"Seventy-four per cent are actually being resolved by agreement of in favour of complainants," Mr Locke told PM
While the majority of complaints are resolved, there are still too many Australians who are unable to get out of the financial bind they have found themselves in and the ombudsman warned there was an alarming number of Australians slipping into poverty due to financial hardship. "So that to me indicates that there's much more that needs to be done, and it also indicates there are a lot of people out there who are struggling.
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Business needs more than interest rate cuts: NAB CEO | Sky News AustraliaInterest rates have “done as much as they can” to boost Australia’s economy, according to National Australia Bank acting CEO Philip Chronican.\n\nThe Reserve Bank of Australia predicts Australia’s economy will grow at a sluggish 2.3 per cent in 2021, despite record-low interest rates.\n\nMr Chronican said the government must find measures to “increase demand” for business borrowing.\n\nIn a wide-ranging interview with Sky News, the interim CEO also spoke about NAB's steep full-year profit drop, with the bank still grappling with the aftermath of the royal commission into the banking sector. NAB PhilipChronican Westpac it needs a government that is awake, Scott Morrison, Frydenberg and Cormann continue to sleep through the stalled economy & low wages from more than 4 years. Still asleep with drought, rogue banks, aged care providers yet talk of less regulation. Wake and get out and about.
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Bank reporting season ‘worse than expected’ | Sky News AustraliaThe bank reporting season has been 'worse than expected' as the big four continue to grapple with the aftermath of the royal commission, according to Tribeca Investment’s Jun Bei Liu.\n\nThis week, the National Australia Bank recorded a significant 14 per cent drop in its full-year profit, with the bank cutting its dividend on the back of the result.\n\nMs Bei Liu told Sky News while the results are disappointing, all the major banks are operating “in a tough environment”.\n\n\n
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Banks should 'put up or shut up' on first home buyer scheme | Sky News AustraliaLiberal MP Tim Wilson says banks have 'no evidence or substance' to charge higher interest rates to first home buyers taking advantage of the federal government's home loan deposit scheme. \n\nBanks are reportedly worried buyers using the scheme will pose a greater risk because they're untested and their deposits will be as little as five per cent. \n\nMr Wilson told Sky News banks provided “no evidence or substance, at least in the public domain, to justify those concerns so it’s up to them to put up or shut up”. \n\n'They need to put up hard evidence of the issue… and so far they have not done so,” he said. \n\n“Unless they’re saying government money isn’t worth anything, they should have no basis for concern.'\n\n\nImage: News Corp Australia TimWilsonMP After the Royal Commission why haven't they been charged with criminal offences? Because th liberal party TimWilsonMP have protected thier fat cat mates. If I stole a loaf of bread to survive I would be charged. The bastards steal from 1000s of people and walk away. LNP pissweak TimWilsonMP 🤣🤣🤣 The liberals trying to pretend they are being tough on the banks 😂😂😂 the liberals work for the banks and against the Australian people.... TimWilsonMP Banks charge what they can and customers choose cheapest one? It’s a free market, right?
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Banking sector exposed by 'increasing mortgage stress' | Sky News AustraliaA slowing economy and stagnant wage growth are exposing the banking sector to greater risk according to Analogica’s Mike Newman.\n\n Mr Newman said record low interest rates and stubborn high property prices is increasing Australians mortgage stress, which has ‘significant’ implications for the banking sector.\n\nInternational ratings agency Moody's this year revealed Australia’s mortgage delinquency rate was at its highest level in at least five years.\n\nMr Newman told Sky News the banking sector is exposed when Australians cannot fund their mortgage.\n\n“Even by the RBA admission we are not going to get any more wage increases by 2020,” he said. “If house prices keep going up and wages are not going up then clearly, you are moving towards a higher amount of mortgage stress.”\n\nMr Newman said a weakening global environment means it is “the worst time” to put additional regulation on the baking sector. Slowing? Let it slow! When it slows, prices drop and I expand my portfolio! BabyBoomer and proud. Brb, going for a nap. Slowing economy? Wasn't it strong 5 months and 3 rate cuts ago 😂 😂 😂 Liberal lies 🤣🤣🤣🤣
Source: SkyNewsAust - 🏆 7. / 78 Read more »
RBA is 'definitely worried about the economy' | Sky News AustraliaDeloitte Access Economics Partner Nicki Hutley says the Reserve Bank of Australia is “definitely worried about the economy”. \n\nIn the RBA’s mid-year statement on monetary policy, Ms Hutley said the reserve bank downgraded its forecast for consumer demand and GDP. \n\nShe said the RBA was worried the recent cuts in interest rates dampened consumer confidence rather than boosting it. \n\n“We are stuck in this endless cycle of low wages and flat unemployment and we just can’t give the economy the boost it needs,” she said. \n\nMs Hutley said she hoped the RBA’s forecast gave the government the push it needed to provide further economic stimulus through policy changes. \n\nImage: Getty Liberal party promised surpluses under Joe Hockey and Frydenberg ? They've stuffed it the great economic managers lol.... Last time they rode a mining boom... It was Labor who saved us during the GFC during hard times. Down the Reserve go's. Why the fundamentals are strong. Josh told me so
Source: SkyNewsAust - 🏆 7. / 78 Read more »
Meet Wiggy, the new character leading Virgin Australia’s ad campaignForget the red dresses and matching lipstick in Virgin Australia’s latest ad campaign because the airline has taken a new tack to draw in customers.
Source: newscomauHQ - 🏆 9. / 77 Read more »