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Finance Assignment: Critical Discussion on Financial Institutions of Australia

Question

Task: Finance Assignment Tasks
This assignment task is a written report that include 3 parts: Part 1 is a research and fact finding on Australian financial market. Part 2 is a fact finding of financial market regulation in Australia and Part 3 is a risk analysis and project evaluation. To complete the assignment, groups are recommended to obtain data and information from relevant web sites, especially websites of Australia Stock Exchange: www.asx.com.au; Australian Securities and Investment Commission: https://asic.gov.au/ and the Australian Prudential Regulation Authority (APRA) https://www.apra.gov.au for their research and fact finding.

Part 1. Research and fact finding of Australian financial market
1.1 Comparison of four key financial institutions: commercial banks, insurance companies, investment banks and investment funds in Australia from the perspective of a potential investor who would like to invest into the institutions

Criteria for comparison include: (1) classification (the group of financial institutions it belongs to); (2) market sector of operation; (3) key business activities; and (4) main source of income. Organize your group’s comparison in a relevant table. Your group’s research should be supported by a fact finding of real life examples of a commercial bank, insurance company, and investment bank and investment fund in Australia. Your group’s discussion on each example should reflect the above mentioned criteria and the following information: (i) what is the code of stock listed, (ii) when was the company’s stock was first listed, (iii) what is the current market capitalization of that stock, (iv) the current total share outstanding, (v) who is the chairman and who is the CEO of that company, (vi) a graph of five year dividend payment for each company and (vii) next dividend date. Using ASX and ASIC websites for the fact finding.

1.2 Analysis of three financial management questions: (i) capital budgeting, (ii) capital structure and (ii) working capital management
Define the three financial management questions and justify your group’s analysis by illustrating examples: Choose one or more events described by media (CNN Business, Financial Times, Dow Jones financial news etc.) about a company who is doing one or more activities related to the three financial management questions. Analyse that event (s) applying the three financial management questions. Note: Each question is to be illustrated by at least one event.

Part 2. Fact Finding of Australian financial market regulation
2.1 Fact finding of the listing on ASX

Assuming your group is working for a company that is considering to be listed on ASX in the near future. Go to the website of Australian Stock Exchange (ASX), do a fact finding and present an analysis of Australian Stock Exchange Listing Requirements and process. The following questions should be addressed:
(1) What are the advantages of being a listed company on ASX
(2) What are the problems that need to be taken in consideration for being listed company on ASX
(3) What are the requirements for listing on ASX
(4) What are the steps of listing procedures on ASX
(5) How listing fee is applied. Using ASX listing fee calculator to identify your selected company listing fee, choosing any random number for the ranges of market cap: 10 million -50 million; 50 million-100 million; 100 million-500 million.

2.2 Fact Finding of requirements on Financial advisory service registration in Australia
Assuming after graduation you would like to work as a financial adviser. Go to the website of Australian Securities and Investment Commission, do a fact finding and present an analysis of financial advisor registration to identify whether you are qualified and what steps should be taken to be a financial adviser in Australia. The following questions should be addressed:

(1) What is the ASIC’s Financial advisers register
(2) Who should be on the Register, who are not on the Register and who updates the register
(3) What information should be on the Register
(4) What are the relevant financial products for a financial advisor
(5) What are the professional standards applied for a financial advisor.

Part 3. Risk analysis and project evaluation
Case Study: Assume that are the financial manager of a company, which is considering a potential project with a new product that is expected to sell for an average price of $22 per unit and the company expects it can sell 350 000 unit per year at this price for a period of 4 years. Launching this project will require purchase of a $2 000 000 equipment that has residual value in four years of $200 000 and adding $ 600 000 in working capital which is expected to be fully retrieved at the end of the project. Other information is available below:

Depreciation method: straight line
Variable cost per unit: $11
Cash fixed costs per year $350 000
Discount rate: 10%
Tax Rate: 30%

Do an analysis with cash flows of the project to determine the sensitivity of the project NPV with the following changes in the value drivers and provide your results in (a) relevant tables: Unit sales decrease by 10%
Price per unit decreases by 10%
Variable cost per unit increases 10%
Cash fixed cost per year increases by 10%

Answer

Introduction
Australian financial market plays a dominant role when it comes to the structuring of the economy. The financial market helps in the flow of funds from one sector to another thereby helping the overall growth of the economy. The objective of the finance assignment is to gain an insight into the major financial institutions of Australia. To conduct this study, 4 major financial institutions from Australia have been selected followed by a study on the analysis of the financial management questions. The second part of the assignment deals with the concept of Australian financial market regulation whereby the discussion is on the listing criteria and the financial advisory service. The last part of the study deals with the sensitivity analysis and evaluation of the project. The overall report provides a glimpse that the Australian economy benefits from the financial market and is an inherent part of its success. However, the listing criteria are important that enables only the quality script to be traded. Coming to the sensitivity analysis, it is clear that the selection of the project depends on the present value and hence should be accepted.

Part 1 Facts on the Australian Financial market
1.1. Comparison of the 4 major financial institutions
i. NAB

National Australia Bank is among the four largest financial banks in Australia and is ranked as per the market capitalization, customers, and earnings. It was formed due to the merger of the National Bank of Australia and the Commercial Banking Company of Sydney in 1982 (NAB 2020). The business segment comprises of business and private banking, consumer banking, and institutional banking. The bank derives the business by serving the company’s segments that are the small business, medium business, and investors. The market capitalization of the company stands at 40.4 billion while the shares outstanding are 3 billion. Ross McEwan is the group CEO and the managing director of the company (NAB 2020).

Medibank Private Limited finance assignment

ii. Medibank Private Limited
It is a major private health insurance company that is engaged into providing health insurance and various other services pertaining to health. It comprises of a huge customer base covering more than 3.7 million through its AHM and Medicare brands. The chief income source of the company can be seen from the insurance policies premium. It is listed on the ASX as MPL while the listing was seen on 25/11/2014. With its huge business, the market cap of the company stands at $7.85 billion (Medibank 2020). Ms.

Medibank Private Limited finance assignment

Elizabeth Alexander holds the office of chairman.
Investment Bank
iii. Macquarie Bank Limited
Macquarie Bank Limited is regarded as the most valuable Australian investment bank. The operation comprises of capital management, asset management, and commodities exchange. The bank receives its main income source through the fees and other changes from brokerage and commission. It is listed as MQG and was first listed on 29th July 1996. With a strong presence, its market cap is 39.16 billion while current outstanding shares appear at 35,43,81,396. The chairman of the company is Mr. Peter H Warne (Macquarie 2020).

Medibank Private Limited finance assignment

iv. Diversified United Investment Limited
It is an investment company and the main role is to invest in equities. The main business caters to equity shares of Australian companies, trusts, and equities of international stature. The company is signified on the ASX as DUI and was listed on 19th December 1991. The market cap of the company stands at AUD 900.55 million and the outstanding shares as 211.89 million (DUI 2020). The chairperson of the company is Mr. Charles Goode.

Medibank Private Limited finance assignment

1.2. Analysis of three financial management questions
i. Capital Budgeting

CSL Limited is a major pharmaceutical giant providing a broad range of products in Australia and in the Asia Pacific. It has grown from strength to strength by making timely decisions on its capital structure and investments. On 7th December 2017, CSL Limited had announced the expansion of its biotechnology facilities to accelerate growth and also create new jobs. The expected investment of AUD$230 million has taken place at its Behring Site at Broad meadows. This unit is expected to produce therapies whose market value is estimated to be over $850 million. It is also likely to generate over 200 new jobs (CSL 2017). The project is likely to run till the year 2026 and hence it is a capital budgeting decision undertaken by the company where the inflows and outflows are worked out. It is a world-class plant and the project will help in sustaining the jobs of 1000 skilled workers on the site. Apart from catering to the requirements of Australian and the Asia Pacific markets, the product is also likely to be exported to the US and Europe as it will help in meeting the global demands of Albumin. The plant is equipped to generate the production of 100 tonnes of albumin annually. It is an advanced manufacturing project that will help in driving the overall growth in the region. It will become the only such commercial facility in the Southern hemisphere (CSL 2017). Thus CSL Limited has grown significantly due to such timely and fruitful decisions taken in the field of biotechnology. This is a vital capital budgeting decision and the company is determined to make the best use of it to reap profits.

ii. Capital Structure
Wesfarmers Limited has time and again entered into meaningful mergers and taken such decisions that have proved to be in the nick of time. Westfarmers Limited has been very satisfied with the performance of Coles. In the current times, as a response to the Covid-19 pandemic, on 30th March, 2020 Westfarmers Limited has taken yet another strategic decision of selling 5.2% of the Coles Group (Wesfarmers 2020). It has entered into underwriting agreements with two lead managers to carry out this sale. As the interest of the group has fallen below 10%, the relationship deed at the time of demerger stands terminated and this has resulted in a change in the capital structure of the company. Due to this modification, Westfarmers will not be able to nominate a director on the Board of Coles Group. The remaining shares of Coles have been held by Westfarmers for a minimum period of 60 days subject to customary exceptions. This divestment is likely to crystallize attractive returns for the shareholders and it will lead to the enhancement of the strong balance sheet position of the company. This strategic collaboration between the two companies will result in mutual benefit for both the companies. Both the groups will retain 50% interest in the business post this deal (Wesfarmers 2020). Due to the unprecedented events post Covid-19 outbreak, the company is forced to re-evaluate its balance sheet position and thus this is a capital structure decision that is vital for both the companies.

iii. Working Capital Management
Macquarie Group Limited is one of the leading banks in Australia. It has entered into a lot of agreements and is continuously innovating and evolving itself to keep pace with the fast-changing world and technologies. As a support to this venture, on 27th June, 2019 Macquarie Bank had announced the removal of international transaction charges on its credit cards. This is likely to aid customers who are traveling abroad and making online purchases. The customers would benefit from the traveling experiences in their daily bank transactions. The bank charges are usually frustrating for every customer and hence it is delighted to announce this change (Macquarie Group Limited 2019). As the bank has been managing its incomes and expenses efficiently, it has been able to pass on this benefit of reduced bank charges for the improvement of the financial wellbeing of its valuable customers. As credit card is viewed to be problematic, Macquarie Group has been able to achieve this milestone and reach a significant step by the constant monitoring of the working capital. This is a proactive step taken to help the customers manage their finances and make more effective use of the credit card. Macquarie always encourages customer wellbeing when they choose to transact through the bank. Macquarie takes additional steps to notify the customers about the monthly updates and help them have a track of their balances and repayments (Macquarie Group Limited 2019). Thus this is considered to be an apt example of how a bank can pass on its benefits of a good working capital management model to aid the financial wellbeing of its customers.

Part 2: Financial market regulation
2.1. ASX facts finding

1. Listing with the Australian Stock Exchange or ASX has innumerable advantages for a company. A listed company can easily fund its future growth and expansion by raising its capital. Listing allows the companies to raise their share capital at the initial public offering stage and throughout their lifetime for successfully funding their future growth and expansion (ASX listing rules 2020). Listing with ASX helps in creating and sustaining demand for the shares of the company and thus, builds a higher investor profile for that company. Listing with ASX improves independent valuation and leads to higher operating efficiency. A listed company can easily attract institutional investment by gaining access to raise its share capital. Increased transparency, efficiency, credibility, and liquidity are also a few advantages of a company listed with ASX. Listing with ASX will also give an enhanced market exposure and will give ample opportunities to a company to enhance its goodwill and leverage its investor-base and customer-base (ASX listing rules 2020).
2. There are problems associated with listing that an applying company must take into consideration for being listed on the ASX. A listed company will be required to provide full disclosures and will have to adhere to all the norms of corporate governance as and whenever required (ASX listing rules 2020). Enhanced media exposure and additional investment/costs will also result in being listed with ASX. There will be an addition in the responsibilities of a director of a listed company as he will be entrusted with the responsibility of providing relevant disclosures, and managing stakeholder relations. These requirements will cost additional investment, time, and a higher level of management for a listed company. The failure to abide by the listing requirements can create huge problems for the listed company. Therefore, an applying company must take all these issues arising out of the listing requirements and then evaluate its decision of becoming a listed company with ASX.
3. A listed company will have to compulsorily abide by all the listing requirements. The listing requires not less than 300 non-affiliated shareholders @AUS $2000. The general requirement in the case of a free-float is 20 per cent. The size of the company can be calculated by using the profit test or asset test method (ASX listing rules 2020). If the company size is calculated using the assets test method, then the minimum working capital must be AUS $1.5 million whereas if the chosen method is the profit test, then working capital is not required. ASX requires the listed companies to conduct their financial reporting on a yearly or half-yearly basis.
4. An applying company will need to appoint an adviser such as a lawyer, corporate adviser, stockbroker, accountant, investment bank, or other advisers for initiating the listing process. The appointed adviser will then draft a prospectus, listing application, along with other relevant documents on behalf of the company, and then initiate institutional marketing (ASX 2020). The next step requires the company to lodge its prospectus with ASIC. The prospectus of the company will be exposed to public review right after being lodged with the ASIC for up to a period of 7 days. In the next step, ASX will process the listing application and this might take 11 to 16 weeks’ time. Once the listing application is reviewed by ASX, the company can make an IPO to retail investors and close the offer by allocating the applied shares and commencing the trading activities.
5. Listing fees is calculated on the value of quoted financial securities. For example, ABC’s market capitalization is AUS $ 65 million and the number of financial securities is 100,000. The value per security of ABC is AUS $650 (AUS$65 million/100,000) and it will need to pay an initial listing fee of AUS $132,282 (ASX 2020).

Part 2
2.2. Facts finding Financial advisory service

1. FAR is the abbreviation used for the Financial Advisers Register. It is a public register maintained by ASIC and it is used for recording details of a financial advisor. Only authorized financial advisors can have their details like name, age, experience, qualification, and expertise recorded in the FAR. Authorized financial advisors are the advisers who are legally permitted to render important financial advice on such financial products that are open for investment purposes (ASIC 2020).
2. As discussed above, only authorized financial advisors can have their details recorded in the FAR. This means financial advisors who are authorized by law to provide relevant financial advice to clients on financial products or services can have their details registered in a FAR. Unauthorized financial advisors will not be recorded in the FAR (ASIC 2020). These financial advisors are the ones who offer general/personal advice to customers on products or services that are not relevant in nature, and they are not legally authorized to provide financial advice on relevant products. Also, financial advisors that render advice on general products like banking, insurance, and customer credit insurance will not bear their details in the FAR. Hence, these financial advisors will not have their details recorded in the ASIC’s FAR. FAR is an important document and it must be duly updated as and whenever required. The responsibility of updating FAR is levied with the AFS licensees’. If the FAR is not updated on time, then the AFS licensees’ will be strongly penalized. A third person/party can also be hired by the AFS licensees’ for updating the FAR.
3. FAR should record all the relevant details and information of an authorized financial advisor. These details include name, age, qualification, training, area of expertise, knowledge, and work experience of authorized financial advisors who can offer financial advice and suggestions to customers on relevant financial products or services that are available for investment-oriented purposes (ASIC 2020).
4. The relevant financial products for a financial advisor include all types of financial products that are available for investment (ASIC 2020). However, relevant financial products exclude general products such as customer credit insurance, banking products, insurance products, and a combination of the afore-named products.
5. There are various professional norms and standards applied in the case of a financial advisor. An authorized financial advisor will need to undertake and pass the FASEA exam. He must conduct himself professionally and abide by the code of ethics. It is mandatory for him to successfully complete a 100 hours training program. He will also need to undertake a 40 hours annual training program for updating his skills, and knowledge (ASIC 2020).

Part 3 Sensitivity analysis
The main aim of the assignment is to trace the impact of the overall changes in the value drivers on the NPV project

Base Case NPV

 

Year 0

Year 1

Year 2

Year 3

Year 4

Revenue

 

    77,00,000.00

               77,00,000.00

        77,00,000.00

     77,00,000.00

Less: Variable Cost

 

    38,50,000.00

               38,50,000.00

        38,50,000.00

     38,50,000.00

Less: Depreciation Expense

 

       4,50,000.00

                 4,50,000.00

           4,50,000.00

        4,50,000.00

Less: Fixed Cost

 

       3,50,000.00

                 3,50,000.00

           3,50,000.00

        3,50,000.00

Operating Profit

 

    30,50,000.00

               30,50,000.00

        30,50,000.00

     30,50,000.00

Less: Tax

 

       9,15,000.00

                 9,15,000.00

           9,15,000.00

        9,15,000.00

Net Operating Profit after Tax (NOPAT)

 

    21,35,000.00

               21,35,000.00

        21,35,000.00

     21,35,000.00

Add: Depreciation

 

       4,50,000.00

                 4,50,000.00

           4,50,000.00

        4,50,000.00

Add/Less: Increase in Capex

-2000000

 

 

 

200000

Add/Less: Increase in Working Capital

-600000

 

 

 

600000

Cash Flow

-2600000

    25,85,000.00

               25,85,000.00

        25,85,000.00

     33,85,000.00

Present Value Factor at 10%

1

0.909

0.826

0.751

0.683

Present Value

-2600000.00

2350000.00

2136363.64

1942148.76

2312000.55

 Net Present Value

      61,40,512.94

 

 

 

 

Base Case NPV

a. Unit Sales Decrease by 10%

NPV of the Base Case

 

Year 0

Year 1

Year 2

Year 3

Year 4

Revenue

 

    69,30,000.00

          69,30,000.00

        69,30,000.00

     69,30,000.00

Less: Variable Cost

 

    34,65,000.00

          34,65,000.00

        34,65,000.00

     34,65,000.00

Less: Depreciation Expense

 

       4,50,000.00

            4,50,000.00

           4,50,000.00

        4,50,000.00

Less: Fixed Cost

 

       3,50,000.00

            3,50,000.00

           3,50,000.00

        3,50,000.00

Operating Profit

 

    26,65,000.00

          26,65,000.00

        26,65,000.00

     26,65,000.00

Less: Tax

 

       7,99,500.00

            7,99,500.00

           7,99,500.00

        7,99,500.00

Net Operating Profit after Tax (NOPAT)

 

    18,65,500.00

          18,65,500.00

        18,65,500.00

     18,65,500.00

Add: Depreciation

 

       4,50,000.00

            4,50,000.00

           4,50,000.00

        4,50,000.00

Add/Less: Increase in Capex

-2000000

 

 

 

200000

Add/Less: Increase in Working Capital

-600000

 

 

 

600000

Cash Flow

-2600000

    23,15,500.00

          23,15,500.00

        23,15,500.00

     31,15,500.00

Present Value Factor at 10%

1

0.909

0.826

0.751

0.683

Present Value

-2600000.00

2105000.00

1913636.36

1739669.42

2127928.42

 Net Present Value

   52,86,234.21

 

 

 

 

b. Price per unit decrease by 10%

NPV of the Base Case

 

Year 0

Year 1

Year 2

Year 3

Year 4

Revenue

 

    69,30,000.00

          69,30,000.00

        69,30,000.00

     69,30,000.00

Less: Variable Cost

 

    38,50,000.00

          38,50,000.00

        38,50,000.00

     38,50,000.00

Less: Depreciation Expense

 

       4,50,000.00

            4,50,000.00

           4,50,000.00

        4,50,000.00

Less: Fixed Cost

 

       3,50,000.00

            3,50,000.00

           3,50,000.00

        3,50,000.00

Operating Profit

 

    22,80,000.00

          22,80,000.00

        22,80,000.00

     22,80,000.00

Less: Tax

 

       6,84,000.00

            6,84,000.00

           6,84,000.00

        6,84,000.00

Net Operating Profit after Tax (NOPAT)

 

    15,96,000.00

          15,96,000.00

        15,96,000.00

     15,96,000.00

Add: Depreciation

 

       4,50,000.00

            4,50,000.00

           4,50,000.00

        4,50,000.00

Add/Less: Increase in Capex

-2000000

 

 

 

200000

Add/Less: Increase in Working Capital

-600000

 

 

 

600000

Cash Flow

-2600000

    20,46,000.00

          20,46,000.00

        20,46,000.00

     28,46,000.00

Present Value Factor at 10%

1

0.909

0.826

0.751

0.683

Present Value

-2600000.00

1860000.00

1690909.09

1537190.08

1943856.29

 Net Present Value

   44,31,955.47

 

 

 

 

c. Variable Cost per unit increases by 10%

NPV of the Base Case

 

Year 0

Year 1

Year 2

Year 3

Year 4

Revenue

 

    77,00,000.00

          77,00,000.00

        77,00,000.00

     77,00,000.00

Less: Variable Cost

 

    42,35,000.00

          42,35,000.00

        42,35,000.00

     42,35,000.00

Less: Depreciation Expense

 

       4,50,000.00

            4,50,000.00

           4,50,000.00

        4,50,000.00

Less: Fixed Cost

 

       3,50,000.00

            3,50,000.00

           3,50,000.00

        3,50,000.00

Operating Profit

 

    26,65,000.00

          26,65,000.00

        26,65,000.00

     26,65,000.00

Less: Tax

 

       7,99,500.00

            7,99,500.00

           7,99,500.00

        7,99,500.00

Net Operating Profit after Tax (NOPAT)

 

    18,65,500.00

          18,65,500.00

        18,65,500.00

     18,65,500.00

Add: Depreciation

 

       4,50,000.00

            4,50,000.00

           4,50,000.00

        4,50,000.00

Add/Less: Increase in Capex

-2000000

 

 

 

200000

Add/Less: Increase in Working Capital

-600000

 

 

 

600000

Cash Flow

-2600000

    23,15,500.00

          23,15,500.00

        23,15,500.00

     31,15,500.00

Present Value Factor at 10%

1

0.909

0.826

0.751

0.683

Present Value

-2600000.00

2105000.00

1913636.36

1739669.42

2127928.42

 Net Present Value

   52,86,234.21

 

 

 

 

d. Fixed Cost per year increases by 10%

NPV of the Base Case

 

Year 0

Year 1

Year 2

Year 3

Year 4

Revenue

 

    77,00,000.00

          77,00,000.00

        77,00,000.00

     77,00,000.00

Less: Variable Cost

 

    38,50,000.00

          38,50,000.00

        38,50,000.00

     38,50,000.00

Less: Depreciation Expense

 

       4,50,000.00

            4,50,000.00

           4,50,000.00

        4,50,000.00

Less: Fixed Cost

 

       3,85,000.00

            3,85,000.00

           3,85,000.00

        3,85,000.00

Operating Profit

 

    30,15,000.00

          30,15,000.00

        30,15,000.00

     30,15,000.00

Less: Tax

 

       9,04,500.00

            9,04,500.00

           9,04,500.00

        9,04,500.00

Net Operating Profit after Tax (NOPAT)

 

    21,10,500.00

          21,10,500.00

        21,10,500.00

     21,10,500.00

Add: Depreciation

 

       4,50,000.00

            4,50,000.00

           4,50,000.00

        4,50,000.00

Add/Less: Increase in Capex

-2000000

 

 

 

200000

Add/Less: Increase in Working Capital

-600000

 

 

 

600000

Cash Flow

-2600000

    25,60,500.00

          25,60,500.00

        25,60,500.00

     33,60,500.00

Present Value Factor at 10%

1

0.909

0.826

0.751

0.683

Present Value

-2600000.00

2327727.27

2116115.70

1923741.55

2295266.72

 Net Present Value

   60,62,851.24

 

 

 

 

Situation

Expected NPV

Revised NPV

Percent Change from Normal

 

 

 

 

Units Sales decrease by 10%

   61,40,512.94

    52,86,234.21

-13.91%

Price per unit decrease by 10%

   61,40,512.94

    44,31,955.47

-27.82%

Variable cost increase by 10%

   61,40,512.94

    52,86,234.21

-13.91%

Fixed Cost increase by 10%

   61,40,512.94

    60,62,851.24

-1.26%

As per the scenario provided, the PV of the project is positive in the normal case and all other sensitivity shows positive PV. It indicates that in the case of negative situation, the input will fall by 10% but will not have any influence on the decision regarding the project. Hence, it can be concluded that the project will be accepted when the PV will be positive.

Conclusion
As per the study conducted above, it can be commented that the Australian financial market plays a dominating role in shaping the future of the economy. the study highlights the role of the financial institutions. As per the report it is observed that ASX is the major player in allocating funds to the different sectors. Moreover, the listing requirement at the ASX is stringent indicating only the quality scripts can be listed. This ensures the ASX composition of the stocks is of high quality. Another major observation is the facts regarding the financial adviser that ensures details of a financial advisor are properly maintained. Lastly, the analysis of the case study clearly interprets that the project evaluation depends on the PV of the project. If the PV of the project stands positive then the project must be considered.

References
ASIC 2020, Financial Advisers Register, viewed 11 June 2020, https://asic.gov.au/for-finance-professionals/afs-licensees/financial-advisers-register/
ASX 2020, A Guide to Listing & the IPO Process in Australia, viewed 11 June 2020 https://www.asx.com.au/documents/resources/A-Guide-to-Listing-SEP-18-Maddocks.pdf
ASX listing rules 2020, The listing rules, viewed 11 June 2020, https://www.asx.com.au/documents/rules/introduction.pdf
CSL 2017, Expansion of CSL Biotech facility drives advanced manufacturing growth and creates Victorian Jobs, finance assignment viewed 11 June 2020 https://www.csl.com/news/2017/20171207-expansion-csl-biotech-facility
Diversified United Investment Limited 2020, Company overview, viewed 11 June 2020,http://www.dui.com.au/#:~:text=Diversified%20United%20Investment%20Limited,within%20acceptable%20levels%20of%20risk.
Macquarie Group Limited 2019, Macquarie Bank removes international transaction fees on its credit cards, viewed 11 June 2020, https://www.macquarie.com/au/en/about/news/2019/macquarie-bank-removes-international-transaction-fees-on-its-credit-cards.html
Macquarie 2020, About Company, viewed 11 June 2020 https://www.macquarie.com/in/en/about/company.html
Medibank 2020, Company overview, viewed 11 June 2020, https://www.medibank.com.au/about/company/overview/
Wesfarmers 2020, Wesfarmers agrees to sell 5.2 per cent of Coles Group, viewed 11 June 2020, https://www.wesfarmers.com.au/docs/default-source/asx-announcements/wesfarmers-agrees-to-sell-5-2-per-cent-of-coles-group.pdfsfvrsn=e2a200bb_0

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