Latest news with #JudoBank
Yahoo
08-07-2025
- Business
- Yahoo
RBA's interest rates hold sparks warning for mortgage holders: 'No sure thing'
The Reserve Bank of Australia (RBA) defied expectations by keeping the cash rate on hold at 3.85 per cent at today's meeting. While the central bank has signalled an August interest rate cut is on the table, a top economist has warned borrowers not to expect more after that. RBA governor Michele Bullock said she understood households had expected an interest rate cut today, but the board had decided to 'wait a few weeks' to confirm inflation was on track. Provided things pan out as expected, she said there would be 'an easing cycle coming'. Judo Bank chief economist Warren Hogan told Yahoo Finance an interest rate cut had been a 'slam dunk' in terms of market pricing, with around 90 per cent chance of a cut priced in. RELATED RBA holds interest rates at 3.85 per cent in shock decision for millions Commonwealth Bank, Westpac reveal major payment change for millions of customers CBA, NAB, ANZ reveal $200,000 move borrowers making after RBA interest rate cuts 'Although the governor's conference suggests that they're still eying off a cut in August, I think it is a bit of a signal that a series of rate cuts from here is no sure thing,' he said. Hogan said the RBA was signalling that market expectations of three or four interest rate cuts were not aligned with their current thinking. 'The market's probably getting a little bit ahead of itself in pricing in four,' he said. 'My view is we've probably got a good chance of a move in August and that's also a good chance of being the last cut. 'Rates will probably stay where they are, which is a broadly neutral position from a policy setting point of view that is an RBA cash rate of about 3.5 per cent.' Hogan noted the economy was in a recovery phase, but it was very gradual. 'The problem for the RBA is if the economy does start recovering while we've got this elevated business cost, the pressure on margins and profits, then businesses may be in a position to start passing those costs through for the course of the next year,' he told Yahoo Finance. 'That ends up pushing inflation up and that would then bring rate hikes back into play.' While the fall in inflation over the last year has given the RBA confidence to do the first few rate cuts and potentially one in August, Hogan said the next big move in rates would be determined by the next big move in the economy, and this was 'not at all clear'. AMP chief economist Shane Oliver had been expecting a 0.25 per cent cut today and said the bank continued to see the RBA cutting the cash rate to 2.85 per cent but a bit more slowly. "While we were wrong in our expectations for a cut in July, and the RBA is proving to be even more gradual than we had come to expect, we continue to see further rate cuts — as we see economic growth picking up more slowly than the RBA is forecasting, underlying inflation is likely to be confirmed around the 2.5 per cent target and monetary policy remains tight," Oliver said. AMP expects 0.25 per cent rate cuts in August, November, February and May. The RBA decision was not unanimous, with the board publishing an unattributed record of votes in the post-meeting statement for the first time. Today's decision was made with six in favour of a hold and three against. 'The signal today is that while the majority have voted for this outcome, there are those who thought that there should be a cut, meaning we're close,' Hogan said. Hogan said he understood why the RBA wanted to keep the votes unattributed so there was no lobbying, but he has called for more information to be available if records of votes are published. 'I would urge them to say when there are votes against the decision, what they would have wanted,' he said.
Sky News AU
07-07-2025
- Business
- Sky News AU
Future rates cuts not ‘a done deal' after Reserve Bank of Australia's July meeting, Judo Bank's Warren Hogan predicts
The Reserve Bank of Australia may not go on a cutting spree after its Tuesday meeting - where the central bank is widely tipped to deliver the third cut this year - a leading economist has predicted. Money markets are pricing in a 95 per cent chance of the central bank cutting rates on Tuesday to bring the cash rate down to 3.6 per cent. The rate cut comes as trimmed mean inflation – the RBA's preferred measure, which examines the middle 70 per cent of price changes – has fallen well within the central bank's target band. While a rate cut on Tuesday is all but locked in, there is no guarantee the RBA will continue cutting, Judo Bank's chief economist Warren Hogan has warned. 'There's still a lot of uncertainty out there,' Mr Hogan said. 'The RBA was very worried about what tariffs will do to the economy and the risk they pose. 'Although that hasn't gone away, we know markets have moved on and are now at record highs … and property markets here are at record highs. 'I think the RBA has got to be very careful once they get policy down to about three and a half (per cent) after the cut this week. 'After that, I don't think it's a done deal we get more rate cuts despite market prices.' If the RBA cuts rates on Tuesday, it will be the first series of consecutive cuts since the central bank delivered emergency financial relief in March 2020. However, another cut after the July call is not set in stone as the RBA looks towards setting a terminal rate, Mr Hogan said. 'I don't think August is a slam dunk as the market expects tomorrow to be,' he said. 'The real risk tomorrow is obviously a less concerned RBA and, of course, the big risk is they don't move at all. 'I think that's pretty unlikely because I think they're happy to get that cash rate down to what they're thinking is neutral - about three and a half (per cent).' Every major bank is now predicting the RBA will cut rates on Tuesday. ANZ was holding out on a prediction of no cut until August, but changed last week amid data showing retail sales continued to be soft. Research from said households with a $1m home loan will save more than $450 each month compared to the beginning of the year if the Reserve Bank of Australia delivers another rate cut on Tuesday. A household with a $600,000 home loan will save $273 per month, while those with an $800,000 loan will save $364. The array of cuts for Aussie households follows the RBA holding the cash rate at 4.35 per cent for almost a year and a half to stamp out post-pandemic inflation.
Sky News AU
03-07-2025
- Business
- Sky News AU
Labor accused of ‘chopping and changing' superannuation system
Judo Bank Economic Advisor Warren Hogan says Labor's proposed superannuation tax reflects the issue of the government's 'credibility and trust'. 'This is changing the rules, it is a reflection of a range of concerns about super and the current government finances,' Mr Hogan told Sky News host Danica De Giorgio. 'This could change the way Australians think about their super going forward if it is this vulnerable to being chopped and changed by each government that comes through.'
Korea Herald
05-06-2025
- Business
- Korea Herald
Synpulse successfully partners with Judo Bank to complete its Core Banking Transformation
SINGAPORE, June 5, 2025 /PRNewswire/ -- Synpulse, a global management consultancy with deep expertise in financial services, is pleased to announce the successful completion of Phase 2 of Judo Bank's core banking transformation journey, building on the strong foundation established in the initial go-live in mid-2024. Phase 2 focused on the delivery of a comprehensive term deposit offering on Judo Bank's new core banking platform, powered by Thought Machine. Over a period of 7 months, Synpulse worked closely with Judo Bank to design, build, and migrate its term deposit products—covering direct and intermediate channels across retail, business, and security-linked accounts. In total, around 63,000 accounts were successfully migrated, marking a major milestone in Judo Bank's broader platform modernisation agenda. The initiative began with a discovery phase in September 2024, followed by an intensive build period starting in October. In addition to launching new term deposit capabilities, the team also completed the migration of a subset of loan accounts from a legacy platform into the Thought Machine system, ensuring all lending products now operate on a single platform. This consolidation significantly streamlined operational processes and enhanced visibility across the bank's product suite. With all core products—lending and term deposits—now live on Thought Machine, Judo Bank is positioned to retire one of its key legacy platforms by mid 2025. This strategic shift enables the bank to significantly improve operational efficiency, reduce technical debt, and accelerate time-to-market for future innovations. Commenting on the successful completion of Phase 2, Rahul Bansal, Partner and Global Head of Retail and SME Banking at Synpulse, said: "We are proud to continue our partnership with Judo Bank on this transformative journey. Phase 2 was all about building on the momentum of the first phase—extending the platform's capabilities with term deposits and completing critical migrations that pave the way for a simplified, scalable banking environment. This marks a key milestone not just in Judo's platform journey, but also in Synpulse's expanding presence in the Australian market." Rosanna Fornarino, Chief Operating Officer at Judo Bank, added: "With Phase 2 complete, we have a modern, unified core banking system that supports both our lending and deposit products. This gives us the flexibility to innovate faster, operate more efficiently, and deliver even better outcomes for our customers. Synpulse has been a strong and collaborative partner throughout, and we're excited about what comes next." This latest phase reinforces Judo Bank's commitment to modernising its technology stack and delivering customer-first banking through a robust and future-ready platform. About Judo Bank Judo Bank is Australia's first purpose-built challenger bank for small and medium-sized businesses (SMEs) and on 1 November 2021, was the first commercial bank to list on the Australian Stock Exchange (ASX) in 30 years. Judo was founded by a small group of experienced lending professionals and its purpose is to be the most trusted SME business bank in Australia. The company's relationship-led lending model, which brings back the craft of relationship banking, is enabled by its digital, cloud-based technology architecture. About Synpulse Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We optimise the proximity to our clients and deep domain expertise to create sustainable value using technology as a business driver. Leveraging our strong network of over 100 ecosystem partners, we accompany our clients throughout their transformation journey – from strategy and development to implementation and management. With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods. Synpulse is powered by the passion and commitment of its more than 1200 employees, who come from over 30 countries.
Yahoo
05-06-2025
- Business
- Yahoo
Synpulse successfully partners with Judo Bank to complete its Core Banking Transformation
SINGAPORE, June 5, 2025 /PRNewswire/ -- Synpulse, a global management consultancy with deep expertise in financial services, is pleased to announce the successful completion of Phase 2 of Judo Bank's core banking transformation journey, building on the strong foundation established in the initial go-live in mid-2024. Phase 2 focused on the delivery of a comprehensive term deposit offering on Judo Bank's new core banking platform, powered by Thought Machine. Over a period of 7 months, Synpulse worked closely with Judo Bank to design, build, and migrate its term deposit products—covering direct and intermediate channels across retail, business, and security-linked accounts. In total, around 63,000 accounts were successfully migrated, marking a major milestone in Judo Bank's broader platform modernisation agenda. The initiative began with a discovery phase in September 2024, followed by an intensive build period starting in October. In addition to launching new term deposit capabilities, the team also completed the migration of a subset of loan accounts from a legacy platform into the Thought Machine system, ensuring all lending products now operate on a single platform. This consolidation significantly streamlined operational processes and enhanced visibility across the bank's product suite. With all core products—lending and term deposits—now live on Thought Machine, Judo Bank is positioned to retire one of its key legacy platforms by mid 2025. This strategic shift enables the bank to significantly improve operational efficiency, reduce technical debt, and accelerate time-to-market for future innovations. Commenting on the successful completion of Phase 2, Rahul Bansal, Partner and Global Head of Retail and SME Banking at Synpulse, said: "We are proud to continue our partnership with Judo Bank on this transformative journey. Phase 2 was all about building on the momentum of the first phase—extending the platform's capabilities with term deposits and completing critical migrations that pave the way for a simplified, scalable banking environment. This marks a key milestone not just in Judo's platform journey, but also in Synpulse's expanding presence in the Australian market." Rosanna Fornarino, Chief Operating Officer at Judo Bank, added: "With Phase 2 complete, we have a modern, unified core banking system that supports both our lending and deposit products. This gives us the flexibility to innovate faster, operate more efficiently, and deliver even better outcomes for our customers. Synpulse has been a strong and collaborative partner throughout, and we're excited about what comes next." This latest phase reinforces Judo Bank's commitment to modernising its technology stack and delivering customer-first banking through a robust and future-ready platform. About Judo Bank Judo Bank is Australia's first purpose-built challenger bank for small and medium-sized businesses (SMEs) and on 1 November 2021, was the first commercial bank to list on the Australian Stock Exchange (ASX) in 30 years. Judo was founded by a small group of experienced lending professionals and its purpose is to be the most trusted SME business bank in Australia. The company's relationship-led lending model, which brings back the craft of relationship banking, is enabled by its digital, cloud-based technology architecture. About Synpulse Synpulse is a global professional services company and a valued partner of leading players in the financial services and related industries. We optimise the proximity to our clients and deep domain expertise to create sustainable value using technology as a business driver. Leveraging our strong network of over 100 ecosystem partners, we accompany our clients throughout their transformation journey – from strategy and development to implementation and management. With our tech powerhouse, Synpulse8, we collaborate with our clients to co-create digital experiences with innovative technologies and proprietary methods. Synpulse is powered by the passion and commitment of its more than 1200 employees, who come from over 30 countries. Further information View original content to download multimedia: SOURCE Synpulse Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
