Australia's Securities Regulator to Probe ASX After Collapsed Blockchain Project
ASIC launched the inquiry on June 16 over 'ongoing concerns' it and the Reserve Bank of Australia expressed about the exchange's ability to run stable and secure market plumbing.
Those concerns intensified when ASX scrapped a blockchain-based upgrade to its CHESS settlement engine in 2022, forcing a costly reset and drawing political heat. ASIC later sued ASX over making misleading statements on the project.
Rob Whitfield, a former Westpac chief risk officer and now a Commonwealth Bank director, will chair ASIC's panel. Joining him are Christine Holman, who sits on the boards of utility AGL and restaurant operator Collins Foods, and Guy Debelle, a Reserve Bank of Australia's former deputy governor.
The trio will inspect ASX's governance, technical capability, and risk controls and recommend fixes for any weak spots.
Their brief stretches across the entire ASX group, which handles more than A$6 billion ($3.92 billion) in trades each day.
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17 minutes ago
- Yahoo
Digital bank blasted over 'diabolical' savings change: 'Big reason we signed up'
Young Aussies are threatening to leave Up Bank after the popular bank announced it would introduce a new savings system from September. Up Bank is Australia's first mobile-only digital bank and has more than one million, mostly Gen Z and Millennial, customers. Up Bank, which is a subsidiary of Bendigo Bank, currently allows customers to earn a flat 3.85 per cent interest rate on all savings accounts. But from September 1, it will introduce a new system, 'Glow & Flow,' where customers can earn a higher 4.85 per cent interest rate if they don't touch their funds. If they make a withdrawal, that rate will drop to just 1.5 per cent. Hannah Elliott has been a customer of Up Bank for the last five years and told Yahoo Finance she was 'genuinely shocked' when she heard about the change and was now considering changing banks. RELATED Major warning after Aussie receives random $350 payment in her bank account Centrelink warning for downsizing Baby Boomers over 'special' retirement rule Westpac CEO admits bank was 'wrong' about branch closures 'Up Bank have always marketed themselves as an 'envelope system' style bank - a big reason so many of us joined in the first place," the 27-year-old said. "What they're proposing now completely undermines that approach." The 'envelope system', also known as 'cash stuffing', is a popular budgeting method where you divide your money into different categories or envelopes for different spending purposes, such as rent, groceries and household bills. Many Up Bank customers have said they used the bank's savers as a digital envelope system since they can open up to 50 saver accounts and earn interest. Elliott said this had 'transformed' the way she spent and saved her money. 'Personally, around 75 per cent of my 'savers' will only receive the lower flow rate of 1.5 per cent because I transfer out of them at least monthly,' she said. 'Up Bank already offered a slightly lower interest rate than competitors, and I was happy to accept that in exchange for their brilliant features. But now, it feels like we're being punished rather than supported. 'Sure, I could change my system to chase the higher Grow rate, but I've spent years building a setup that works perfectly for me and my brain. I've never had to adjust it in the past five years - until now.' Up Bank defends unpopular change An Up Bank spokesperson told Yahoo Finance it had introduced the new system to help customers 'maximise their savings potential, while also keeping the flexibility to access their money when they need it'. The bank said it wanted to help customers improve their financial wellbeing for the 'long haul', not just today, and argued the 'old system wasn't cutting it anymore'. 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ING Savings Maximiser offers a 5 per cent interest rate, but only one account is eligible for the bonus rate, while MOVE Bank's Growth Saver also offers a 5 per cent but you can't earn interest on multiple accounts.
Yahoo
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Iconic Aussie event responds after $55 burger sparks fury
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Yahoo
17 minutes ago
- Yahoo
Ross Lyon makes stunning claim about Harley Reid amid $25m St Kilda bombshell
St Kilda coach Ross Lyon has shut down links with West Coast player Harley Reid after claims the club were considering a $25 million deal for the 20-year-old superstar. Eagles fans were left stunned after Essendon legend Tim Watson claimed St Kilda were launching an extraordinary offer for their young star who is tossing up his options. Reid is contracted to the Eagles for next year, but reports suggest a number of Victorian clubs are set to throw money at the 20-year-old to convince him to return to his home state. Although eyebrows were raised when Watson spoke about a rumour that Reid had been offered $25 million across 12 years at St Kilda. Although the rumour hasn't lasted long with Lyon emphatically shutting down suggestions the club is throwing that sort of money at Reid. Lyon told Channel Nine's Footy Classified he had never spoken with Reid as the Eagles attempt to keep their promising talent away from rival clubs. 'I've never spoken to Harley Reid in my life... I love Tim, but he got this one wrong,' Lyon said on the show. 'The (Eagles) CEO, Don Pyke, who we all love and respect, is frustrated at their end for whatever reason for Harley and negotiations. Clearly they think there's something out in the ether that's getting in their way. Well, it certainly isn't me.' Reid has been ruled out for the remainder of the current season with a foot injury, but speculation is ramping up as to where his future lies. The 20-year-old and his management have reportedly asked the Eagles for a two-year deal until the end of 2027, which would then trigger a lucrative nine-year extension. The ball is now in West Coast's court as to whether they're comfortable paying an enamours figure. A number of Victorian clubs are speculated to be willing to pay Reid close to $2 million a season, but it appears Lyon and his side are not one of the pursuers. Ross Lyon shuts down player unrest at St Kilda Lyon also used the platform to shut down speculation a number of players were seeking an exit from the club. SEN Radio SA's Michelangelo Rucci stunned St Kilda having claimed a number of stars could be seeking an exit as the club seeks a number of signings. 'St Kilda have been actively looking to spend money — the fallout is Callum Wilkie will seek his options elsewhere. Jack Steele will explore greener pastures, as will Marcus Windhager. As for Rowan Marshall, he's going somewhere!' Rucci said. But Lyon wasn't impressed with the reports and even claimed he had just spoken to Wilkie who had suggested he wanted to remain with St Kilda. '6.30 tonight, in my car, in my driveway, (Wilkie said): 'Ross I've never entertained going anywhere else, I love St Kilda, I love what we're doing',' Lyon added. While Rucci's report raised eyebrows, Ross hit back and dismissed any mass exodus from the club. 'There's a lot of half-baked stories, that's what I see," Lyon added. 'I heard the (Michaelangelo) Rucci stuff. I thought it was two old blokes having a beer and a barbecue in the backyard ... there was no substance, no rigour. I was like: 'Ruc, you send me postcards from Italy herding the sheep and counting the sheep.' 'To be honest, you're a Port Adelaide nuffy, let's move on. Without being denigrating. Does he write content for the Port Adelaide SANFL club, is he a mad Port Adelaide, are they trying to get us into a bit of turmoil? Is that what's happened to Collingwood? Everyone is trying to unsettle Collingwood. Next minute (Darcy) Cameron has signed. It's all part of the theatre, it's all part of feeding the chooks.' St Kilda sit on 32 points and have missed out on finals footy in 2025. Lyon admitted one of his biggest tasks is locking down superstar Nasiah Wanganeen-Milera's future at the club. Wanganeen-Milera is reportedly tossing up a return to South Australia, but Lyon admitted it's the club's job to do their best to keep him at St Kilda.
