The Federal Court has found that credit repair business Malouf Group Enterprises Pty Ltd and its director Jordan Malouf breached the Australian Consumer Law between 1 January 2014 and 31 December 2015 by making false and misleading representations and by engaging in unconscionable conduct. The Malouf Group was ordered to pay a pecuniary penalty of A$400,000, and Mr Malouf $100,000, amounts that were "towards, or at, the upper end of the limit of the financial resources available to the respondents".  The court found the Malouf Group had not ascertained if any consumers it induced into contracts had negative listings or if any negative listings were able to be removed, and misrepresented the work it did prior to collecting a fee. Buried in the self-serving commentary on average tax rates and "speed limits" to the total tax take presented by the Treasurer at an Australian Business Economists luncheon yesterday, was the revelation that he is relying on major banks to take the sting out of corporate tax cuts for the largest corporate taxpayers.  The cost of the cuts for all taxpayers is estimated at A$65 billion, about half of which represents cuts to the big end of town - but these will not take effect for up to seven or eight years. As he noted the rate has changed for the major banks: "We already have a different measure of dealing with the large five banks, it's called the bank levy and it will raise, by about the time that equally [large] companies ... were to get to 25 per cent [nominal tax rate], and look back in the middle of that OECD chart, the bank levy would have raised over $16 billion ...". Former ASB executive Steve Jurkovich has been appointed CEO of Kiwibank in New Zealand. Jurkovich, ASB's head of business banking, left the CBA subsidiary earlier this week. He will take over as Kiwibank CEO from July 30, succeeding former head Paul Brock (who left late last year) and taking the helm from acting CEO Mark Stephen.