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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Australia’s Largest Bank Posts $5.15 Billion Half-Year Profit Amid Interest Rate Hikes
The largest commercial bank in Australia has posted a solid half-year financial result as interest rate hikes, and business lending growth lifted its profit after tax significantly. On Feb. 15, the Commonwealth Bank of Australia (CBA) announced that it made a cash profit of $5.15 billion (US$3.6 billion) in the first half of the 2022-2023…
Australia’s Largest Bank Says It Will Stop Banking With Companies With No Climate Change Plan
One of Australia’s big four banks has pledged to its shareholders that it won’t bank with large customers who have no climate transition plan. Without providing detail to its pledge, Commonwealth Bank of Australia (CBA) Chairman, Paul O’Malley, told shareholders that the bank was taking its climate commitments seriously. “Climate change is a major focus…
Three Major Australian Banks Lifted Interest Rates Following Central Bank’s Decision
Three of Australia’s Big Four banks have adjusted their variable home loan rates upward one day after the central bank raised the cash rate for the third time in 2022. On July 6, the Commonwealth Bank of Australia (CBA) was the first bank to pass the rise on in full by lifting the rates of…
Australian House Prices Continue to Fall in June as Interest Rate Hikes Bite
Australian house prices are falling, with housing experts expecting to see more significant downward trends in the upcoming months as the Reserve Bank of Australia (RBA) continues to raise the cash rate. The CoreLogic’s home value index dipped 0.6 percent in June, the second month in a row, following the RBA’s second cash rate hike…
Australia’s Largest Bank Surprises Lending Market With Massive Fixed Rate Rises
Australia’s largest bank has suddenly raised its fixed interest rates for homeowners and investors by a massive 1.4 percent on June 30, a move that has surprised the lending market. According to an analysis by the financial comparison website RateCity, the Commonwealth Bank of Australia (CBA) lifted its one-year fixed rates for owner-occupiers to 4.99…
Australia Loses More Than $10 Billion a Year Over Financial Abuse
Approximately 600,000 Australians suffered from financial abuse in 2020, causing the victims and the economy to lose $5.7 billion (US$4.1 billion) and $5.2 billion, respectively, Deloitte research has found. Over 400,000 women and nearly 200,000 men in Australia have experienced financial abuse. Additionally, the cumulative adverse effect of people being impeded from working themselves and…
The Face of Investors Is Changing, More Millennials Participating: CBA Study
December 3, 2021
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New research found that the COVID-19 pandemic accelerated the trend of millennials becoming self-directed investors, with the most favoured investments being property and shares. The Commonwealth Bank of Australia (CBA) conducted a study of 1,000 people during April 2021 and revealed 43 percent of millennials in the group were investing with the intention to create…
Commonwealth Bank Joins Buy Now, Pay Later Market With StepPay
Commonwealth Bank of Australia (CBA) has announced it will launch its own buy now, pay later (BNPL) platform, StepPay. StepPay will be competing with other BNPL platforms like AfterPay, which signed a historic $39 billion acquisition deal with American company Square on Aug. 3. Existing CBA customers will be able to use the new BNPL service…
Lockdown Impact on Card Spending Muted in NSW Compared to Victoria
July 7, 2021
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The recent lockdown restrictions in New South Wales (NSW) have had a lower impact on spending activity in the state compared to the recent Victorian hard lockdowns. Both Commonwealth Bank and Westpac Bank data revealed that overall household card activity had not made any significant drops in NSW after the first week of restrictions. Commonwealth…
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