Clancy Yeates

Clancy Yeates

Clancy Yeates reports on banking and finance and is a former Canberra business correspondent.

ANZ credit card late fees ruling overturned by Federal Court

Clancy Yeates A landmark ruling that credit card late payment fees charged by ANZ were illegal has been overturned on appeal in the full Federal Court.

Generation Y professionals are less loyal to their banks, KPMG survey reveals

Generation Y is a key demographic for banks, as they will become a large customer group over the coming decades as they amass more wealth and demand a greater range of financial products.

Clancy Yeates Young professionals are becoming less loyal bank customers and are increasingly open to new forms of technology, underlining the potential for "disruption" in the industry, new research suggests.

Matter of stats unseen in productive digital economy

Clancy Yeates While some fast-growing online businesses are highly visible, they are only a small part of the digital transformation that's sweeping the economy beneath the surface.

Economy's challenges go beyond interest rates, says NAB's Gavin Slater

National Australia Bank's head of retail banking Gavin Slater.

Clancy Yeates National Australia Bank head of personal banking Gavin Slater has questioned the extent to which a further interest rate cut can spark an economic rebound

Savers suffer as banks cut deposit interest rates

Savers are bearing the brunt of sharp cuts in deposit interest rates in excess of Reserve Bank changes after two of the country's big banks reduced rates further on key online savings accounts.

Clancy Yeates New figures show the major banks have lopped between 65 and 88 basis points off their online "bonus" saver rates in the past year.

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Survey: banks improve customer satisfaction in years since 2001 branch closures

Back in 2001, less than 60 per cent of customers were happy with their bank. Now, almost 83 per cent are.

Clancy Yeates Surveys put total customer satisfaction at a 19-year high.

Customers may be slugged for bigger bank safety net

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James Eyers and Clancy Yeates Two of Australia's largest banks are warning that interest rates could rise if they are made to carry more capital.

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CBA says deposit tax may be passed on to customers

The May budget is set to introduce a $500 million tax on deposits to cover the governments' costs for a bail-out.

James Eyers and Clancy Yeates Commonwealth Bank of Australia says the federal government's $500 million-a-year tax on bank deposits might be passed on to customers.

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Westpac's Jason Yetton signals potential of peer-to-peer lending and crowdfunding

Senior Westpac banker Jason Yetton.

Clancy Yeates Banks face growing competition from nascent online industries including peer-to-peer lending, which allow savers to directly fund borrowers via a digital platform, and crowdfunding, which raises an...

Westpac promises faster credit for small business

Westpac says it will cut the time it takes to approve small business loans.

Clancy Yeates Westpac is pledging to cut the time and paperwork involved in assessing credit applications for its small business customers through a new online system, as it eyes a bigger slice of the market.

RBA warnings fail to dampen property bonanza in Sydney

One Sydney real estate agent will auction off 128 homes this weekend.

Clancy Yeates Sydney's housing investors are ignoring repeated warnings about the growing the risks in bricks and mortar.

Banks say $11 billion tax bill is evidence they are 'paying their way'

Banks say they pay more than one-third of the tax paid by ASX 200 companies.

Clancy Yeates Banks say they pay more than one-third of the tax paid by ASX 200 companies.

RBA sounds alarm about bursting of housing bubble inflated by cheap credit

Clancy Yeates The Reserve Bank has issued a fresh warning about the rising risk of a significant fall in house prices if "speculative demand" fuelled by cheap credit continues to drive the property market.

Reserve Bank reminds public buying property is not a one-way bet

Clancy Yeates dinkus Dinkus

Clancy Yeates The Reserve Bank's latest salvo on house prices is another reminder that the country's top economic minds are nervous about the risks building in pockets of the property market.

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Reserve Bank sounds warning on house prices

The number of houses first home owners can purchase has shrunk.

Clancy Yeates The Reserve Bank has warned there is a rising risk of a significant fall in house prices if "speculative demand" fuelled by record low interest rates continues to push up prices.

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David Murray says debt politics makes Australia's AAA credit rating 'vulnerable'

David Murray, APRA's Helen Rowell, ASIC's  Greg Medcraft and Kevin Davis on Tuesday.

James Eyers, Clancy Yeates and Jonathan Shapiro The politicisation of the federal debt position poses a threat to the nation's AAA credit rating, David Murray says.

ANZ's Mike Smith warns market not properly pricing risk

ANZ

Clancy Yeates Technological change is opening up new forms of competition but also potentially adding new risks.

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ASIC's Greg Medcraft says foreign exchange brokers are 'picking off' Australia

Australia's trading leverage of up to 500 times has become a magnet for offshore brokers.

Clancy Yeates and Jonathan Shapiro Australia is being "picked off" by online foreign exchange brokers that are able to offer clients extremely high leverage, ASIC says.

Capital adequacy critical for bank investors

Wayne Byres said fierce competition in home lending would make it

Clancy Yeates The banking regulator has raised doubts over banks' ability to pass on the costs of higher capital requirements to consumers, a key threat lenders have made in recent policy debates.

ASIC chief Greg Medcraft highlights 'mischief' and 'abuse' in reporting of misconduct

ASIC chair Greg Medcraft said the regulator had gathered

Clancy Yeates There is widespread "mischief" and even "abuse" in how financial services firms treat a key system for detecting misconduct, ASIC says.