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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ups and downs of online auctions, the power of activist short-sellers, and tax time 2021.

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Steve Waters, director of Right Property Group, chats about online auctions and why they resemble “a bad Zoom meeting”, the growing resilience of the property market, and how Sydney’s lengthy lockdown could shake things up.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into short selling – the original trade that sent GameStop stock soaring – and how activist short-sellers are impacting markets.

And lastly, tax and super guru Timothy Munro talks about those early tax lodgers and possible ramifications, as well as detailing the temporary shortcut method, which you may be able to use this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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From financing a credit card debt to deciding on a home loan, Nest Egg’s got your back! " ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["page_heading"]=> string(66) "Borrow Money - Your Guide to Loans and Credit Management | nestegg" ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2021-07-13 07:55:25" ["slug"]=> string(123) "17060:do-lockdowns-boost-property-prices-are-short-sellers-levelling-the-playing-field-did-you-lodge-your-tax-returns-early" ["catslug"]=> string(11) "302:podcast" ["link"]=> string(136) "/resources/podcast/do-lockdowns-boost-property-prices-are-short-sellers-levelling-the-playing-field-did-you-lodge-your-tax-returns-early" ["image"]=> string(65) "images/podcasts/230221_Angel_Zhong_Steve_Waters_Timothy_Munro.jpg" ["image_alt"]=> string(0) "" } }

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ASIC instigates legal action against major bank

By Cameron Micallef

July 26 2019
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Borrow

ASIC instigates legal action against major bank

By Cameron Micallef
July 26 2019

One of the big four banks will soon find itself in court over its fee-charging practices, after it was advised that the Australian Securities and Investment Commission is intending to commence civil penalty proceedings against it.

ASIC instigates legal action against major bank

By Cameron Micallef

July 26 2019
Share

ASIC has advised ANZ that it will commence the proceedings in relation to the charging of fees for periodical payments in certain circumstances prior to February 2016.

ASIC said it will allege that ANZ was not entitled to charge certain periodic payment fees under the bank’s contracts with its customers.

These fees have already been the subject of a class action, which was settled in December 2018 for $1.5 million, pending court approval.

During the 2003-16 period, it’s alleged that the transaction fee for periodical payments varied between $1.70 and $4 for business accounts and was either $4 or free for retail accounts, with non-payment fees for periodical payments varying between $35 and $45 for business accounts and between $6 and $45 for retail accounts.

ASIC alleges that between 26 July 2013 and 23 February 2016, ANZ unlawfully charged fees to customers on at least 1,340,087 occasions.

The Australian Government Solicitor has informed ANZ it will file documents in the Federal Court on 29 July.

In a statement to the ASX, ANZ said is still considering the matter raised by ASIC, but has categorically denied any deliberate wrongdoing.

It does intend to vigorously defend the allegations.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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