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The Latest Breaking News from NAB

Interest rate rises have Australians ready to slash spending, and businesses are bracing for the cuts

Australia's economy is still holding up on the back of household spending, but there are warning signs that a severe downturn is imminent — and small businesses are already seeing it in action.

ABC News

Banks continue to drag their feet lifting savings account rates

Banks defy political pressure by not passing on higher interest rates to all savers even as they hit mortgage holders with rapid-fire hikes

The New Daily

Some savers still being left behind as cash rate lifts

Banks are still picking and choosing which deposit accounts to lift rates on despite pressure from the consumer watchdog to pass higher rates on to savers.

AAP

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Which banks have passed on the March RBA rate rise to mortgage borrowers? NAB kicks it off, as Westpac follows

We're in double-digit territory after the Reserve Bank of Australia (RBA) lifted interest rates for the 10th time since last April. Find out which major banks have responded to the RBA's March decision.

ABC News

Styles, Sheeran and Snoop deliver big spending boost

The return of international music stars has seen an estimated $21.3 million spent in Melbourne as fans opened their wallets for a big night out.

The New Daily

NAB in court over 'excessive, unreasonable' staff hours

NAB's practice of demanding lengthy unpaid overtime from staff will be examined in a new union lawsuit that may have wider ramifications in the finance sector.

AAP

Why RBA interest rate hikes could end by September – but brace for at least one more

Tuesday’s tenth successive Reserve Bank interest rate hike is the culmination of a process that has added $1,080 to the monthly cost of payments on a $600,000 variable mortgage.

The Conversation

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The Reserve Bank is tipped to raise interest rates again, even as some families struggle to meet higher home loan repayments

Australia's major banks expect the Reserve Bank will lift the cash rate to its highest level since May 2012 later today, but thousands of families like Le Tran's are already having to make sacrifices to make ends meet.

ABC News

‘Doing it tough’: Financial pain at three-year high as cost of living, mortgage rates squeeze families

As many as four in ten Australians are now suffering financial hardship as the cost of living crisis combine with big interest rate hikes.

The New Daily

Australian superannuation funds are top performers globally

Australian superannuation funds stand out globally as top performers and are diversifying their investments to provide more stability

The New Daily

NAB bank head backs in Labor superannuation plan

Labor has received support for its superannuation plan from an interesting quarter - the chief executive of NAB.

AAP

Financial hardship returns to early pandemic levels

Around 40 per cent of Australians are struggling to make ends meet as the cost of living crisis stretches household budgets to their limit.

AAP

Bank closures hurt communities, Westpac admits to probe

Westpac and NAB executives are facing the regional banking inquiry, which is examining the impact of branch closures in country towns.

The New Daily

A third of the nation's bank branches have shut in the past five years — for people in the country, that's a huge problem

Despite soaring profits for Australia's big four banks, that number in the billions, almost one-in-three of their branches have closed in the past five years and now a parliamentary committee is examining the impact of those closures, especially on regional centres.

ABC News

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AAP

Cost of cash worth every penny in bush, bank probe told

Cash and face-to-face transactions are central to the social fabric in rural communities, a Senate inquiry examining regional bank closures has been told.

ABC News

'Recession risks are rising' but the latest GDP numbers are expected to show 'solid' growth

The latest economic growth figures are expected to show a robust economy. But the outlook for 2023 is far less rosy, warn many analysts.

The Guardian - AU

The Australian towns where the nearest bank branch is nearly 1,000km away

With nearly 100 regional branches either closed or soon to close, getting to the bank is becoming increasingly difficult for Australians in remote areas

Axios

Florida TV journalist and girl, 9, killed near scene of earlier fatal shooting

The girl's mother and a TV crew member were critically injured.

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ABC News

Australia to flirt with recession this year, warns NAB

Economists are warning Australia is at a heightened risk of recession in 2023 as the Reserve Bank keeps aggressively raising interest rates, with a per capita recession looking likely.

The Guardian - AU

Australia’s housing crisis: how RBA interest rate hikes are pushing families closer to the edge

While some property owners are cashing in on the crisis, many others, such as western Sydney’s Nick Noel, are struggling to explain to their kids why they must tighten the spending belt

Newcastle Herald

Port of Newcastle confirms its financing is tied to moving away from coal

Conference hears all lending will go 'sustainable' or green

ABC News

Million households 'vulnerable' to rising interest rates, and their cuts could cause recession

A prominent economist now puts the risk of recession at 50 per cent, as households face the prospect of making substantial spending cuts to meet rising home loan repayments.

AAP

NAB calls for united front to combat 'spoofing' scams

The National Australia Bank has revealed a 50 per cent drop in "spoofing" as it calls for a more co-ordinated Australian front against scammers.

The Guardian - AU

Interest rates could peak at 4.1% amid sinking consumer confidence in Australia, says NAB

Major bank believes business conditions and confidence are improving as it sets cash rate prediction higher than other banks

The New Daily

Mortgage pain to intensify in 2023 as triple rate-hike looms: NAB economists

Australians must brace for interest rates to rise at least three more times in 2023 as the RBA fights high inflation.

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