Members of one of the nation’s largest superannuation funds have regained access to their funds,but there are new questions about the Australia’s reliance on three US tech giants.
This season was not one that banks will be crowing about – all experienced a fall in profits and the themes were remarkably similar.
The country’s biggest bank has reported its net profit slid by 3 per cent as CEO Matt Comyn said the strong immigration rate was helping the Australian economy remain resilient.
The bosses of major banks have backed calls for federal elections to be held every four years instead of three to provide more certainty for business.
Senator Barbara Pocock retreated to her parliamentary office in Canberra for a critical meeting with fellow kingmaker David Pocock last week. The mood was tense.
CBA chief executive Matt Comyn said late payments likely to tick up as customers faced cost-of-living pressures. The bank’s shares fell as its profit declined.
National Australia Bank chief executive Ross McEwan said rate hikes were slowing the economy as intended but that there could be one more next year.
Now that all the major banks have reported their 2023 profits,the conventional notion that Australia’s big four lenders act as a herd is being challenged.
The mortgage cliff that borrowers were facing has thus far taken on the shape of stairs,which most borrowers have been able to manage.
The assistant treasurer has called for closer collaboration between banks and telcos on tackling fraud,as the CBA announced an expansion of its anti-scam technology.
Commonwealth Bank chair Paul O’Malley says the nation’s biggest mortgage lender plans to defend its turf after rivals Westpac and ANZ claimed market share.