Australian banks welcome the Federal Government’s decision to allow Optus to share government identity information compromised in the Optus data breach.
Banks will be able to request and use the information in their ongoing efforts to fight financial crime.
Since the Optus data breach became public, banks have focused on the potential for the data to be used to perpetuate frauds, scams and other illegal activities.
“The whole industry has worked closely with the Australian Government to make today’s regulations possible.”
ABA Chair & CEO Westpac, Peter King
The Federal Government’s action is a timely and valuable measure that will contribute to banks’ efforts.
Banks invest heavily in systems to protect customers and the financial system, including significant investment towards building resilience including against frauds and scams.
Chair of the Australian Ba.....
The sixth consecutive lift in the cash rate occurred amid ongoing inflationary conditions and a tight labour market. While the unemployment rate ticked slightly higher in August to 3.5%, the slowdown in employment growth may represent capacity constraints to further employment, which could drive wages growth. Retail spending continued to rise another 0.6% through August, albeit a lower monthly growth rate than in July. A new monthly measure of Australian CPI showed annual inflation easing slightly through August, down 20 basis points to 6.8%. While the monthly decline is promising, this new measure has not yet been seasonally adjusted and may not have factored into the board’s decision. Additionally, international economic conditions may also create added pressure for the RBA to continue to raise rates, as the US Federal Reserve lifted its policy rate target 75 basis points in Septembe.....
Reserve Bank of Australia decided to increase the cash rate target by 25 basis points to 2.60 per cent. It also increased the interest rate on Exchange Settlement balances by 25 basis points to 2.50 per cent.
The Board is committed to returning inflation to the 2–3 per cent range over time. Today’s increase in interest rates will help achieve this goal and further increases are likely to be required over the period ahead. The cash rate has been increased substantially in a short period of time. Reflecting this, the Board decided to increase the cash rate by 25 basis points this month as it assesses the outlook for inflation and economic growth in Australia.
As is the case in most countries, inflation in Australia is too high. Global factors explain much of this high inflation, but strong domestic demand relative to the ability of the economy to meet that demand is also playing .....
Australia Post is continuing to broaden its telecommunications offering with the launch of its first home internet service using the NBN Co network, Australia Post Broadband, providing customers with more choice when selecting an internet service for their home.
Available to purchase in participating Post Offices and online, for use in nbnTM serviceable locations, Australia Post Broadband includes eight different month-to-month plan options, with no lock-in contracts, providing customers with added peace of mind when selecting their plan.
Australia Post Broadband will start at $54/month with unlimited data and features plans with several download speed options to cater to varying data needs, whether using the service for light web browsing or streaming the latest binge-worthy content in 4K[1]. Customers that switch to Australia Post Broadband by 9 January 2023 will also receive an .....
Deloitte is set to perform a “forensic assessment” of the Optus data breach as part of a commissioned external review into the incident and ensuing response.
The consultancy review came on the recommendation of Optus CEO Kelly Bayer Rosmarin and was supported by the Singtel board, the telco said.
The board had “been closely monitoring the situation with management since the incident came to light,” it said.
Bayer Rosmarin said the forensic review “would play a crucial role in the response to the incident for Optus, as it works to support customers.”
“This review will help ensure we understand how it occurred and how we can prevent it from occurring again,” she said.
“It will help inform the response to the incident for Optus.
“This may also help others in the private and public sector where sensitive data is held and risk of cyber attack exists.”.....
The Albanese Government will introduce legislation this week to establish a powerful, transparent and independent National Anti-Corruption Commission.
This shows the Government is delivering on its promise to tackle corruption and restore trust and integrity to federal politics.
The Government has committed $262 million over four years for the establishment and ongoing operation of the Commission.
This funding will ensure the Commission has the staff, capabilities and capacity to properly consider referrals and allegations, conduct timely investigations and undertake corruption prevention and education activities.
The Albanese Government’s National Anti-Corruption Commission will investigate serious or systemic corrupt conduct across the entire federal public sector.
It will be built on the following design principles:
Broad jurisdiction: The Commission will have broa.....
On Wednesday, the first direct flight between Australia and southern India took off. The NSW government funded the new route in an effort to encourage travel to the nation’s fifth-largest trade partner.
The state government’s $60 million Aviation Attraction Fund provided money for the new Qantas service between Sydney and Bengaluru. Every Wednesday, Friday, Saturday, and Sunday, an A330 flight will depart from Sydney for Bengaluru’s Kempegowda International Airport.
With 175,000 tourists spending an estimated $444 million in 2019, India was the country with NSW’s fastest expanding market. The third-largest source of tourists to the state in July came from India, and the NSW government anticipates that figure to rise in the upcoming months owing to pent-up demand.
Up until June 30, 2023, the service plans to supply more than 44,000 incoming foreign seats to Sydney, suppor.....
For the first time in its 75-year history, the maximum cost of general scripts under the Pharmaceutical Benefits Scheme (PBS) will fall.
Under a Bill tabled by the Australian Government today, from 1 January 2023 millions of Australians will pay almost 30 per cent less for PBS scripts, with the maximum general co-payment dropping from $42.50 to $30.
This means that someone taking one medication a month could save as much as $150 every year, or for two or three medications as much as $300-$450 a year.
The maximum cost to general patients for PBS medications has doubled since 2000. This change fulfils the Government’s election promise to cut the cost of medicines and ease cost of living pressures for Australians.
“The ABS advises that the high costs of medications meant close to 1 million Australians delayed or didn’t fill their medications in 2019-20. We must do better t.....
New Delhi: From the first steps towards self-rule to the dawn of Independence and then to the country's emergence as a nuclear power and beyond, the grand old Parliament building has been a witness to the India story as it unfolded before it since 1927.
The hallowed precincts of Parliament have witnessed lively debates on the making of Constitution, poignant scenes after the announcement of the death of Mahatma Gandhi and thumping of desks when the then prime minister Indira Gandhi announced the unconditional surrender of West Pakistan forces in Bangladesh.
The heartfelt speeches of first prime minister Jawaharlal Nehru, the calm but firm resolve of Lal Bahadur Shastri, the eloquence of Indira Gandhi, the poetic brilliance of Atal Bihari Vajpayee and the powerful oratory of Narendra Modi have reverberated in the chambers of Parliament.
The foundation stone of the colonnaded buil.....
Kathmandu: China has pledged Rs 15 billion in grant assistance to Nepal to invest in various projects this year in the landlocked Himalayan nation after visiting foreign minister Narayan Khadka held wide-ranging talks with his Chinese counterpart Wang Yi to further cement the bilateral ties.
Khadka, who is on an official visit to China at the invitation of Wang, met Wang in the eastern Chinese city of Qingdao on Wednesday.
"The two foreign ministers took stock of overall aspects of Nepal-China relations and agreed to promote further cooperation in various sectors, including trade, connectivity, investment, health, tourism, poverty alleviation, agriculture, disaster management, education, culture, and people-to-people exchanges, among others," the Nepalese foreign ministry said in a statement here.
Both sides expressed satisfaction over the progress made in a range of matters of .....
Mumbai:The RBI on Friday retained inflation forecast for FY23 at 6.7 per cent amid uncertain price trajectory on "geopolitical shocks" and on hope that inflationary pressures would ease with pick-up in kharif sowing and supply chain improvements.
In its previous monetary policy review in June, it had projected retail inflation for 2022-23 at 6.7 per cent, higher from 5.7 per cent forecast in April.
The six-member Monetary Policy Committee (MPC) unanimously decided to raise the benchmark repo rate by a steep 50 basis points to 5.40 per cent with immediate effect to tame inflation while supporting growth.
Repo is the key rate at which the RBI lends short-term money to banks. One basis points is equivalent to one-hundredth of a percentage point.
RBI Governor Shaktikanta Das said inflation in second and third quarter of current fiscal year is expected to remain above the upper to.....
The Albanese Government’s Climate Change Bill 2022 has passed the House of Representatives today.
The Bill will enshrine into law an emissions reduction target of 43 per cent from 2005 levels by 2030 and net zero emissions by 2050.
It has brought together business, industry, unions, farmers, community and conservation groups, all of whom have asked the Parliament to put Australia on the path to net-zero emissions.
For nine years, Australia has stumbled from one policy to another, and this overdue legislation will provide energy and investment certainty and usher the next generation of economic growth and opportunity.
It locks in 43 per cent as Australia’s target to reduce emissions and ensures a whole-of-government approach to drive towards that target.
It ensures accountability through an annual update to Parliament by the Climate Change Minister on the progress being.....