Clancy Yeates

Clancy Yeates

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

We need to talk about negative gearing says ANZ boss Mike Smith

Clancy Yeates and Nassim Khadem ANZ chief executive Mike Smith has backed a discussion about negative gearing as part of the government's review of the tax system.

ANZ's Mike Smith stands by return on equity target

Clancy Yeates ANZ boss Mike Smith insists the bank can still achieve a target to aggressively lift shareholder returns over the next 18 months, even as the bank faces declining margins, weak growth and the need to...

Westpac profit sparks bank sell-off

Westpac chief executive Brian Hartzer acknowledged banks face

Clancy Yeates Westpac has triggered a sell-off in bank shares after it disappointed investors by delivering the smallest increase in its interim dividend in five years and reporting no growth in annual profits.

Westpac imposes tougher borrowing rules on property investors

Westpac chief executive Brian Hartzer says the bank will also tighten its lending to foreign investors in real estate.

Clancy Yeates Westpac will apply tougher tests to new property investor borrowers when assessing how they would cope with higher interest rates.

Westpac first-half cash earnings flat from year-ago at $3.8b

Westpac's chief executive, Brian Hartzer, reports his first set of earnings since taking office.

Clancy Yeates Westpac has delivered half-year profits of $3.78 billion, unchanged from the same half last year, and will pay a dividend of 93c a share.

First-half bank profits to top $15 billion

Profit results from three of the big four banks will this week provide further detail on the sector's underlying health.

Clancy Yeates Australia's major banks are predicted to notch up more than $15 billion in first-half profits, helped by housing-led credit growth and historically low levels of loan losses.

Bank shares plunge $20 billion on threat of APRA action

APRA chair Wayne Byres has raised concerns over bank lending.

Jonathan Shapiro and Clancy Yeates Almost $20 billion has been wiped off the value of the big four banks by sharemarket investors this week as concerns mount that the prudential watchdog will take aggressive action against...

Bank shares wiped out over APRA real estate crackdown fears

The wholesale funding concerns that haunted the banks in the years after the crisis have eased

Jonathan Shapiro and Clancy Yeates The big banks have shed almost $20 billion of value this week, as concerns mount that action will be taken to tackle property speculation.

Banking & Wealth Summit

Peter Costello says stop messing with superannuation

Ruth Liew and Clancy Yeates The chairman of the Future Fund, Peter Costello, has urged politicians in power to stop messing around with the country's $1.9 trillion superannuation system.

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APRA backs more super fund mergers

Clancy Yeates The financial regulator is stepping up pressure on some superannuation funds to consider merging, as trustees face tougher rules forcing them to decide if members would be better served through...

APRA chairman Wayne Byres dismisses 'bad apples' defence

Clancy Yeates Revelations of misconduct in the financial services sector cannot be blamed on "bad apples", APRA chairman Wayne Byres says.

RBA governor warns retirees in bad position, criticises Australia's banks

Glenn Stevens

Gareth Hutchens and Clancy Yeates Reserve Bank governor Glenn Stevens has warned that people on the verge of retiring are in a "much worse position" than those who retired a decade ago, because global retirement income systems are...

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Banking's digital disruptors need tougher regulations, says Commonwealth's Bank's Ian Narev

People may not be aware of the risks they are taking on when investing using services such as crowdfunding, CBA's Ian Narev says.

Clancy Yeates Commonwealth Bank chief executive Ian Narev has warned of the importance of ensuring new rivals can manage liquidity.

Sydney housing affordability worsens despite low rates

Sydney and Melbourne households are spending a growing share of their incomes on mortgages, Moody's says.

Clancy Yeates The share of household income needed to pay off a home loan for a typical house in Sydney is near a ten-year high.

Australian bank lending to China eases after rapid growth

A slowing Chinese economy means more bad debt for banks and weaker trading flows for foreign lenders.

Clancy Yeates After surging by 70 per cent in 2013, the local banks' rush to lend money to China has slowed.

Housing market: Big banks vulnerable to overheated New Zealand market

Clancy Yeates dinkus Dinkus

Clancy Yeates If you assumed the big banks were only exposed to one truly booming capital city housing market, in Sydney, think again.

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CBA offers clients up to $5000 for compensation reviews

The report released on Thursday by ASIC could pave the way for further compensation payouts.

Clancy Yeates Thousands of Commonwealth Bank customers who may have received shoddy financial advice will be offered up to $5000 to spend on an independent review of their files.

Plug gaps in financial adviser register, says industry


Clancy Yeates The banking and wealth management industries have backed changes to the government's financial advice register, to prevent planners sacked for giving poor advice from moving to other...

Inquiry may trigger tighter bank regulation

Clancy Yeates Despite the theatre of grilling bank CEOs, tighter consumer protections should flow from the Scrutiny of Financial Advice inquiry.

ANZ No.2 Graham Hodges says planning industry must 'significantly lift its game'

ANZ deputy CEO Graham Hodges fronts the Senate on Tuesday.

Clancy Yeates ANZ deputy chief Graham Hodges says the financial planning industry had more work to do to restore its reputation.