The Australian Centre for Financial Studies (ACFS) facilitates industry-relevant, rigorous research and independent commentaryDrawing on expertise from academia, industry and government, ACFS promotes thought leadership in the financial sector.
 
As specialists in leading edge finance and investment research, ACFS aims to boost the global credentials of Australia’s finance industry, bridging the gap between research and industry, and supporting Australia as an international centre for finance practice, research and education.

Wednesday, 30 July 2014
Liquidity, not capital, is what regulators should be focusing on warned Mr Mark Sheppard, Principal of Hydrargyros and former MD Client Solutions and Advisory at National Australia Bank at an Australian Centre for Financial Studies Boardroom Briefing on Thursday. While the Murray Inquiry’s Interim Report identifies further increases in capital requirements for systemically important financial... Read more
Tuesday, 22 July 2014

The information contained in this summary is extracted directly from the Financial System Inquiry Interim Report. ACFS has compiled this information as a quick reference guide for the observations and requests for additional data made in the report. The information in this report is not the original work of ACFS.

Friday, 18 July 2014
The Interim report of the Murray Inquiry has found that on balance the banking system is competitive. Interest margins of the major banks are at historic lows, and return on equity is comparable to other large Australian businesses. However, the level of competition varies cross the banking sector.   As a potential means of addressing this issue, the Inquiry is seeking further input into... Read more
Wednesday, 30 July 2014
Liquidity, not capital, is what regulators should be focusing on warned Mr Mark Sheppard, Principal of Hydrargyros and former MD Client Solutions and Advisory at National Australia Bank at an Australian Centre for Financial Studies Boardroom Briefing on Thursday. While the Murray Inquiry’s Interim Report identifies further increases in capital requirements for systemically important financial...
Friday, 11 July 2014

This paper is one of four papers that comprise Stage 2 of the Funding Australia’s Future (FAF) project.  The Australian Centre for Financial Studies (ACFS) launched the FAF project in December 2012 to better understand the role of the financial system in facilitating long term economic growth in the Australian economy. 

The three papers of Stage 1 reviewed the infrastructure of...

Tuesday, 8 July 2014

This paper addresses the importance of international capital inflows and outflows to Australia. As identified in Stage 1 of the Funding Australia’s Future project, international capital flows have played a key role in Australia’s development throughout our history.

International capital flows can be facilitated directly through market based transactions or indirectly through...

Monday, 8 September 2014

In our experience, the Australian funds management industry has largely adopted the Henry Ford “one size fits all approach” in that most fund managers don’t tailor different strategies for different types of investors. Funds tend to be run the same “Henry Ford” way no matter who the underlying investor is. Yet there are significant differences between retirees and other investors, including...

Friday, 5 September 2014

Australia is one of the largest markets in the world for funds management and now has the third largest pool of funds in Asia (NSW Trade & Investment, 2013). As at 31 March 2014, managed funds institutions resident in Australia held an estimated $2,338.8 billion worth of assets, (Australian Bureau of Statistics, 2014) and the value of assets held by superannuation funds...

Tuesday, 8 July 2014

This paper addresses the importance of international capital inflows and outflows to Australia. As identified in Stage 1 of the Funding Australia’s Future project, international capital flows have played a key role in Australia’s development throughout our history.

International capital flows can be facilitated directly through market based transactions or indirectly through...

Tuesday, 6 May 2014
Technological innovation is underpinning a revolution in how financial services are delivered in Australia, says Professor Deborah Ralston, Executive Director of the Australian Centre for Financial Studies (ACFS).    “Today this technology enables wealth managers to deliver financial advice to three million people annually, to oversee the administration of 20 million superannuation member...
Wednesday, 19 March 2014

The role of independent research bodies such as the Australian Centre for Financial Studies (ACFS) will be critical to the current review of Australia’s financial system.

David Murray, the former chairman of the Future Fund who is heading the Financial System Inquiry (FSI), told the launch of Stage 2 of the ACFS’s Funding Australia's Future project in Sydney last night that much of its...

Friday, 20 December 2013

The appointment of Professor Kevin Davis, Research Director of the Australian Centre for Financial Studies (ACFS), to the inquiry into Australia’s financial system is due recognition for his thought leadership in the financial services sector, says ACFS Executive Director Deborah Ralston. Ralston says: “The Centre is delighted with Kevin’s appointment. Throughout his academic career Kevin has...

Thursday, 3 May 2012

Management earnings forecasts (forecasts) are voluntary disclosures made by companies that inform stakeholders about their expected future financial performance. In Australia, management typically release forecasts as part of a routine information event such as the Chairman's address at the AGM or with the release of the half-yearly earnings. Alternatively, management may release a non-routine...

Thursday, 3 May 2012

Following amendments to the Corporations Law in 1999, changes to the ASX listing rules enabled small and unprofitable companies to list on the ASX as Commitments Test Entities (CTEs). This approach appears to be unique internationally; although second board or sub-markets often exist - such as the Alternative Investment Market (AIM) of the London Stock Exchange (LSE). While, for example, the...

Thursday, 3 May 2012

With draft new legislation on tax treatment of off-market share buybacks under consideration , the future of this popular capital management tool is open to question. The proposed changes will reduce the tax benefits to participants and consequently the discount of the buyback price to current share market price. This makes them less attractive to companies as a capital management technique,...