Tag: NAB
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NAB posts $2.5bn profits but does not meet expectations
National Australia Bank (NAB) has posted an overall net profit for the first half of the financial year of $2.5 billion which, while falling short of expectations, has marked a dramatic improvement on the $1.7 billion loss posted this time last year. NAB’s cash profit, which is the bank’s preferred performance measure since it is…
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ANZ raises interest rates for investors
ANZ has become the latest of the big banks to raise its variable interest rates since the US Federal Reserve raised its rates last week. The bank has raised the interest rate for investors by 0.25 basis points from 5.60% to 5.85% per annum, effective from March 31st. ANZ is also raising it variable rate for its interest…
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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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Worst decade of Australian income growth
Australia needs to lift its productivity otherwise we may be about to experience the worst decade of national income growth in almost 50 years. Potential growth has fallen to 2.5% from 3.25%. NAB Group economists James Glenn and Riki Polygenis revealed this and say it is “below recent estimates from the Treasury and the RBA” of…
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Big banks drop home loan rates
ANZ, NAB, CBA and Westpac have all dropped their home loan interest rates following the Reserve Bank’s official interest rate cut. The Reserve Bank of Australia cut the cash rate by 25 points to 1.75% on Tuesday, prompting the big banks to action. National Australia Bank was the first to cut its standard variable home…
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Aussie Dollar reaches nine month high
The Australian dollar today reached a nine month high of 77 US cents. This is mainly attributed to the strengthening global equity markets and commodity prices. Last night crude oil rose 3%, iron ore reached $US60 per tonne and gold realized its highest quarterly gain in three decades. Indeed, following a business survey, NAB said…