Briefs: IMF loan agreed, Aussie wants federal help and bank plaintiff wears costs

The Australian Government said it had "made a commitment to a loan" of US$7 billion to the International Monetary Fund, part of an additional US$430 billion in "resources" committed to the IMF by member countries over the weekend. At present, Australia has a quote of 3.3 billion in "special drawing rights" - equal to around A$4.8 billion - with the IMF.

John Symond, executive chair of Aussie Home Loans told the Financial Review the Australian government could do more to foster competition in the home loan sector. He said this included buying more mortgage-backed bonds through the Australian Office of Financial Management. The AOFM still has more than A$5 billion to invest in RMBS under existing government policy. Symond also complained over the policy decision, implemented in July 2011, to ban mortgage exit fees.

The plaintiff in a failed case against two Commonwealth Bank executives must pay A$5.8 million in legal costs, the Federal Court ruled on Friday. Last month, Vivienne Dye failed to establish that the two executives harassed and victimised her, and also discriminated against her between 2005 and 2007. The judge in the case noted that Dye said she had few assets.