they were generally transacted at below current share market prices.

Motivation for these transactions can be found in the obvious tax advantages for participating shareholders, the willingness of companies to increase leverage over that period, and the beneficial signalling effect on share prices which announcements of such capital management initiatives generated. Again, with the onset of the GFC, corporate deleveraging, and some uncertainty about future tax treatment, [41] this activity dried up. Credit spreads began to rise from their previous low levels, and banking sector uncertainties were reflected in an increase in demand for holdings of exchange settlement account ESA balances at the RBA.

However, private market spreads such as the 3-month bank bill swap rate BBSW to overnight indexed swap OIS spread had increased from the previous level of 5—8 basis points to around 25—50 basis points reflecting credit and liquidity risks and remained at such elevated levels for the remainder of the decade.

The RBA also expanded the range of repo-eligible securities to include bank paper with more than one year to maturity in September , and RMBS and ABCP in October subject initially to the securities not being issued by the bank seeking financing via repos.

Very quickly, however, in response to worsening markets, the RBA announced that self-securitisations would be acceptable, inducing banks to internally securitise housing loans in order to have additional securities available for use in repo transactions if required. The terms for which repos were undertaken also increased substantially, and from late onwards, the majority of repos involved private sector securities.

With repo rates being determined by auction, the cost of funding via this mechanism jumped substantially relative to OIS Kearns In fact, direct exposure to what was then referred to as the sub-prime crisis was relatively limited. Australian banks had relatively little exposure to collateralised debt obligations CDOs and other toxic products, although the exposure of a significant number of local councils and other direct investors was noted by the RBA in its September Financial Stability Report.

Rather, the transmission process to the Australian financial sector and economy was largely indirect, with spillovers from weaknesses in international markets affecting local markets and institutions, and ultimately exposing some weaknesses in financing patterns in parts of the Australian economy.

The closure of international securitisation markets hit Australian securitisers hard, and while domestic issuance continued for a time, ultimately domestic markets also froze. Australian banks, relying heavily on international wholesale financing found their cost of funding increasing, leading them to pass higher funding costs onto borrowers. The global economic slowdown and uncertainties led to downward re-ratings of corporate borrowers and the eventual global stock market collapse was rapidly reflected in Australian stock prices.

In the first phase of the GFC, prior to the failure of Lehman Brothers in September , it was primarily higher borrowing costs and depressed equity and asset prices that exposed a number of problems. A number of large listed financial and property investment companies found that their highly leveraged, complex, business models were unsustainable.

Companies such as Centro, Allco, and MFS, which had borrowed extensively to purchase property and other assets to hold or to sell into the leveraged managed funds they had created, failed or entered restructuring arrangements. The position was complicated by other weaknesses which were exposed in Australia's financial markets.

One such weakness was the growth of margin lending arrangements based on a securities lending model in which legal title of the securities involved was transferred to the lender, exposing the borrower to counterparty risk. The failures of broking firms Opes Prime and Lift Capital using this model brought this to light, and the seizure of securities by banks that had financed those broking firms imposed substantial losses on the borrowers. While the banks, concerned to minimise reputational damage arising from these associations, have negotiated some compensatory settlements, many of the borrowers were substantial shareholders and directors of small listed companies, and the disruption to share registers led to temporary trading halts.

A more substantial, general, problem emerged on 28 January when ASX settlement had to be suspended due to the failure of a broker Tricom to be able to redeem securities that it had previously lent and which were required for settlement of market transactions. Significant margin lending by substantial shareholder-directors of companies created the risk that speculators would short sell the stock in the hope that price declines would lead to margin calls and forced sales, further depressing the price and making the short-selling strategy profitable.

The publicity given to these events meant that attention was paid to short-selling arrangements, and it was discovered that market participants had interpreted requirements to report short sales to the ASX quite loosely including not reporting short sales when securities had been borrowed , such that it had been substantially under-reported. The second stage of the crisis, commencing in September and marked by the failure of Lehman Brothers, led to much greater intervention and actions by government and regulators.

First, concerns about short selling and its effects on equity prices particularly of banks and consequent effects on confidence led, similar to a number of overseas countries, to the imposition of a general ban on short selling on 21 September The ban was subsequently limited to financial stocks on 19 November and ultimately removed on 25 May Second, the RBA entered foreign exchange swaps with the US Federal Reserve, aimed at providing US dollar liquidity to Australian banks and other banks' foreign operations in Australia, enabling them to access US dollars via repurchase transactions with the RBA using domestic securities as collateral.

Third, in September the RBA introduced a term deposit facility with rates set by auction, enabling banks wishing to hold risk-free RBA liabilities to do so for maturities up to 14 days. In November , it further extended the range of securities in which it would undertake repos to include most AAA-rated Australian dollar-denominated securities.

While the Government received substantial income from the guarantee fees, the guarantees appeared underpriced relative to those charged by overseas governments, and regional banks have argued that the pricing disadvantaged them relative to the major AA-rated banks. In May , the Australian Government also announced a guarantee scheme for state government debt, to offset competitive disadvantages faced by the state central borrowing authorities in competing in debt markets with federally guaranteed bank debt.

These actions meant that Australian financial markets coped relatively well during the crisis period, but there were still substantial difficulties — primarily outside of the banking sector. First, unlisted property and mortgage funds which had been facing significant redemption requests found this situation aggravated by the deposit guarantees, and many were forced to suspend redemptions with limitations on withdrawals extending, in many cases, into the next decade.

Second, the general decline in asset prices meant that many individuals were faced with substantial declines in the value of their superannuation accumulation or allocated pension accounts, creating problems for those in or near retirement. In response to this, the Government reduced the size of the minimum pension as a proportion of the account balance which needed to be taken from allocated pension accounts in the hope that this would facilitate a rebuilding of account balances when if!

Third, substantial difficulties were exposed in the financial advice industry, particularly with the collapse of the advisory firm Storm Financial, which had encouraged investors to take out loans on their dwellings and use available savings, including withdrawals from superannuation balances, to set up highly leveraged margin accounts for share investments. Fourth, further failures of financial and investment companies occurred with substantial losses to investors, raising questions about business models permitted by legislation, particularly for the operations of managed funds.

Failures of a number of Agribusiness Managed Investment Schemes in early including Timbercorp and Great Southern as well as the listed investment bank Babcock and Brown fall into this category. Because under the Managed Investments Act there is no requirement for a separate trustee, conflicts of interest can abound for a responsible entity where assets without independent observable market prices are bought by the promoters to sell into a managed fund, which in turn contracts to buy services from entities related to the responsible entity Brown, Davis and Trusler A more general consequence of the GFC was the impact of higher credit spreads in international wholesale markets on bank funding costs and the flow through of these, and increases in domestic deposit costs as banks increased competition for such funds, into bank loan particularly housing interest rates.

These changes primarily reflected the increase in bank funding costs over this period Fabbro and Hack , although political and public opinion was not convinced of that argument. Notably, the increase in the spread was relatively lagged for housing loans, reflecting pricing based on the average historical cost of funds such that the higher marginal cost of new or rollover funding only gradually increased the average , and also public relations and political sensitivities of discretionary increases in variable housing rates.

This is likely to have also contributed to the lack of recovery of the securitisation market, where new loans must be priced off the marginal cost of funding in wholesale markets. The GFC, and regulatory responses to it, have led to substantial review of previous approaches to financial regulation, both at the domestic and international levels, with the latter being driven by the G And because Australia, like most other nations, is committed to the multinational approach, regulatory changes arising out of that process will impact upon the Australian financial system.

Foremost among those changes are the new Basel III capital and liquidity requirements, involving higher quantity and quality of bank capital, together with measures focusing upon executive remuneration. One important implication is the effect of the Government's guarantee of bank liabilities introduced at the peak of the crisis.

Previously perceived implicit guarantees were replaced by explicit ones. The Financial Claims Scheme introduced in October is a closed resolution scheme, in which APRA compensates insured depositors and then is first claimant upon the assets of the failed institution, with an ex-post levy on ADIs proposed should a shortfall of assets lead to losses for APRA. However, there have been many other reviews, consultations and inquiries, particularly near the end of the decade. The Ripoll Inquiry PJCCFS was prompted by significant failures of financial advisers and firms providing financial services and products to retail customers.

It made a number of recommendations including: a requirement for financial advisers to have an explicit fiduciary duty to clients; investigating ways to cease payments from product manufacturers to financial advisers; and investigation of a statutory last resort compensation fund for investors.

It can be asked whether such reliance on disclosure will work, and why an alternative approach of legislating to preclude high risk business structures and practices is not followed. The apparent causes of the recent woes of a number of large Australian financial and investment companies, stock market disruption and securities lending debacle, cast some doubt on the overall success of CLERP in enhancing Australia's financial infrastructure.

Complex, opaque, corporate structures were allowed to flourish, involving poor governance arrangements, less than optimal accounting arrangements, and auditors' judgements being called into question. Regulatory oversight of securities firms engaged in margin lending and stock lending was inadequate, and stock market investors had been, for a long time, misinformed about the incidence or level of short selling.

There has, however, been very little serious empirical research aimed at identifying what the outcomes and economic benefits of the CLERP reforms have been. That said, however, it can be argued that Australia's capital markets performed better in the GFC than was the case in many other countries in terms of losses to investors, credit market outcomes, and market integrity and stability.

At the start of the new decade there were two major Government regulatory initiatives announced. These included introducing:. Reflecting concerns about the effectiveness of disclosure documents, in June the Government provided for the use of short form PDSs of no more than eight pages for super and managed investment scheme MIS products four pages for margin loans , with prescribed sections, and links to information outside the PDS.

There has also been legislation to allow short form retail bond prospectuses. New licensing arrangements for lenders were introduced and a number of requirements, such as ensuring that credit granted was suitable for the borrower's circumstances, were tightened. The Cooper Review of Superannuation Super System Review Panel is also relevant in several regards, particularly since superannuation is the main form of financial investment for most individuals.

Three specific questions were posed in the introduction regarding possible causes of Australia's financial resilience during the GFC. Was there some feature of Australia's financial sector which prevented excessive risk-taking by Australian financial institutions? Internal governance characteristics are one possible factor.

Inherent conservatism induced by memory of the banking crisis at the start of the s may have been another, inducing lower risk lending and limiting exposures. Australian banks generally hedged the foreign currency risk associated with their foreign borrowings and property-related lending was generally well secured. Unlike the s experience following deregulation, there was no significant decline in lending standards. Legal penalties for unconscionable lending, and the predominance of on-balance sheet lending, and retention of risk, for housing by major banks, were relevant factors here.

External influences may also have been important influences upon risk-taking, although arguably the role of stock market discipline was tempered by the Banks Shareholdings Act limitation on a 15 per cent maximum equity stake, and the four pillars policy preventing merger activity.

On the other hand, these legislative constraints may have facilitated board if not managerial entrenchment and greater resulting conservatism. In principle, deposit and debt markets could have exerted discipline against excessive risk-taking, if depositors believed that their funds were at risk and subordination of debt holder claims due to depositor preference increased monitoring. Another external influence is regulation. Such specialisation, allied with information sharing and co-operation through the Council of Financial Regulators including also the Reserve Bank and Treasury may have facilitated more effective prudential regulation and prevention of excessive risk-taking.

The fact that prudential regulation embraced institutions holding a very large proportion of financial sector assets should also be noted. Also important is the strength of prudential supervision, with the collapse of the major insurance company HIH at the start of the decade which involved significant economic and financial dislocation and embarrassment for APRA arguably inducing a tougher approach to prudential regulation. Yet another factor may have been the overall structure of financing in the economy.

Doing so, such as by expanding into investments in CDOs, would have required further offshore borrowings, with potentially adverse effects on existing sources of funds. Did the distribution of risks in the economy facilitate adjustment to the shocks encountered?

Gizycki and Lowe noted the changes in the balance sheet of the household sector during the s, together with the growth of market-linked investments. That has become increasingly relevant with the continued growth of defined contribution accumulation superannuation. Combined with a caveat emptor approach subject to disclosure requirements on issuers of securities and financial products towards securities market regulation, substantial risk-taking by investors outside the prudentially regulated sector existed, and declines in asset prices thus impacted perhaps more directly upon end users rather than financial intermediaries than was the case elsewhere.

Also relevant is the nature of risk sharing between banks and their customers, with the predominant use of variable-rate lending enabling shocks to the cost of bank funding to be generally passed on to borrowers. And while there were notable exceptions, the lower leverage of the Australian corporate sector due to the dividend imputation tax system reducing, if not eliminating, the interest tax shield of debt may have reduced credit risk and enabled the corporate sector to adjust more readily to the increased cost and reduced availability of credit.

The Reserve Bank RBA a also points to the relatively small share of the finance sector accounted for by shadow banking non-prudentially regulated institutions which, in conjunction with their lower levels of leverage and trading, are suggested to have led to less transmission of shocks. While a number of non-prudentially regulated, leveraged, institutions experienced similar such pressures leading to some failures and freezes on redemptions , the markets for their assets were generally illiquid.

Also important for the adjustment process was the underlying strength of the economy, with strong demand for commodity exports being one factor contributing to economic growth and less potential for credit losses. What role did regulatory and policy responses play in ameliorating the effects?

The rapid and substantive actions taken by the Reserve Bank to adapt system liquidity arrangements to meet increased demand for liquidity have been outlined earlier, and had the effect of preventing a liquidity crisis from emerging. Similarly, the Australian Government's actions in October in providing debt guarantee facilities and a deposit guarantee for banks limited the potential disruption to bank funding and its cost that may have otherwise occurred.

As regards fiscal policy, Australia was fortunate in having had a prior period of substantial budget surpluses, leading to a low public debt position, and providing scope for significant fiscal stimulus. And the prior period of relatively tight monetary policy meant that the Reserve Bank was able to rapidly lower interest rates, which had the effect of partially offsetting the increase in credit spreads on overall borrowing costs.

It is difficult, if not impossible, to determine the relative contributions of all of these factors. At least one bank had taken on a moderate exposure to CDOs and there was substantial ongoing marketing of such products to a range of investors. Entering the second decade of the millennium, there are several issues which are relevant for the future evolution of the financial sector.

Banking sector risk and financial stability. Prompted by the GFC experience, much greater attention is being paid globally to systemic risks and stability and the role played by financial sector structure and characteristics as determinants. While the Australian financial system exhibited resiliency in the GFC, it has several characteristics which could raise concerns among observers not cognisant of the details of those characteristics.

One such feature is that Australian banks have had a relatively heavy reliance on international wholesale funding, reflected in a high assets-to-deposits ratio on the Australian balance sheet. A second is that the sector is dominated by the four majors whose similar funding patterns could expose them and the Australian financial system to risk of contagion from, or common shocks to, investor perceptions of bank safety.

The third is that the asset portfolio structure of Australian banks is, by international standards, heavily weighted towards residential property lending. The Australian banks, towards the end of the s, reduced reliance on international wholesale funding, and substantially increased their equity capital. Moreover, the slowdown in credit growth post the GFC see Figure 4 has reduced bank funding requirements and thus their demands upon international capital markets.

Although asset portfolios are heavily weighted towards residential lending, this is not a particularly high risk, despite concerns of some commentators about overvaluation of residential property. Loan-to-valuation ratios have remained relatively conservative; responsible lending requirements inhibit unwise lending, and the full recourse nature of loans reduces borrower incentives to default and, potentially, the loss given default.

Consequently, arrears statistics remain low, and banks have regularly passed stress tests premised on substantial property price declines and retained high credit ratings. Implementation and consequences of Basel III. At the end of the decade, the Basel Committee released its proposals for new capital and liquidity requirements. The former involve, inter alia , more and better quality capital. While Australian banks were well placed to meet such requirements, reflecting substantial capital raisings after the onset of the GFC, the requirements imply some increase in the cost of bank intermediation.

Potentially even more significant were the liquidity requirements announced by the Basel Committee in December The Net Stable Funding Ratio requirement and the Liquidity Coverage Ratio requirement [47] are likely to also create incentives for development of capital markets and alter flow of funds patterns in ways yet to be discerned. Deposit insurance. Also requiring resolution was the status of the Financial Claims Scheme deposit insurance and the government guarantee scheme for bank debt.

The future of the AOFM cornerstone investor arrangements, which had supported a number of issues, remained to be decided, and there were some calling for the introduction of some form of government guarantees for RMBS generally citing Canadian, but rarely the US Fannie Mae and Freddie Mac, experience. Following much debate, the Government approved limited issuance of covered bonds as an alternative form of securitisation — partly because there were less problems with this type of securitisation during the GFC, but primarily because of its potential as an alternative funding source for Australian banks.

Draft legislation was released in March , involving necessary amendments to depositor preference legislation which had previously been argued to remove the need for deposit insurance. Implications for bank funding patterns, traditional securitisation, and bond market development remain to be seen.

Australia as a financial centre. While the Australian financial sector is large, it could be argued that it was primarily domestically focused, despite one of the largest fund management sectors in the world, substantial international debt issuance by securitisers at least prior to the ravages of the GFC , and major banks active as borrowers in international capital markets and with some substantial offshore subsidiaries.

International trade in financial services was relatively low Australian Financial Centre Forum , and there was limited management of international funds by domestic fund managers, reflecting a variety of tax and other impediments. In that environment, and with the growth of the Asian region and financial sectors posing challenges to the regional importance of the Australian sector, the Government was considering responses to the recommendations of its Australian Financial Centre Forum taskforce report.

The s opened with optimism about the future of the financial system. Financial liberalisation appeared to have ultimately brought benefits of efficiency and innovation without threatening financial stability. Investor protection mechanisms based around disclosure, education and advice were perceived to be sufficient, and greater risk-taking by households was viewed with caution, but not alarm. Compulsory and tax incentives for superannuation savings were expected to enhance long-term savings and wealth accumulation, as well as encouraging capital and particularly bond market development.

Competition in financial markets appeared to be improving, particularly through the growth of securitisation. While superannuation had grown substantially, questions were being asked about whether governance arrangements, investment strategies and operational efficiency were delivering adequate performance. Possibly the most significant development was the increased emphasis on financial stability — something which grew throughout the decade with the RBA producing its first Financial Stability Review in and was brought to prominence with the GFC.

Re-adjusting financial regulation to promote financial stability, including by affecting the structure and inter-linkages within the financial sector, without impeding socially valuable financial innovation and efficiency, was the main challenge facing the coming decade. Gizycki and Lowe ended their review of the s experience by noting three policy issues which they expected to be important over the next decade. These were: ensuring competition in financial markets; investor protection and identifying systemic risks; and the appropriate responses of monetary and prudential policy.

Sometimes, no matter how much things change, they remain the same! I am grateful to staff of the Reserve Bank and to Eli Remolona and participants at the RBA Conference for comments, but sins of omission and commission are my responsibility. Email: davis australiancentre. The World Economic Forum Development Report increased Australia's financial system ranking from 11th internationally in to 2nd in , partly in response to Australia's experience during the financial crisis.

See Roubini and Bilodeau See Ryan and Thompson and Donovan and Gorajek for comprehensive reviews. See Ellis and Naughtin Donovan and Gorajek provide a comprehensive overview of developments in financial structure during the decade. At the end of the decade effective 1 August , responsibility for securities market supervision and surveillance was taken over by ASIC, reflecting potential conflict of interest problems from the planned entry of new trading platforms in competition with the ASX, and removing any ambiguity about responsibility for enforcement.

Reported in RBA Although the definition of financial products did not include credit products such as loans. One consequence was that those entities stopped retail investors accessing information on their Australian websites. This was facilitated by a High Court endorsement of litigation funding in and an ASIC exemption in of such activities from classification as a managed investment scheme. Lim provides details. Davis provides details of past arrangements.

IMF provides a review. In a departure from past experience, the report by APRA and also one by the accounting firm PricewaterhouseCoopers into the rogue trader experience were made public by NAB. Later in the decade, ANZ made public a report on its internal review into its involvement with the failed Opes Prime margin lending and broking firm.

More generally, banks began publishing required Basel II Pillar 3 risk disclosures on their websites. However, Treasury note issues ceased in and were not resumed until This figure is biased downwards by the inclusion of self-securitisations in ABS statistics for bond holdings. OECD estimated that Australian pension funds were the most heavily invested in equities of 21 developed countries examined, with a portfolio share of Kirkwood There has been some recovery more recently.

These are not-for-profit funds, initially formed to manage retirement savings of workers in specific industries with trustee boards appointed by employer representatives and trade unions. Its inappropriate use as a framework for margin lending arrangements discussed later also came to prominence during the GFC. The figures are, arguably, biased downwards because Bankwest, which was taken over by CBA in October , still retains a separate banking licence.

Reductions in operating cost structures, and compression in credit spreads prior to the GFC with highly rated banks raising funds and lending to lower-rated borrowers , are also potentially relevant factors. For the three years from to , Australian bank average ROE was estimated as Notably, however, other providers of exchange services such as the National Stock Exchange and the Australia-Pacific Exchange had failed to make significant headway.

While borrowing is prohibited for superannuation funds, use of internally leveraged products such as instalment warrants has been permitted for SMSFs, provided that there is no recourse back to the super fund. The marked decline in the role of bank bill acceptances reflects a relative decline in their use in business financing in the first part of the decade together with a decline in the relative share of business credit followed by a subsequent tendency for banks to retain accepted bills on balance sheet rather than discounting them into the market.

These figures do not include operations of overseas branches or subsidiaries. RBA provides an overview and analysis of potential issues. Recommendations by the Board of Taxation had not been implemented as at mid Sykes provides an overview of a number of these failures. Phase 1 regulations announced in June related primarily to licensing and responsible lending, while phase 2 proposals announced in July included consideration of credit card offers and regulation of fringe lending.

Direct exposure of Australian banks to a sovereign debt crisis is also reportedly low. The relatively small stock of government securities available to serve as high quality liquid assets has meant that a complementary fee-based liquidity facility at the RBA for banks to meet the requirement is to be developed.

Some commentators, for example, FINSIA and Access Economics also questioned whether the increased integration and interrelationships between financial institutions and financial markets meant that the division of regulatory responsibilities between APRA and ASIC warranted review. Skip to content JavaScript is currently disabled. Abstract The global financial crisis GFC occupied only a quarter of the decade of the s but, because of its severity and implications for future financial sector development, dominates the decade.

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Investment Education. The performance of the hypothetical investment is based on the actual past performance of the fund over the specified period. Performance of the fund is calculated after fund management fees and expenses, and assumes reinvestment of distributions. The performance quoted represents past performance and does not guarantee future results. Performance quoted may reflect performance over a period of less than one year.

Performance returns over the short term may not be indicative of long-term performance. Distribution Calendar. Fund distributions Distribution figures represent past distributions declared and paid by the above iShares ETF. There is no guarantee that distributions will be declared in the future, or that if declared, the amount of any distribution will remain constant or increase over time.

Only investors holding Units in respect of an iShares ETF as of the record date are entitled to any distributions. A Distribution Reinvestment Plan DRP is available to eligible investors at any distribution period, as long as applications to participate in the DRP are received by the nominated closing time. If no election into the DRP is made, distributions will be automatically paid in cash.

Investors will typically be paid the cash distribution approximately 10 business days after the record date, as stated in the relevant declaration. Computershare Investor Services, as Registrar for the fund, will send investors a payment advice with details of the payment. The annual tax statement for the above fund will be sent to investors as soon as practically possible following the fund financial year end on 30 June.

Please refer to the Tax Booklet for Australian Funds for more tax related information on iShares ETF distributions and for information to assist you in completing your Australian tax return. It refers to the distribution of Australian sourced income and capital gains excluding dividends, interest and royalties that for a Foreign Investor is subject to withholding tax. Tax Summary View full table. YTD 1m 3m 6m 1y 3y 5y 10y Incept. Calendar Year Returns will become available once the fund has been listed for an entire calendar year.

Build a strong core portfolio. Start by answering three simple questions Start by answering three simple questions. Closing Price as of Jun Shares Outstanding as of Jun ,, Base Currency Australian Dollar. Inception Date Dec Listing Date Dec Asset Class Equity. Domicile Australia. Distribution Frequency Quarterly. Exchange Ticker IOZ. Bloomberg Ticker IOZ. Number of Holdings as of Jun Rebalance Freq Quarterly.

Sustainability Characteristics Sustainability Characteristics Sustainability Characteristics provide investors with specific non-traditional metrics. Funds in Peer Group as of May What is the ITR metric? How is the ITR metric calculated? What are the key assumptions and limitations of the ITR metric? Show More Show Less. Business Involvement Business Involvement Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.

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In order for your rewards to be paid, you must submit your claim within 45 days. Business credit cards Business loans. Home Investing Westpac Share Trading review. With Westpac Share Trading, you can invest online and offline, by telephone. The feature-rich Westpac Share Trading platform is suitable for new and seasoned investors and offers features valued by frequent traders.

The commission structure, similar to standard offerings by other platforms, gives favourable terms including margin trading to Westpac Cash Investment Account holders. In this review. What is a Westpac Share Trading account? Who is Westpac Share Trading for? Key features Wide range of asset classes including Australian and international securities. Westpac Share Trading app for investing on the go.

Flexible trading with a new account, an existing account or margin loan. More favourable trading terms and facilities for Westpac clients and those with a Westpac Cash Investment Account. No maintenance fees. Other research and alerts are free. What markets does Westpac Share Trading cover? International markets, including US exchanges. Exchange-traded options and listed company options. ASX-listed warrants. Contracts for differences CFDs. Managed funds.

Exchange-traded funds ETFs. Exchange-traded commodities ETCs. Listed unit trusts. Listed convertible notes. Listed fixed-interest securities. Initial public offerings IPOs. How do I set up a Westpac Share Trading account? To do so you will need: One form of identification.

Your tax file number. Complete the online application. Enter your personal details. Submit your application. Brokerage rates differ based on the method you choose and phone trading is costlier than trading online or using the mobile app. Pros and cons. Pros No account opening fees. Simple brokerage cost structure not tiered Tradable assets: ASX listed assets, 30 plus international stock exchanges. Trade online, by phone or app costs vary.

Variety of useful features: Free risk-management tools, automated trading alerts, free daily share tracker emails, free share recommendations from Consensus and Morningstar Quantitative. No discounts for frequent traders. Highlights Trade and invest in top financial instruments, including a wide selection of stocks. Your funds are protected by industry-leading security protocols. Trade with confidence with free trading tools, including market depth and live pricing.

Earn a variable 0. CMC Markets. Keep your trading costs down with competitive spreads, commissions and low margins. CMC Markets' educational material is written by a team of global market analysts and strategists with many years of experience trading in financial markets. Highlights Join now and enjoy no monthly account fees.

Simply select the account that suits you best and you could be trading with CommSec in as little as 5 minutes. Offers access to over 25 international markets, with expert stock recommendations to help you manage risk and achieve your financial goals. Give yourself an edge with the only Australian provider to offer weekend trading on key indices.

On its share trading accounts, regardless of what level of account you sign up for, Westpac aims to make share trading as easy and accessible as possible. It offers expert advice and analysis, real-time data and resources, mobile trading platforms and flexible features to help you reduce your exposure to risk.

However, customers can enjoy the flexibility of trading a wide range of securities through their online account. Margin lending is available through a straightforward share trading loan, while you can also open a cash investment account to operate in tandem with your online investing account. Westpac share trading is pretty much for everyone, ranging from individuals to companies, trusts, SMSFs and everything in between.

Depending on what account you sign up for, Westpac has a service for casual investors right through to active investors. It also allows investors to trade bonds and options, which should appeal to most investors. With a standard Westpac online investing account, customers get access to free live prices for ASX-listed securities. If they upgrade to an advanced Trader Pro account, streaming live dynamic data means that prices and other data are constantly updated in real time, allowing investors to act quickly to take advantage of market fluctuations.

Westpac standard customers receive a complimentary investor package which includes company research, market commentary and price charts. Intra-day updates are also included. For an extra fee customers can subscribe to a research package to receive more-detailed analysis, recommendations and more. Customers with an advanced account can also take advantage of full market depth tools and integrated charting. Orders can be placed online if you wish, or alternatively you can place orders over the phone from Monday to Friday, between 8am and 7pm Sydney time.

Customer support is also offered in the form of an online education centre and FAQs, plus phone and email support. Westpac online investing allows traders to place limit orders, market orders and today only orders. You can also place conditional orders to automatically execute a buy or sell order after specific trigger conditions have been met on the market. Westpac online investing allows you to generate watchlists of up to 35 stocks, with the ability to save up to 50 watchlists.

This allows you to keep track of market fluctuation. Some of the other features that Westpac online investing customers can use include customised layouts and alerts, end-of-day data and the ability to earn Altitude Rewards points on every trade. While you do not need to be an existing Westpac banking customer to sign up to its share trading platform, you'll need a cash account with the bank.

You will create this at the same time as the share trading one. This features trading tips, FAQs and a glossary of important terms. Phone and email support is available from 8am to 7pm Sydney time from Monday to Friday, as is trading over the phone. Standard Westpac online investing account holders will not have to pay any ongoing fees. A range of options — for example, the dynamic data exchange Microsoft Excel add-on — are available for an extra monthly fee.

Brokerage charges also apply whenever you make a trade. While the above fees apply when you use an integrated Westpac account, those fees rise if you settle a trade from an account with another bank or use funds from a margin loan. Yes, Westpac online investing features a research platform that includes intra-day market updates, enhanced research tools, trading ideas and detailed market and company information.

These can be found by navigating to the quotes and research section and then clicking through to the research platform. Morningstar recommendations can then be accessed for a wide range of companies via the trading ideas tab. To ask a question simply log in via your email or create an account. Click here to cancel reply. I have an account with St. I am not an Australian resident, so I have no tax file number.

Can I still trade? You will need to complete and return some documents, such as your bank account details for dividend payments , and a tax file number declaration. Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page. Hi, please explain What is the difference between free live data for standard account and Streaming live dynamic data for advanced account.

It basically means that for the standard account you get live data but they are limited. This may include live quotes on ASX listed securities. For advanced account, you will be able to view prices and other data continuously updated in real time, so you can act on the market action as it happens.

I hope this helps. The most common way to buy and sell shares is on the share market using a broker or a trading platform. You can check our guide on share trading to get started. Our page has a comparison table that can help you look for platforms where you can sell and buy shares. The platforms featured on the page do not charge a monthly fee. Moreover, it is worth noting that there is no needed minimum balance to earn interest on a Westpac Cash Investment account.

What about that I have St George saving account, still low fee for using the share trading tools? It also offers value for money with regard to share trading. You may check our review for Westpac Savings Accounts. You can also compare other options on Share Trading Accounts. Optional, only if you want us to follow up with you. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.

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Westpac online investing account Trade shares, bonds and options with brokerage fees starting at 0. Finder's rating: 3.

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Pros and cons Circumstances differ for everyone but here are some of the key advantages and risks of investing in residential property. Advantages Risks You could get rental income w hich could cover your mortgage repayments or a large p art of them. Some expenses may be deductible against your taxable rental income. Interest rates could rise, increasing your costs and reducing the money you're making from the property. You could make capital gains as the value of the property increases.

Initially, there may be little or no profit from rent after expenses. Property investment is often about long-term profit. Rules around the potential taxation of capital gains can be complicated. We recommend you always speak to your tax adviser when you buy or sell an investment property. You could use equity in your existing property to purchase your investment property. The value of your property may not increase, depending on the market.

It's a 'bricks and mortar' investment so you have something tangible to show for your money. If you need to sell, it may take some time, plus you could make a loss on the sale. If you are unsure of the tax treatment of investing in residential property, you should seek advice from a tax professional.

With increased debt held against your home , a change in circumstances may make it more difficult to repay your loans. Can I afford it? Calculate your budget by working out: 1. How much equity you have in your existing home. How much money you have saved.

The costs involved with investing. How much you need to borrow. Ongoing costs When working out if you can afford to buy an investment property, consider the ongoing costs - such as loan interest including any applicable low equity margins , property management fees if you don't manage the property yourself , property insurance, insurance for yourself, repairs, maintenance and council rates.

Achieving your goal Before investing in property, consider the goal you want to achieve. It could be: To set yourself up for a longer term goal or retirement To pass a property down to your kids while making money in the meantime To generate an income from the property today or in the future To make gains in the short term or long term.

Find the best option for you with our home loan calculators. See all calculators and resources. Get in touch. Meet with an expert Our Mobile Mortgage Manager s can come to you, when it suits you best. Talk to us Call us from 8am to 6pm Monday to Friday , 9am to 3pm Saturday. Visit us Make an appointment to talk to a home loan expert in branch. Who is Westpac Share Trading for? Key features Wide range of asset classes including Australian and international securities.

Westpac Share Trading app for investing on the go. Flexible trading with a new account, an existing account or margin loan. More favourable trading terms and facilities for Westpac clients and those with a Westpac Cash Investment Account. No maintenance fees. Other research and alerts are free. What markets does Westpac Share Trading cover? International markets, including US exchanges.

Exchange-traded options and listed company options. ASX-listed warrants. Contracts for differences CFDs. Managed funds. Exchange-traded funds ETFs. Exchange-traded commodities ETCs. Listed unit trusts. Listed convertible notes. Listed fixed-interest securities.

Initial public offerings IPOs. How do I set up a Westpac Share Trading account? To do so you will need: One form of identification. Your tax file number. Complete the online application. Enter your personal details. Submit your application. Brokerage rates differ based on the method you choose and phone trading is costlier than trading online or using the mobile app.

Pros and cons. Pros No account opening fees. Simple brokerage cost structure not tiered Tradable assets: ASX listed assets, 30 plus international stock exchanges. Trade online, by phone or app costs vary. Variety of useful features: Free risk-management tools, automated trading alerts, free daily share tracker emails, free share recommendations from Consensus and Morningstar Quantitative.

No discounts for frequent traders. Highlights Trade and invest in top financial instruments, including a wide selection of stocks. Your funds are protected by industry-leading security protocols. Trade with confidence with free trading tools, including market depth and live pricing. Earn a variable 0. CMC Markets. Keep your trading costs down with competitive spreads, commissions and low margins.

CMC Markets' educational material is written by a team of global market analysts and strategists with many years of experience trading in financial markets. Highlights Join now and enjoy no monthly account fees. Simply select the account that suits you best and you could be trading with CommSec in as little as 5 minutes.

Offers access to over 25 international markets, with expert stock recommendations to help you manage risk and achieve your financial goals. Give yourself an edge with the only Australian provider to offer weekend trading on key indices. Better deals for active traders. Get more value with cash rebates. Interactive Brokers. Highlights Enjoy low commissions and financing rates. Invest globally in stocks, options, futures, currencies, bonds and funds from a single integrated account.

Take advantage of IBKR's trading platforms, free trading tools and comprehensive reporting to help you get ahead. What are the trading limits for a Westpac Share Trading account? Can I buy shares for my child with a Westpac Share Trading account? Does Westpac have a share trading app?

Can Westpac Share Trading be accessed from my Westpac online banking facility? Verdict Westpac Share Trading has a lot in common with what's on offer at the other big banks in terms of market access, tradable assets, and costs.

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