The corporate regulator has sued a third major bank over rate rigging... RBA reaches June cash rate decision...
ASIC sues third major bank over rate rigging
National Australia Bank is the third of the four major banks to be sued by corporate regulator ASIC, according to the Australian Financial Review.
NAB said it would fight the case after ASIC launched legal action against the bank for allegedly manipulating the bank bill swap rate (BBSW) 50 times.
NAB group chief risk officer David Gall said in a statement to the ASX that NAB "has fully co-operated with ASIC's review and takes these allegations seriously. We do not agree with ASIC's claims which means they will now be settled by a court process".
Labor leader Bill Shorten said the suing of a bank was further evidence of the need for a royal commission into the banks.
"How many more people need to suffer and get ripped off before [Prime Minister Malcolm] Turnbull stops covering up for the banks?" Shorten said.
"Rather than hold the big banks accountable, Mr Turnbull is gifting them a $7.4 billion tax handout. It is an insult to everyone who's been ripped off. Mr Turnbull has a choice here - and he's putting the big banks first. He's governing for the banks, not the Australian people."
ASIC launched legal action against ANZ Banking Group on March 4 and Westpac Banking Corp on April 5 and both banks are defending their actions.
RBA reaches June cash rate decision
In a move that is unlikely to surprise many, today’s Reserve Bank of Australia (RBA) board meeting has ended with no change to the official cash rate.
While many economists believe the cash rate will fall below its current mark of 1.75%, common opinion is that the RBA will wait until later this year before making another move to give it time to assess the impact of the 0.25% reduction it surprised many with in May.
Participating in the latest RBA survey from Finder, Chris Schade, senior business analyst with non-major lender MyState, believes a rate cut is more likely in August as the RBA tracks economic conditions in Australia and overseas.
“There's no urgent need to deliver another cut to the Australian economy with the Australian dollar weaker, the economy going OK and May's cut requiring some time to work through the economy,” Schade said.
“It is more likely the RBA will take some time to see how the Australian economy and global conditions develop over the coming months before making any further changes to the cash rate,” he said.
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National Australia Bank is the third of the four major banks to be sued by corporate regulator ASIC, according to the Australian Financial Review.
NAB said it would fight the case after ASIC launched legal action against the bank for allegedly manipulating the bank bill swap rate (BBSW) 50 times.
NAB group chief risk officer David Gall said in a statement to the ASX that NAB "has fully co-operated with ASIC's review and takes these allegations seriously. We do not agree with ASIC's claims which means they will now be settled by a court process".
Labor leader Bill Shorten said the suing of a bank was further evidence of the need for a royal commission into the banks.
"How many more people need to suffer and get ripped off before [Prime Minister Malcolm] Turnbull stops covering up for the banks?" Shorten said.
"Rather than hold the big banks accountable, Mr Turnbull is gifting them a $7.4 billion tax handout. It is an insult to everyone who's been ripped off. Mr Turnbull has a choice here - and he's putting the big banks first. He's governing for the banks, not the Australian people."
ASIC launched legal action against ANZ Banking Group on March 4 and Westpac Banking Corp on April 5 and both banks are defending their actions.
RBA reaches June cash rate decision
In a move that is unlikely to surprise many, today’s Reserve Bank of Australia (RBA) board meeting has ended with no change to the official cash rate.
While many economists believe the cash rate will fall below its current mark of 1.75%, common opinion is that the RBA will wait until later this year before making another move to give it time to assess the impact of the 0.25% reduction it surprised many with in May.
Participating in the latest RBA survey from Finder, Chris Schade, senior business analyst with non-major lender MyState, believes a rate cut is more likely in August as the RBA tracks economic conditions in Australia and overseas.
“There's no urgent need to deliver another cut to the Australian economy with the Australian dollar weaker, the economy going OK and May's cut requiring some time to work through the economy,” Schade said.
“It is more likely the RBA will take some time to see how the Australian economy and global conditions develop over the coming months before making any further changes to the cash rate,” he said.
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