Government flips on royal commission recommendation on mortgage brokers | Australia news

The Morrison government, under heavy fire from politically influential mortgage brokers, has backed down on a key recommendation from the Hayne royal commission, and will no longer ban trailing commissions from 2020. The flip was revealed by the treasurer Josh Frydenberg after a cabinet meeting on Tuesday. He told reporters the government had resolved not […]

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Labor ahead in Essential poll as voters prefer social spending to tax concessions | Australia news

Labor remains ahead of the Coalition in the latest Guardian Essential poll, which suggests voters like social spending more than they like tax concessions, but points to mixed views on the medical evacuations bill. The new survey, which puts Labor in front of the Coalition on the two-party-preferred measure 52% to 48%, comes as Scott […]

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Labor to raise $160m a year from banks for new ‘fairness’ fund | Australia news

Labor will commit to a new fund, raising $160m from the banks per year, to support measures including 500 new counsellors to help victims of financial services scandals pursue compensation, as part of its response to the Hayne royal commission. As well as pressing on with its banking response, the Labor leader, Bill Shorten, has […]

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Labor proposes fixed-rate commission for mortgage brokers | Australia news

Labor has proposed a fixed-rate commission for mortgage brokers rather than accept the banking royal commission recommendation to apply user-pay fees to the service. Commissioner Kenneth Hayne had recommended clients of mortgage brokers pay the fee, instead of banks, to eliminate conflicts of interest. Labor had originally pledged “in-principle” support to enact all of Hayne’s […]

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Schools to choose if they want a chaplain under Labor – politics live | Australia news

This is one of those policy areas that’s gone back and forward with every change of government and we will go back to the position we had when we were last in government, the funding remains. Schools can choose to employ chaplains if they wish. Or they can choose to employ a secular youth worker, […]

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Labor pushes for vote on medical evacuation bill in Senate – politics live | Australia news

The government, unsurprisingly, will not be supporting the motion. Mathias Cormann: What this motion by the Labor Party shows to the Australian people, is just how cocky, how reckless, how irresponsible and how weak Bill Shorten is as Leader of the Labour Party. Bill Shorten is demonstrating to all Australians that he does not have […]

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CBA ‘waiting on royal commission’ before acting on broker incentives – live | Australia news

Well, we decided that – and I’m sure – a number of the documents I think you have in my tender bundle, there is lots of work that’s going on, under way – that’s under way concurrently. We come to a view that nobody will follow. And we will suffer material degradation in volume. And […]

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Labor says banking inquiry failed to expose how legal system used to crush customers | Australia news

Labor has identified one of the biggest blindspots of the banking royal commission as being its lack of interrogation of the way banks are using the legal system to crush customers. In its submission to the commission, Labor says Australians who have disputes with their banks are being forced into ruthless and lengthy court processes, […]

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Commonwealth Bank executives jeered by customers in parliamentary hearing | News

Commonwealth Bank executives were jeered by aggrieved customers on Thursday during an appearance before a parliamentary committee where they conceded there had been failures of leadership and greedy behaviour at the bank. Matt Comyn, CBA’s chief executive, and David Cohen, CBA’s chief risk officer, were appearing before the House of Representatives standing committee on economics […]

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Follow the money: retail superannuation funds face day of reckoning | Australia news

Toni Thompson felt sick when she looked at her superannuation account. The young mother, 26, had been reading horror stories about the banking royal commission and had become curious. She didn’t know how many super accounts she had. After hearing how the major banks had charged customers hundreds of millions of dollars in fees for […]

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