The National Australia Bank (NAB) has assured customers that new rules that allow it to “cut off” customers identified as perpetrators of financial abuse will not be open to misuse. On June 26, NAB announced it would be updating its terms and conditions saying the bank will suspend, cancel, or deny access to savings and…
Bank to Suspend, Cancel Accounts of Customers Engaged in ‘Financial Abuse’
July 18, 2023
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New Financial Abuse Rules Wont Be Open to Misuse, Says NAB
The National Australia Bank (NAB) has assured customers that its new regulations surrounding financial abuse will not be open to misuse following the announcement of the new rules. On June 26, NAB announced it would be updating its terms and conditions to allow the bank to financially ‘cut off’ customers who’ve been identified as perpetrators…
NAB Shares Slide Despite Profit Lift
National Australia Bank has lifted first-half earnings and interim dividends on the back of higher interest rates and increased lending in its business and institutional segment. The earnings came below market expectations, prompting a slide in its share price as investors accounted for a toughening growth outlook amid rising interest rates. The lender reported a…
More Businesses Lose Confidence in Australia’s Economic Prospects
Australian business sentiment has turned negative for the first time in the past 12 months as more enterprises feel uncertain about the country’s economic outlook. According to the latest National Australia Bank (NAB) business survey, the business confidence index dipped from zero to minus four index points in November. While negative sentiment was reported in…
Ultra-Low Unemployment in Australia to Hold Firm
December 10, 2022
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The jobless rate is expected to remain in record-low territory heading toward the end of the year as the battle to hire workers rages on. In October 32,200 jobs were added to the economy, driving the jobless rate back to 3.4 percent from 3.5 percent in September. The unemployment rate is expected to remain in…
NAB Records $7 Billion in Earnings After Rate Rises
National Australia Bank has bumped up annual earnings to more than $7 billion following a “pleasing” year during which it reaped the rewards of rising interest rates. Australia’s largest business-focused bank reported cash earnings of $7.1 billion for fiscal 2022, up 8.3 per cent from the previous year. Cash earnings are the banking industry’s preferred…
Aussies Spending More on Overseas Trips Than Pre-Pandemic Level
June 21, 2022
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Australians, who love travelling and can’t wait to go abroad after the country reopened, are spending more on international tourism than they did before the COVID-19 pandemic, banking industry figures show. Customers of National Australia Bank (NAB) spent AU$46 million (US$31.98 million) on international flights, accommodation, car rentals, cruises, trains, and travel agencies in May,…
Rising Costs Hit Australian Small Business Sentiment
The impact of the Omicron COVID-19 variant and escalating costs have cut short the recovery in the confidence of small and medium businesses across Australia, a new survey has found. According to the latest National Australia Bank business survey of small and medium enterprises (SME), the confidence index for the March quarter fell six points…
4 Out of 10 Australian Businesses Feel the Pressure From Labour Shortages
Nearly four in ten Australian businesses feel that labour shortages are causing a “very significant” impact on their enterprises, according to new research by National Australia Bank (NAB). The research, which captured the views of 1,600 businesses of all sizes across a broad range of industries from Nov. 16 to Dec. 13, 2021, noted that,…
Australian Banking Taskforce to Assess Impact of Bank Branch Closures in Regional Areas
October 22, 2021
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A government taskforce involving the big four banks, peak bodies, and Australia Post will examine the impact of regional bank branch closures on the local communities, businesses, and industries. Regionalisation Minister Bridget McKenzie said it would provide a platform to determine how changes in the banking industry have affected regional communities. “Having access to bank…
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