Outgoing Commonwealth Bank chief executive David Murray was not
pulling any punches at his 27th and final results briefing
yesterday, reports The Smage. His prime target was the Finance Sector Union, which he berated
for conducting an industrial campaign that compromised the
employment prospects of CBA staff. He also criticised the Reserve
Bank over credit card reforms and challenged his counterparts at
Westpac, ANZ and National Australia Bank, to have a more meaningful
debate about the “four pillars” policy, which prevents big-bank
mergers.

Within the detail of David Murray’s final result is a glimpse of its future under its
new CEO, Ralph Norris, says Stephen Bartholomeusz in The Smage. Murray has made
no secret that his ambitious “Which New Bank” transformation
program borrows heavily from strategies developed by Norris when he headed CBA’s ASB Bank subsidiary in New
Zealand.

The Fin Review reports that although Australia is awash with
residential apartments, it’s running out of office space. Vacancy
levels in every central business district have shrunk in the past six
months, mainly due to the boom in professional and public service jobs.

And The Australian reports how unfair dismissal laws have little effect on
employment and do not impose onerous costs on small business. These
explosive findings emerge from the most comprehensive research
conducted into hiring-and-firing costs.

On Wall Street, crude-oil futures hit $US65 a
barrel
before closing at a record $US64.90, despite US data reflecting ample
domestic
supplies. As a result, US stocks closed lower overnight after the Dow
Jones rallied to a five month intraday high of 10,719 in the morning –
the bluechip index closed down 21.26 points at 10,594. MarketWatch has
a full report here.