Tag: Commonwealth Bank

Australia’s services sector is showing its first signs of recovery despite increases in interest rates, with the AiG Performance of Services Index recording growth in April.

Australia continues to struggle to manage its ‘two speed economy’ as the resource sector booms, while rising interest rates cripple the services sector.

Australian retail sales remained relatively flat over the month of February, according to the latest Commonwealth Bank Business Sales Indicator (BSI).

Australia’s services sector continues to struggle, contracting further in February with a fall in sales and further job losses. The Performance of Services Index by the Australian Industry Group and the Commonwealth Bank rose 0.9 points to 48.3 in February, with that still being below the key 50-point level separating growth and contraction. Finance and […]

The Commonwealth Bank has agreed to a settlement with former Storm Financial clients and plans to discuss compensation details this Saturday in Townsville, North Queensland. Some former clients of Storm Financial will be eligable for cash and other concessions as a part of the compensation deal. In responding to the deal, the Storm Investors’ Consumer […]

Commonwealth Bank has announced it will increase its standard variable home loan interest rate by 37 basis points, in a move that is set to send ripples through the banking industry. Westpac came under fire earlier this week for lifting their rates to almost double the increase the Reserve Bank stipulated, while National Australia Bank […]

The Commonwealth Bank of Australia (CBA) has refused to rule out possible job cuts within the bank, as they prepare for the worst. According to CBA chief executive Ralph Norris, the economy is set to get worse as unemployment rises and further threatens the banking system. “There’s no doubt that the toughest period in the […]

Industry groups are urging the government to extend the first home buyer grant beyond the June 30 2009 cut-off in order to support the economy. The grant has lured first home buyers into the market, with official statistics indicating there has been a significant boost of activity in recent months. Mortgage Choice chief executive Paul […]

The Commonwealth Bank yesterday announced a funding package designed to support small business growth. The Small Business Investment Package will address small businesses’ short and long term needs, says Ian Narev, head of the bank’s Business and Private Banking division. “There’s a misconception out there that small businesses do not have access to the lending […]

New reports have shown that Australian families are struggling to make rental payments in the financial crisis, with many being laid off from their jobs and evicted from their houses. More than 7600 people have lost their homes in NSW while a further 28,000 are struggling to meet repayments and are flocking to the NSW […]