Briefs: Push for GST on financial services, Call for credit card inquiry, New Payments Council chair

Banking Day staff
  • South Australian Premier Jay Weatherill has raised the prospect of extending the goods and services tax to financial services, according to a Fairfax Media report. GST is not currently applied to most financial services and the industry has argued that it would be too complex to implement
  • Opposition Leader Bill Shorten has written to the Prime Minister seeking his support for a Senate inquiry into credit card interest rates, according to an AAP report. A spokesman for the Treasurer said he would look at the proposal. The Australian Bankers Association has reponded by saying consumers have a wide range of options in the credit card market and can avoid paying high interest rates, according to a Fairfax Media report.
  • The Australian Payments Council has appointed Mark Birrell as its non-executive chair. Birrell is currently chair of Infrastructure Australia, Regis Healthcare, the Port of Melbourne Corp and PostSuper. The Australian Payments Council was established last year as the strategic co-ordinating body for the payments industry and has the support of the Reserve Bank and the Australian Payments Clearing Association.
  • NAB Wealth has appointed Greg Miller to the position of executive general manager wealth advice. Miller has been acting in the role since the beginning of the year. He will report to NAB Wealth group executive Andrew Hagger.