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Articles by Rodney Maddock
Depositor Protection and Bank Liquidity Regulation: Distortions Affecting Superannuation
Contributed Article Depositor Protection and Bank Liquidity Regulation: Distortions Affecting Superannuation Rodney Maddock https://orcid.org/0000-0002-5810-7172 Davis: Department of Finance, University of Melbourne, Victoria 3010 Australia; and (at the time of writing) Australian Centre for Financial Studies, Monash University, Victoria 3000 Australia; Maddock: Australian Centre for Financial Studies, Monash University, Victoria 3000 Australia; and Victoria University, Victoria 3011 Australia.
Our growing big cities need new centres of employment – here's Melbourne's chance
Melbourne has a serious problem. Most of its job growth is in the CBD, yet most of its population growth is at the far extremes of the city. It’s the same in other big Australian cities, like Sydney. Getting people to work is becoming harder. Many people take more than an hour to commute each way. They could better spend this time with their families, or at work; commuting time is wasted time. There are three ways we might tackle this: We almost certainly need to do all three.
APRA could have investigated CBA years ago: experts
The Australian Prudential Regulation Authority (APRA) has become the second regulator to independently investigate the Commonwealth Bank of Australia. Experts say the inquiry puts the regulator in the tricky position of being tough on bank scandals but juggling its close relationship with the government and the CBA. The inquiry follows civil proceedings launched against the bank for being complicit in money laundering.
FactCheck: do Australian banks have double the return on equity of banks in other developed economies?
In its 2017 federal budget, the Australian government included a 0.06% levy on Australia’s biggest five banks: ANZ, the Commonwealth, NAB, Westpac and Macquarie Bank. The levy will collectively cost the banks A$1.6 billion a year, and by some estimates will raise the overall cost of funding for the affected banks by around 0.03%. Many commentators have suggested this cost will be passed directly onto customers.
it isn't as bad as you might think
This piece is part of our new Three Charts series, in which we aim to highlight interesting trends in three simple charts. The current debate about housing muddles two separate issues: the affordability of housing, and the risk in the banking system of any significant fall in house prices. Clearly, they are both important issues and the link between them is the potential for a lot of home owners to overreach in their finances, to not be able to repay their loans, and so to bring down their banks.
US election: Donald Trump will change the United States and the world, experts predict
Leading Australian academics respond to Donald Trump's victory, and look ahead to what kind of president he might be. This result confirms that 2016 is a year of tectonic shifts in politics of the Western democracies. The surge of populism, Brexit and Trump's victory are all testament that it is no longer "business as usual". This is perhaps the most critical departure from the way US politics has been operating in the post-Cold War era.
Health and education could be winners from China’s rebalancing economy
China could become the dominant export market for Australia’s health and social assistance services by 2026, while up to one million jobs could be created in the key areas of health, education, tourism, finance and construction, according to new a new report produced by Monash Business School’s Australian Centre for Financial Studies (ACFS).
Inner-city bias: the suburbs need a fair go
One of the startling facts about the Brexit vote was the deep division between the city of London and the rest of the country. There was clearly a sense that change was working to the advantage of the urban elites, and often to the detriment of people who lived outside those privileged areas. The recent Australian election reveals some of the same division but within the major cities rather than between city and the regions. Inner-city areas voted quite differently to the suburbs.
Why education departments should be broken up
Education has emerged as an important election issue. As always, people are arguing about how much money should be spent on it. But should funding really be at the heart of the debate? Australia already spends lots of money on education.
Mortgage brokers: ASIC goes fishing
The Australian Securities and Investments Commission (ASIC) inquiry into the way mortgage brokers are paid may uncover some isolated shady dealings but the system of remuneration for brokers is already regulated well enough by intense competition. Assistant Treasurer Kelly O’Dwyer announced the inquiry last year in line with recommendations from the Financial System Inquiry and ASIC recently commenced the inquiry with a scoping paper.
Why income-taxing states is Australia’s best April Fool's joke ever
The Commonwealth Labor government wrote to the States on April 1, 1942 telling them it was taking over their income tax powers. It is quite ironic that Prime Minister Turnbull will launch into a discussion with the states about access to income taxes on almost the same day, more than 70 years later. Given their historic fight to keep their income tax powers, it is delightfully ironic to see the states reject almost immediately the current proposal to give them back such powers.
The other impending oil crisis | ANZ BlueNotes
While most eyes are focussed on the macroeconomic imbalance causing pushing oil prices below $US40 a barrel, elsewhere the real crisis for oil is accelerating with the adoption of autonomous electric vehicles. In November, I wrote on the biggest trends reshaping the automotive industry, covering key pressures and what the sector might look like in 2030 and beyond. One topic not covered in depth is what it all means for oil. Spoiler alert: it's bad.
Super members the winner in sensible financial inquiry response
The government has today accepted virtually all of the recommendations of the expert panel behind last year’s Financial System Inquiry. Clearly we can argue about some, and people would prefer to pick and choose depending on their predilections, but rather than allow the reform process to be unpicked by stealth, the government has opted to support its experts. That is a welcome change.
Five ways to count the marriage equality boom | ANZ BlueNotes
Marriage equality in Australia would bring economic benefits to the tune of at least $500 million in the form of additional expenditure related to weddings alone. It's a policy that has the support of Australia's new Prime Minister Malcolm Turnbull, Opposition Leader Bill Shorten and the majority of the public. But legislative certainty is still some time away, with the PM stating he will maintain his predecessor's plan for a plebiscite or referendum on the issue sometime after the next election.
Explainer: Glencore and why analysts move stock markets
Mining giant Glencore, and its Australian counterparts Rio Tinto and BHP have today gained back some of the billions of dollars wiped off their market capitalisation this week following a negative research note from a London-based analyst. In his note, Investec mining analyst Hunter Hill reportedly wrote that if commodity prices remained at current levels, almost all of Glencore’s value could be wiped out unless the company undertook a major restructure.
Australian banks are strong; should we pay for them to be stronger?
The Australian Prudential Regulation Authority (APRA) has produced some new estimates of the capital positions of Australia’s major banks.
Why do people hate bankers? No, really...
In survey after survey bankers rank poorly on ethics and honesty. It’s not hard to find entire websites dedicated to bank hatred. And Bank of America consistently rates in the top 10 most hated companies in the US. Recent Australian research looks to some of the potential reasons for Australian bank hate. Ameeta Jain and her co-researchers ask three questions in their research: Do banks make excess profits? Are bank executives overpaid? Do banks pay their share of taxes?
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