Clive Palmer may have spent roughly $100m to install his man in the Senate but that doesn’t mean he’s always going to show up. Ralph Babet, who also goes by the name Deej Babet, traded his real estate business in Melbourne’s southeast for a spot in the upper house afterContinue Reading
Westpac is continuing its “savage branch closure program” with another five sites set to be shuttered across the country, the Finance Sector Union said. It comes after the major bank announced it was shutting down 20 bank branches across four states in Australia at the start of last year asContinue Reading
The controversial rescue deal for troubled lender Credit Suisse and the continuing fallout from the collapse of Silicon Valley Bank indicates the world is sliding into a crisis “far worse” than the GFC, one analyst has argued. Following crunch talks aimed at stopping the stricken bank from triggering a widerContinue Reading
Australia’s banks remain “unquestionably strong” and local financial markets are “still functioning” despite being volatile amid growing global strain. Reserve Bank of Australia assistant governor Chris Kent has sought to allay domestic fears of global economic meltdown after a $4bn rescue plan was announced for Swiss bank Credit Suisse overnight.Continue Reading
A former member of the United States Navy’s top brass says he hopes Australia would send its nuclear powered submarines to support America if there is a war over Taiwan. Ex-US Navy secretary Richard Spencer addressed the National Press Club in Canberra on Monday nearly a week after Anthony AlbaneseContinue Reading
Credit card spending has reached record levels as the cost of living crisis hits Australian pockets, with warnings about how people could fall into a debt spiral if they keep using their plastic. Monthly purchases on credit cards reached a record high of $33.5 billion in January according to dataContinue Reading
Investors and employees at Swiss bank Credit Suisse are growing nervous following the news that the financial institution has collapsed. On Monday afternoon Australian time (Sunday local time), investment bank Credit Suisse announced that it was going to be absorbed by the country’s largest bank and its main rival, UBS,Continue Reading
Anthony Albanese is facing fresh calls to dump a scheduled tax cut for the wealthy, with a key crossbencher claiming the public won’t care if he breaks a promise to keep them. Jacqui Lambie, who holds a crucial balance of power vote in the Senate, made no secret of herContinue Reading
The $5 billion deal that will see Credit Suisse fall into the arms of arch rival UBS was a reaction to the ripples from the failure of two smaller banks in the US and jitters in the financial markets. But the seeds of the destruction of the 167-year-old Swiss institutionContinue Reading
Westpac has made a surprise call on interest rates – lowering its forecast that the cash rate will be hiked as high as 4.1 per cent. Instead, the major bank has predicted interest rates will peak at 3.85 per cent and that the Reserve Bank of Australia (RBA) will evenContinue Reading