Tag: financial
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NAB interest rate rise is causing outrage
The National Australia Bank (NAB) is receiving heavy criticism for its decision to raise its interest rates yesterday, just hours after the US Federal Reserve raised its interest rates. The NAB raised its residential investment home loan variable rate by 25 basis points from 5.55% to 5.8% per annum. They also raised their standard variable rate for owner-occupiers…
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Turnbull declares Australian ‘energy crisis’
Prime Minister Malcolm Turnbull has today warned of an impending “energy crisis” as tensions rise surrounding a dramatic shortfall in gas-powered electricity production. Speaking to a conference hosted by the Australian Financial Review this morning, teh Prime Minister warned that the findings of Wednesday’s report by the Australian Energy Market Operator (AEMO) were concerning. He argued…
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Centrelink overpayment errors ‘not counted’
The Senate inquiry into Centrelink’s automated debt recovery system has found that the system has not kept track of how many overpayment errors were caused by the agency itself. Greens senator Rachel Siewert has called for greater clarity from the government service on the functionality and reliability of the new automated system. “I think it…
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Pennybox app will teach kids financial literacy
Pennybox, the newest start-up to break into the $1.5 billion pocket money market, will teach children about financial literacy. The financial technology start-up has been designed to use pocket money to teach children about the cycle of earning, saving, and spending. Unlike Commonwealth Bank’s Dollarmites Club (which I’m sure we all remember) or Westpac’s new…
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Deutsche Bank pays $9.5 billion for contributing to GFC
Deutsche Bank this week reached a final settlement with the US Justice Department over their handling of mortgage-backed securities prior to 2008. The bank agreed to pay $9.5 billion (or US$7.2 billion) and admitted to misleading investors. Deutsche Bank admitted to misleading customers about the loans underlying the securities, including falsely claiming that loans had been…
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CommBank chief first to face Parliament over banking scandals
Executives of Australia’s big four banks will each be questioned individually for three hours in Parliament by a cross-party group of 10 MPs from the House of Representative Standing Committee of Economics this week, ahead of a year filled with scandals and controversies within the banking industry. Facing the Parliament today will be Commonwealth Bank chief Ian…