Jack Derwin
Verified
Journo @FinancialReview | Secure tips to jackderwin (at) protonmail (dot) com or Signal (jack.19)
Articles by Jack Derwin
Super funds back banks to give qualified financial advice
Some of Australia’s largest superannuation funds say banks should be allowed to give limited financial advice related to banking products, urging policymakers to pave a way for them to re-enter advice after the royal commission forced them out amid myriad conflicts of interest.
Property agent tip-offs surge as AUSTRAC money-laundering reforms bite
The financial crimes regulator is tightening the net on criminals laundering money through Australia’s $12 trillion property market as a tough new reporting regime leads to a large increase in tip-offs from the nation’s real estate agents, conveyancers and developers.
Point taken
The Commonwealth Bank is dramatically redrawing the battle lines in rewards cards as the credit market shifts beneath the banks. But as Australians turn away from traditional offerings, can it pull off the pivot? “Today, points are mainly about credit card spend. In the reimagined Yello program, it will be a whole of bank relationship loyalty program,” retail boss Angus Sullivan told media as he unveiled the details at the bank’s Sydney headquarters.
GQG Partners interim profit slips to $228m as strategies falter
8:59am on 21 August 2026 The news: Fund manager GQG Partners has recorded a $228.4 million net profit for the six months ended 30 June 2026, down from a $230.2 million net profit last year.
Guzman y Gomez posts $27m loss after US exit, sales hit $1.38b
Make us a preferred source Make us a preferred source on Google 8:31am on 21 August 2026 The news: Fast food chain Guzman y Gomez has posted a $26.7 million statutory net loss for the 12 months ended 30 June including US restructuring costs, after recording a $14.5 million net profit after tax last year.
Medibank net profit jumps 27% as competition intensifies
8:50am on 20 August 2026 The news: Health insurer Medibank Private posted $638.7 million in statutory net profit after tax for the year ended 30 June, up 27.5% year on year.
Brambles net profit creeps higher to USD954m despite weak demand
8:26am on 20 August 2026 The news: Supply chain logistics company Brambles posted USD954 million ($1.34 billion) in net profit after tax for the year ended 30 June, up 6% year on year (or 1% on a constant FX basis).
Stripe launches Treasury in Australia amid global payments push
Make us a preferred source Make us a preferred source on Google 12:30pm on 19 August 2026 The news: Global payments infrastructure provider Stripe has launched its multi-currency business suite, Treasury, in Australia, as first reported by Capital Brief. Announcing the launch on Wednesday, Stripe global head of product Abhi Tiwari said it will give Australian businesses a single platform to accept payments, hold and convert funds, and pay recipients around the world.
Iluka Resources swings to $24 million half year loss as revenue drops
Make us a preferred source Make us a preferred source on Google 8:37am on 19 August 2026 The news: Critical minerals producer Iluka Resources has swung to a $24 million net loss for the six months ended 30 June, after posting a $92 million net profit after tax last year.
Breville Group posts $138m net profit after disruptive year
He called out double-digit growth across its coffee and cooking range, and its entry into new markets China, the Middle East, Korea and Mexico — growing collectively at 70% — as standouts. “Our China team, in their first full year of direct operation, delivered 7.1 times the revenue of our previous distributor. The Middle East delivered 6.6 times.
APRA slaps Bendigo & Adelaide Bank with licence conditions following risk failures
What they said: “Our current non-financial risk management capabilities are clearly not where they need to be, and our risk rectification plan will be designed to drive a fundamental shift in our management of non-financial risk,” Fennell said in a statement to the ASX. “The rectification plan will strengthen our approach to risk management, including governance and compliance management. It will reinforce accountability and address our risk capability and culture deficiencies.
Challenger net profit creeps up to $468 million as annuities jump
Make us a preferred source Make us a preferred source on Google 9:05am on 18 August 2026 The news: Investment manager Challenger posted $468 million in normalised net profit after tax for the year ended 30 June, up 3% year on year, as the group stems outflows from its funds business. Normalised NPAT guidance: $455 million to $495 million.
Judo Capital net profit jumps 29% as provisions settle
The news: Judo Capital posted $111.1 million in statutory net profit after tax for the year ended 30 June, up 29% year on year.
Loan survivor
As the big four contend with a softening mortgage market, the sector faces a serious dilemma: chase expensive growth or fall behind. The Commonwealth Bank looks to have already cast its vote, according to Morgan Stanley analyst Richard Wiles. “We think management’s determination to maintain share increases the risk to margins as system growth slows,” he said in a note, forecasting CBA revenue growth will halve to 3%.
Lendlease swings to $749 million loss, cuts dividend
9:13am on 17 August 2026 The news: Real estate company Lendlease posted a $749 million loss after tax for the year ended 30 June, swinging into the red after making a $225 million profit the year before.
NAB posts $1.81 billion quarterly net profit as home lending softens
Make us a preferred source Make us a preferred source on Google 8:29am on 17 August 2026 The news: NAB posted $1.81 billion in statutory net profit after tax for the three months ending 30 June, up 9% year on year. Statutory NPAT: $1.81 billion (Q3 25: $1.66 billion) Cash earnings: $1.83 billion (Q3 25: $1.77 billion) Net operating income: $5.5 billion (Q3 25: $5 billion) Net interest margin: 1.79% (down 2 basis points) Dividend: No dividend was declared.
ANZ Bank posts $1.9b third quarter cash profit
Make us a preferred source Make us a preferred source on Google 7:50am on 13 August 2026 The news: ANZ posted $1.89 billion in cash profit for the three months ending 30 June, up 3% year on year. Statutory Profit: $1.95 billion Net operating income: $5.6 billion (down 1% YoY) Operating expenses: $2.78 billion (up 4% YoY) Return on equity: 11.54% (up 39 basis points YoY) Net interest margin: 1.54% No dividend was declared.
Comyn down
Commonwealth Bank’s profit machine is still humming, but falling property prices, weaker mortgage demand and rising impairments are starting to show cracks. Commonweath Bank CEO Matt Comyn faces the harder task of defending margins and credit quality as the property market turns. AAP Image/Bianca De Marchi. Already a subscriber? Sign in Choose plan (Required) Let me know about Capital Brief updates and subscription offers.
Commonwealth Bank net profit jumps 8% to $10.9b
Make us a preferred source Make us a preferred source on Google 7:45am on 12 August 2026 The news: Commonwealth Bank posted $10.9 billion in statutory net profit after tax for the year ended 30 June, up 8% year on year. Statutory NPAT: $10.91 billion (FY25: $10.25 billion; Consensus: $10.84 billion) Total operating income: $30.15 billion (FY25: $28.47 billion; Consensus: $30.23 billion) Dividend: $5.05 (FY25: $4.85; Consensus: $5.02) The source: ASX By
‘I’d much prefer to be a non-bank than a bank’: Alternative lenders gain as the big four falter
As the major banks get wrongfooted by a softening property market, smaller rivals are seizing on opportunities. The big banks are under pressure in a soft lending market. AAP/David Crosling. As big banks brace for hits to their earnings following the federal budget, smaller rivals are seizing opportunities despite the rapidly-softening property market.
Westpac’s warning
Westpac confirmed on Monday what many had long suspected: it’s about to get ugly for Australian banks as they are forced to compete in a much weaker property market. Providing a third-quarter earnings update on Monday, Australia’s second-largest lender confirmed mortgage applications were down 18% for owner-occupiers and 26% for investors since the federal budget, with lending growth still falling. Westpac shares were down over 5% at midday on Monday.
Westpac posts $1.8b third quarter net profit
Make us a preferred source Make us a preferred source on Google 7:58am on 10 August 2026 The news: Westpac posted $1.8 billion in statutory net profit after tax for the three months ending 30 June, down 5% year on year. Statutory NPAT: $1.8 billion (Q3 25: $1.9 billion) Net operating income: $5.7 billion (Q3 25: $5.7 billion) Net interest margin: 1.89% (Q3 25: 1.99%) No dividend was declared. The source: ASX By
Banks to capture dodgy staff, accountants and lawyers on new watch list
Skip to content Printed by for personal, non-commercial use only. For other rights, contact licensing@capitalbrief.com. As regulators voice their concerns behind closed doors, banks are placing tighter controls on the people referring them business. The banks are investing in an industry register to flag bad actors. AAP Image/Joel Carrett.
Referral madness
As loan applications begin to dry up, regulators are circling a key acquisition channel used by three of the four major banks as pressure builds on their borrower pipelines. As Capital Brief revealed this morning, the discovery of $3 billion in fraudulent loans across the sector at the start of this year has reignited regulatory scrutiny of loan referral, or introducer, programs.
Inside ASIC’s escalating loan fraud probe
Skip to content Printed by for personal, non-commercial use only. For other rights, contact licensing@capitalbrief.com. An FOI paper trail reveals how a fraud wave set off alarm bells over the banks’ vetting of third-party accountants, lawyers and real estate agents. ASIC chair Sarah Court was ready to probe the banks’ loan referral programs. AAP Image/Bianca De Marchi.
HSBC sells $36 billion Australian loan portfolio to Blackstone
It will continue to invest in its local corporate and institutional banking, private banking and asset management businesses. The sale follows a strategic review which saw the global bank decide to simplify the group and focus on its competitive advantages in corporate and institutional where client numbers have grown 30%.
Holding Court
Holding her first press conference as ASIC chair on Wednesday, Sarah Court sought to send a clear signal to the market that nothing has changed at the corporate regulator under her watch. In her first major public appearance since taking over from Joe Longo, Court unveiled a review with all the hallmarks of a textbook ASIC enforcement matter: a long-running systemic issue affecting millions of Australians, allegedly driven by some of the country’s biggest financial institutions.
Veteran Westpac economist Bill Evans dies at 76 as tributes flow
He steered the bank and provided expert commentary through the Covid-19 pandemic, the Asian Financial Crisis, the 9/11 terror attacks and the global financial crisis. He built a reputation for getting the big calls right and his insights became so valued markets were known to react when he would change his outlook. What they said: “Over a distinguished career spanning decades, Bill made an extraordinary contribution to Australia’s economic and financial landscape through his insight and integrity.
Banks overcharged borrowers $55 million after offset failures
The group failed to detect 77% of reported offset failures before ASIC’s data request, with one bank accounting for most of these. Around $350 billion is currently held in offset accounts, up 28% from two years prior. What they said: ASIC chair Sarah Court said the review showed banks weren’t even getting the basics right. “In some cases, offset failures went undetected until ASIC started asking questions. That should concern every bank offering offset accounts,” Court said.
Harvey Norman and Latitude Finance fined $55m for misleading advertising
He described this as an “extraordinary state of affairs” given the size of the companies, particularly Harvey Norman. Justice O’Bryan contrasted the response of the two companies, noting Latitude had made changes to its compliance systems as a result and apologised to its customers while Harvey Norman had shown no contrition, singling out comments made by executive chair Gerry Harvey, and had made no such changes to prevent future contraventions. The penalties reflected the difference in response.
Ward speed ahead
This time last year, we were speculating — a year too soon, it turns out — about whether Shemara Wikramanayake was preparing to walk away from Macquarie. Her answer then, as it has remained since, was that she was around as long as the financial group needed her. After announcing last week that she was headed for the exits, shareholders repeatedly asked the same question: why now? To that, we would add another: what changed over the past 12 months?
Taking the wheel
During Macquarie’s half-year results last November, the polished investment group made a rare public slip. Leaning across to a colleague as the analyst call wrapped up, chief executive Shemara Wikramanayake was caught on a hot mic lamenting her unsuccessful efforts to bring her retail banking lieutenant, Greg Ward, into the discussion.
New Macquarie CEO Greg Ward moves to retain the rivals he beat to the role
The head of Macquarie’s booming banking business was chosen ahead of asset management chief Ben Way and investment banking boss Michael Silverton for the high profile position. Incoming Macquarie CEO Greg Ward. AAP/George Chan. Incoming Macquarie Group chief executive Greg Ward has moved to praise the senior executives he beat out for the top job at the $100 billion investment titan in a sign he is eager to keep its existing leadership in tact.
Banks’ credit card retreat is creating new challengers
New challengers and international banks are stepping in to fill the void left by the big four. Credit card competition is stepping in to fill the void left by banks. AP/Nam Y Huh. Despite the economics of traditional credit cards straining in Australia, competition is hotting up between local banks, their global rivals and new challengers in the $60 billion market.
Revolut wins banking licence and sets sights on the big four
Skip to content Printed by for personal, non-commercial use only. For other rights, contact licensing@capitalbrief.com. The global fintech can now take deposits and make loans in Australia, with chief executive Matt Baxby declaring its ambition to become number one. Revolut Australia has received an unrestricted banking licence. Shutterstock.
RBA shot down Bullock’s push to ‘lower the burden’ on small banks, fintechs
Internal documents show the RBA explored ways to benefit smaller payments players as part of the government’s productivity drive, but they were ultimately deemed unworkable. Reserve Bank governor Michele Bullock. AAP/Dean Lewins. Reserve Bank of Australia governor Michele Bullock instructed her policy team to find ways to support smaller banks and fintechs in a sweeping review of the payments system following an Albanese government request — but its suggestions were rejected as unworkable.
Risk appetite
Australia’s banks are cutting jobs while paying more for talent at the same time, adding an acute hiring crunch to the challenges they already face. As Capital Brief revealed this morning, new data shows institutions cannot build internal capacity quickly enough in their most critical risk and compliance functions, forcing them to compete for a limited pool of contractors. The data offers a revealing peek into where demand is lagging supply inside these organisations and where it is outrunning it.
Talent shortage triggers soaring contractor pay at banks and super funds
Large financial institutions are coughing up thousands of dollars per day to plug severe regulatory and tech gaps. Banks are paying top dollar for contractors. AAP Image/Dean Lewins. The nation’s banks, super funds and insurers are being forced to shell out top dollar for specialist contractors as the institutions struggle to keep up with a rising tide of regulation, merger activity and tech projects.
Australian market must innovate or risk being marginalised, financial sector warns
Some suggested watering down disclosure obligations to encourage more IPOs. The group argued the monopoly of market infrastructure is restrictive, warning incumbents should not dictate the pace of change. The group sees tokenisation as inevitable but said its benefits would remain dependent on central bank digital currency and stablecoin rails. Finally, the group said innovation should be accompanied by adequate safeguards and strong investor protections without resorting to unnecessary red tape.
Financial complaints authority defends track record after HSBC scam
Skip to content Printed by for personal, non-commercial use only. For other rights, contact licensing@capitalbrief.com. Scam victims say the saga raises governance questions about how the complaints body is run. The HSBC impersonation scam has invited greater scrutiny of AFCA. Shutterstock. The Australian Financial Complaints Authority (AFCA) has defended its track record in engaging with victims as it is elevated to a key role in the nation’s renewed fight against scams.
Dashdot liquidators to claw back $70,000 loan from founders
Skip to content Printed by for personal, non-commercial use only. For other rights, contact licensing@capitalbrief.com. Divided among 700 clients, staff and backers, Dashdot’s creditors are increasingly unlikely to see their money. Dashdot co-founders Glenn ‘Goose’ McGrath and Gabi Billing. Supplied/Dashdot.
Hard bargain
The Commonwealth Bank is on a collision course with its own workforce as it struggles to strike a critical new enterprise bargaining agreement (EBA) while trying to lead the industry into the AI era. With its old EBA having nominally expired last month, the Financial Services Union (FSU) has written to CBA staff revealing that months-long negotiations have stalled, with management unwilling to accept protections against AI or a moratorium on branch closures and offshoring.
Stripe quietly tests Airwallex rival with startups ahead of full Australian launch
Skip to content Printed by for personal, non-commercial use only. For other rights, contact licensing@capitalbrief.com. A small group of Australian startup founders and executives have been granted access to Stripe Treasury ahead of a wider launch. Stripe is bringing Treasury to Australia. Shutterstock.
Treasury dismisses Longo’s concerns over ASIC’s depleted litigation war chest
In his final appearance in Parliament as ASIC chair, Joe Longo warned the regulator was running on empty. The message has fallen on deaf ears. ASIC chair Sarah Court has inherited a funding problem with Treasury. AAP/Mick Tsikas. Treasury has brushed off concerns raised by former ASIC chair Joe Longo that the regulator risks running out of resources to pursue tough cases, insisting the body is adequately funded to punish serious corporate misconduct.
Upsetting the Apple cart
Australian policymakers love picking fights with American big tech, and the biff has now moved into the payments system. The Standing Economics Committee ended its parliamentary inquiry last week with an eviscerating 146-page report targeting foreign tech companies. Chaired by Labor backbencher Ed Husic, the committee did not pull any punches. It wants the ACCC to investigate the market power of “deeply anti-competitive” Apple, along with Visa and Mastercard.
ASIC records $87 million impairment as it wears fines unlikely to be recovered
Despite a record enforcement year, ASIC has been forced to accept there are some penalties it won’t ever see. Sarah Court takes over as ASIC chair after a record enforcement year. AAP Image/Lukas Coch. The Australian Securities and Investments Commission (ASIC) has accepted it will likely have to wear almost $90 million in unpaid fines, recognising a one-off impairment in long overdue penalties.
Westpac smokes out secret investors across $515 billion loan book
Skip to content Printed by for personal, non-commercial use only. For other rights, contact licensing@capitalbrief.com. Misclassified investors are set to pay more as Australia’s second largest bank begins reviewing its enormous loan book. Westpac chief executive Anthony Miller. AAP Image/Mick Tsikas. Westpac has begun a new review of its $515 billion mortgage book as it flags investors hiding out in owner-occupier loans and tightens up its risk capital weights.
Peter Nash quits Westpac board over KPMG relationship
The news: Westpac non-executive director Peter Nash has resigned from his position as the bank looks to distance itself from the scandal engulfing its auditor KPMG. In an announcement on Wednesday, Westpac said Nash’s retirement was effective immediately. What they said: “With recent attention on Peter’s former roles and relationships at KPMG, he has decided now is the right time to retire from the Board to limit any ongoing distraction for the company,” chair Steven Gregg said.
ASIC poised to claw back $800m penalties in record enforcement year
The corporate cop will comfortably eclipse its previous enforcement record, FOI data shows, after a string of big court wins. New ASIC chair Sarah Court with former chair Joe Longo. AAP/Diego Fidele. The Australian Securities and Investments Commission is on track to secure more than $800 million in penalties this financial year as its enforcement efforts secure a record breaking amount of fines from corporate Australia.
Parliamentary committee urges ACCC to examine ‘deeply uncompetitive’ Apple on payments
It echoes the concerns raised by the big banks which have complained they are at a severe disadvantage being locked out of Apple Pay’s NFC technology, as digital wallet’s share of card payments grows to 43% — as part of a long running feud. The committee directed the ACCC to review and suggest options to curtail Apple’s market power, and asked the federal government to consider forcing Apple top open up its NFC technology.
Show More
loading
Actions
Get in touch with Jack
Contact Jack, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack