In 2018, when Westpac executives skimped on embedding proper controls to track financial crimes, they earned significant bonuses after reporting an operating profit of A$8 billion but they put children at risk of sexual abuse. The bank is now facing a $1 billion penalty, but only $A20 million has been clawed back from those 38 individuals. Nathan Lynch reports.
Latest Finance Stories
Is the Morrison Government’s HomeBuilder scheme another case of pork-barrelling which targets the Liberal base? Financial adviser Harry Chemay says it will benefit some first-home buyers and the building lobby – but can also be accessed by wealthy self-funded retirees to increase the value in their home and access the pension.
Mathias Cormann has been exposed for gilding the lily by a report from his own government department, or maybe he just got the facts wildly wrong. The report proved Australia’s Finance Minister wrong on Australia’s gross debt, net worth, taxation levels, infrastructure, government spending and the surplus
The expected arrival of thousands of Chinese pilot training students over the next decade is driving the current Australian pilot training school frenzy – and the punters are out for blood, Michael Sainsbury reports.
The Government and Opposition are about to push through laws to hobble the cash economy, laws based on advice from KPMG. Michael West looks at the real reasons behind the jihad on cash.
The Morrison Government has put the entire economy at risk to get his “balanced budget”. Instead of spending to revive a floundering economy, the Treasurer has sat on his hands for months to pull off a surplus and grab the political bragging rights
The NSW Government interfered in the media to shut down a story involving a secret pilot training facillity backed by powerful Chinese companies. It had earlier denied knowledge of the aviation project despite promising to commit taxpayer funds to it.
Control of Australia’s largest aged care and retirement village company is poised to fall to the tax haven of Bermuda – to be owned by the same group of financial engineers who recently took the country’s largest private hospital business to the Cayman Islands.
This is the story the Murdoch press buried. Investigative reporter, Anthony Klan, defected from The Australian newspaper after News Corp bosses muzzled his investigations, including this expose into secret Chinese plans to establish an aviation facility on an Australian airforce base.
The Government campaigned on a platform of surplus. “Superior economic management,” they claimed. Now, with the economy tanking, they are asking people to spend.
Facebook’s launch of its new cryptocurrency, Libra, might have given US lawmakers and financial regulators a fit of the collywobbles, but what’s in it for the consumer? Kim Wingerei checks out Libra’s potential.
Measuring the track record of Australia’s treasurers by worst growth figures detonates the Coalition myth of superior economic management. Michael West reports on 50 years of treasurers and Scott Morrison’s hospital pass to Josh Frydenberg.
The Cayman Islands is the destination du jour for Australian hospitals and water profits but far more is bound for Bermuda. Michael West on tax haven risk for AMP Life policyholders and their $100 billion in assets.
British billionaire Sir Michael Hintze’s penchant for poaching former Liberal Party Australian High Commissioners has seen Richard Alston and Alexander Downer flit in and out of his orbit but his most enduring connections are Angus and Richard Taylor.
Should Gen Y and Gen X be punished for an ill-considered tax loophole invented by Howard to snag retirees’ votes? Gen X Investment consultant, Harry Chemay, calls “fair go” — scrap the franking credits Kool-Aid!
“Labor, Labor, Labor, Labor, Labor”. This is a direct quote from the epic interview of Barnaby Joyce by Patricia Karvelas on ABC Radio last week. As is, “Labor, Labor, Labor, Labor”. Michael West reports on the unfolding #Watergate saga.
Tony Abbott has come under pressure from Warringah independent, Zali Steggall, over the Government's decision to approve the sale of the new Northern Beaches Hospital, and 42 other Australian hospitals, to an obscure company in the Cayman Islands. Steggall, an Olympic...
It is extraordinary that the profit from Barnaby Joyce’s record payment for Australian water rights, an $80 million payment of taxpayers’ money, found its way to a company in the Cayman Islands which had been set up by Angus Taylor, a company at which Taylor had been a director for six years
Quod ego dico, non quod ego faciam. That should be KPMG’s motto. Do what I say, not what I do. It has a ring to it, but more importantly, it goes to the heart of the firm’s business model: quae abscondam – hide stuff.
An election budget looms Tuesday, surely chock with goodies. Is your marginal rate what you think it is? There are really eleven tax brackets, not four
The Big Four, the relentless architects of global tax avoidance, have returned to the insolvency business, despite selling out of it 15 years ago because of overweening conflicts of interests.
John: Didn’t Kelly O’Dwyer put some sort of limit on how much you could end up with in your super fund?
Peter: Yes. She capped it at $1.6 million. From 1 July 2017.
John: $1.6 million? How many years is that going to take if you’re only allowed to put in $25,000 a year?
Peter: Sixty-four years Dad.
The Coalition has just doubled all government debt accumulated since Federation. In under six years. Alan Austin reports.
Financial crime expert, Nathan Lynch, follows up on his earlier report this week 'Sluice Gate money-laundering and real estate shape as election issue' investigating the corruption of Australia's political system in return for personal "rents". Here he...
Premier Gladys Berejiklian cut the ribbon at the Northern Beaches Hospital on a Monday afternoon last November. Hours later, the hospital’s anaesthetists were demanding the private operator Healthscope fix staff shortages, equipment shortages, drug shortages.
Most Aussies, especially first homebuyers, would be furious to learn they’re competing for houses with people who are trying to wash the proceeds of illicit drug sales, fraud or corruption