Westpac is facing a lawsuit filed by the liquidators of collapsed investment companies who claim the bank ignored red flags while large sums moved through accounts linked to a scheme run by businessman Chris Marco, The Aussie Corporate reported. The case, lodged in the Supreme Court of NSW, accuses Westpac of failing to prevent investor losses and continuing to process questionable transactions after inquiries were made by financial regulators.
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The Reserve Bank of Australia left interest rates on hold Tuesday, citing the need for continuing caution amid simmering inflation and a still-tight job market, the Wall Street Journal reported. The RBA’s policy-setting board left the official cash rate unchanged at 3.60%, as expected by most economists. The decision was unanimous, with the central bank saying that while domestic economic activity is rebounding, the outlook remains uncertain. The decline in underlying inflation has also slowed, the RBA said in a statement.
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Australian home prices increased at the fastest pace in a year in September, driven by rate cuts and record-low listings, property consultant Cotality said on Wednesday, Reuters reported. National home prices increased 0.8% to a record median value of A$857,280 ($565,462) in September, marking the strongest monthly gain since October last year, according to figures from Cotality, formerly CoreLogic. For the quarter, prices were up 2.2%, compared with a 1.5% lift in the second quarter. The monthly gain was broad-based, led by a jump of 1.2% in Brisbane and a 1.6% surge in Perth.
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Australian consumer prices rose at the fastest annual pace in a year in August after a hot July, suggesting some upside to inflation that prompted markets to pare back the chances of imminent policy easing, Reuters reported. The Australian dollar rose 0.3% to $0.6619, while three-year government bond futures fell 7 ticks to 96.45, the lowest in three weeks. Investors doubled down on bets that the Reserve Bank of Australia will skip a move in interest rates next week given the recent flow of data has been on the strong side.
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A Melbourne lawyer has been sentenced to three years’ imprisonment, with a non-parole period of one year, for perverting the course of justice and running an offshore scam to help his clients avoid bankruptcy, according to a joint release from the Australian Federal Police and Australian Financial Security Authority. The man used his law firm to create fictitious personal debts for two clients so they could gain a favourable outcome from bankruptcy and insolvency processes.
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The Australian Securities and Investments Commission (ASIC) has made an interim stop order against the RELI Capital Mortgage Fund, a registered managed investment scheme operated by RELI Capital, CapitalBrief.com reported. ASIC said the order was to "protect consumers and retail investors from acquiring a product that may not be suitable for their financial objectives, situation or needs." As of 31 December 2024, the fund held $50.9 million in net assets under management.
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