Today
Directors revolt over government’s climate, IR and merger laws
Mandatory climate reporting, tougher merger laws and workplace legal changes have seen concerns over red tape soar.
- Patrick Durkin
This Month
Familiar with the consumer data right? Here’s why you should be
The philosophical basis for the right is that data generated by consumers of commercial services is their property and not that of the company.
- James Eyers
- Exclusive
- Open banking
‘Badly executed’: Labor unveils plans to simplify consumer data right
A raft of enhancements to the open banking and energy sector data-sharing regime will be unveiled on Friday to boost adoption.
- James Eyers
High Court to test competition law on CFMEU ‘boycott’
The case will test the reach of competition laws on the CFMEU and builders when they kick non-union subcontractors from construction sites.
- David Marin-Guzman
‘Wildly bizarre’: Qld Labor’s petrol price pledge panned
Queensland’s extraordinary bid to open publicly owned petrol stations was panned by industry and economists.
- James Hall and Angela Macdonald-Smith
Google loses landmark antitrust case over search deals
The US court’s decision is a significant victory for the Department of Justice in its litigation over the power of big tech.
- Leah Nylen
Banks say consumer data right ‘action initiation’ rescue will cost $3b
Ahead of a parliamentary vote next week to extend the consumer data right to boost switching, the ABA is pointing to costs and risks as reason for delay.
- James Eyers
July
ANZ can finally get under the hood of Suncorp Bank
ANZ chief Shayne Elliott said the $4.9 billion deal, which formally completed on Wednesday, will allow it to “compete more effectively across the Australian market”.
- James Eyers
Dealmakers face tougher ‘public benefit’ test on mergers
Businesses using public interest grounds such as climate change action or financial stability to get takeover approvals will face a stricter hurdle from the ACCC.
- Updated
- John Kehoe
Merger crackdown to make ACCC ‘judge and jury’ on deals
More takeovers will be able to be blocked under the government’s move to give the competition watchdog stronger powers than previously thought, lawyers say.
- John Kehoe
- Opinion
- Opinion
Could this be the country’s stupidest public policymaking debacle?
From a regulator which has declared it can’t do anything to a company – PEXA – transparently trying to keep its monopoly, there’s not much that can compare.
- Kylar Loussikian
ACCC gives Lendlease, Stockland two-month ultimatum over $1.3b deal
The competition watchdog has further delayed a decision on the two property giants’ transaction over a 12-community portfolio of assets.
- Michael Bleby
Fintechs accuse banks of sabotage on ‘open banking’
The start-ups attacked the banks for trying to sabotage the consumer data right, arguing figures on low usage misrepresent growing interest in account switching.
- James Eyers
Senate to vote next month on extending data right for bank switching
Treasurer Jim Chalmers is working through banks’ concerns about the consumer data right, as the Senate forced a vote on a bill to extend it by mid-August.
- James Eyers and John Kehoe
- Exclusive
- Open banking
Banks spent $1.5b on account switching. No one is using it
The consumer data right, which has already cost banks $1.5 billion, is too complicated and doesn’t have a clear use four years after launch, major lenders say.
- James Eyers
- Analysis
- Open banking
They built it – but nobody came. Consumer data right needs help
Privately, bank bosses remain highly agitated about being more open about the valuable data they hold, the sharing of which could make competition more intense.
- James Eyers
- Opinion
- Open banking
Open banking offers a salutary tale
The lesson is that governments trying to regulate their way to a greater bank competition can have anti-competitive effects.
- The AFR View
- Updated
- PEXA
NSW productivity agency queries whether PEXA plays with pricing
In a report, the NSW Productivity Commission says the Commonwealth Bank-backed fintech’s monopoly must be swiftly ended so it does not gain too much data.
- Updated
- Jemima Whyte
June
Mastercard’s call to save open banking
If Treasury can iron out the teething issues, the government’s consumer data right is ready for take off, according to a new report from the US payment giant.
- James Eyers
APRA objects to small bank claims on ‘same’ regulation
The Customer Owned Banking Association says its members are ‘regulated in the same way’ as listed banks. APRA says that is false ahead of a new inquiry.
- James Eyers
