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Fri 13 Dec, 2013

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ANZ considered fees as revenue: internal memos

Federal Court documents show the ANZ bank knew as far back as 2006 that it would need to adjust the fees it charged customers, or risk being exposed to legal action and growing consumer anger.

The internal ANZ documents, which include emails and board meeting minutes, were obtained by lawyers representing the claimants of the biggest class action in legal history. 

Maurice Blackburn is representing 38,000 customers who are disputing the fees they were charged over a seven-year period. 

The central claim is that the excessive fees charged would be considered penalties and therefore would be illegal.

The bank is alleged to have charged exorbitant fees of between $20 and $45 for services that would only cost a matter of cents or a few dollars to administer.

Although some parts of the documents have been redacted because they are commercially sensitive, they reveal the private deliberations of ANZ's executive management team and board. 

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The Drum

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A weak-Tea Party, anyone?

Never before have so many analysts transparently taken positions, publicly attacking those they disagree with.

None of this is good for democracy.

There is no equivalent in Australia of the Tea Party that has wreaked havoc upon the Republicans in the United States. Not yet anyway.

But there is at the margins signs of a "weak-tea party", made up essentially of far right commentators and a small minority in the parliamentary party who want to use high office to settle scores.

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Just In

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Blanchett gets Golden Globe nomination for best actress

Australian actress Cate Blanchett has received a best actress Golden Globe nomination for her role as a socialite fallen on hard times in Woody Allen's film Blue Jasmine.

Blanchett, 44, was given the nod just a day after she received a Screen Actor's Guild nomination for the same role.

"Thank you to the Hollywood Foreign Press for this wonderful news coming to me in the middle of the night in Sydney!" she said.

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World

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Blanchett gets Golden Globe nomination for best actress

Australian actress Cate Blanchett has received a best actress Golden Globe nomination for her role as a socialite fallen on hard times in Woody Allen's film Blue Jasmine.

Blanchett, 44, was given the nod just a day after she received a Screen Actor's Guild nomination for the same role.

"Thank you to the Hollywood Foreign Press for this wonderful news coming to me in the middle of the night in Sydney!" she said.

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Business

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Blame game continues over Holden shutdown

South Australian Premier Jay Weatherill has emerged from talks with the Prime Minister, criticising the Federal Government for a lack of urgency in dealing with the fallout from the Holden shutdown.

The iconic carmaker announced on Wednesday it would shut down most of its operations in Australia by 2017 - putting 2,900 people out of work.

The only other car manufacturer in Australia - Toyota - has warned it will put "unprecedented pressure" on its ability to build cars in the country too.

In South Australia, the Holden plant at Elizabeth in Adelaide's north will close with a cost of 1,600 jobs, while in Victoria 1,300 jobs will go.

Mr Weatherill and Victorian Premier Denis Napthine met Tony Abbott and Treasurer Joe Hockey on Thursday afternoon to discuss support for workers and their local economies.

"I do not think there is an appreciation in Canberra about the enormity of the changes for the South Australian and the national economy as a consequence of the closure of Holden," Mr Weatherill said after the meeting.

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Politics

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Abbott to discuss Holden fallout at COAG meeting

The future of Australia's manufacturing industry will dominate talks at today's Council of Australian Governments (COAG) meeting in Canberra.

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Sport

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Clarke a pup no more as he prepares for 100th Test

Michael Clarke plays down personal milestones as Australia chases an Ashes series victory starting today in Perth.

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Science and Technology

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TPG to pay $2m fine over advertising

The High Court has reinstated a $2 million penalty against the internet provider TPG for misleading advertising.

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Environment

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Forestry industry urges Abbott Government to honour peace deal

The Abbott Government is under pressure from the Tasmanian forestry industry to reverse its election promise to scrap a peace deal.

Two of the biggest and most influential players have told 7.30 it has allowed them to expand and create jobs for the first time in years.

The deal, known as the Tasmanian Forests Agreement, was signed in late 2012 and is an attempt to end decades of division and conflict between loggers and environmentalists that crippled the industry.

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