ACCC

If it becomes law, the Scam Code Act will require social media companies, mobile networks and banks to be far more vigilant in preventing fraudulent behaviour. Failure to do could see them liable for fines of up to $50 million.

The regulator said it wasn’t satisfied the deal would not substantially lessen competition in Australian banking, particularly in home loans and small-business banking. ANZ and Suncorp plan to challenge the decision.

While the firms agreed there’s an opportunity to review the regulatory oversight of consulting firms, they told a Senate inquiry they had no plans to voluntarily break up their businesses, despite claims of inherent conflicts of interest.

The regulator will look into the discrepancy between the interest rates banks charge borrowers and those they pay depositors, as the RBA’s rate-hiking campaign propels the big four banks toward record profits.

The Australian mining and energy sector drew a significant increase in investment in 2022, but a hoped-for green mining boom is currently a fantasy, with gas and coal still dominating the project pipeline, new bank research shows. A shift in focus to commodities needed for the energy transition would have to precede another super-cycle, but select opportunities exist.