Andrew Irvine back on the NAB social circuit
He said it was 'difficult' reading the stories and it had been 'hard for me and my family'. Those comments came at the Australian Banking Conference last week.
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AU Financial Review
a day ago
- AU Financial Review
Andrew Irvine back on the NAB social circuit
A fortnight after this masthead revealed some NAB investors had raised concerns about Andrew Irvine 's 'drinking' directly with chairman Phil Chronican, no one could fault the bank's CEO for taking it in his stride. He said it was 'difficult' reading the stories and it had been 'hard for me and my family'. Those comments came at the Australian Banking Conference last week.
Sky News AU
a day ago
- Sky News AU
ASX 200 dives after US President Donald Trump reveals baseline tariffs could be either 15 or 20 per cent
The ASX has dived on Tuesday after Donald Trump revealed Australia could face tariffs about two times as high as previously thought. The index was down 0.3 per cent in the first 45 minutes of trading after finishing up about 0.4 per cent on Monday. Australia's major banks all dived with the Commonwealth Bank of Australia, the index's largest company, diving one per cent while NAB lost 0.7 per cent and both Westpac and ANZ have sunk 1.1 per cent. Boss Energy has continued to nosedive, shedding 4.2 per cent, after it suffered a 42 per cent wipeout on Monday. Viva Energy has slumped more than 10 per cent after warning investors about lower earnings. The dive comes as Trump told reporters he could hike the baseline tariff from 10 per cent to either 15 or 20 per cent. 'We're going to be setting a tariff for, essentially, the rest of the world,' the US President said. 'That's what they're going to pay if they want to do business in the United States, because you can't sit down and make 200 deals.' Asked how steep the new tariff could be, Mr Trump replied: 'I would say it'll be somewhere in the 15 to 20 per cent range. I just want to be nice,' he added. 'Probably one of those two numbers.' Wall Street was mixed on Monday with the Dow Jones sinking 0.1 per cent, the S&P 500 finishing flat and the Nasdaq adding 0.3 per cent. London's FTSE 250 Index shed 0.8 per cent on Monday, the STOXX Europe 600 fell 0.2 per cent and Germany's DAX dived more than one per cent. New Zealand's NZX 50 has sank 0.2 per cent and Japan's Nikkei 225 is down 0.7 per cent since trading began on Tuesday.
News.com.au
2 days ago
- News.com.au
Revealed: Australia's surprising new mortgage hotspots in 2025
Extraordinary new data from one of the nation's biggest lenders has revealed the surprise suburbs that are now Australia's top mortgage hotspots. Big Four bank executive Denton Pugh, who is the National Australia Bank executive for home lending, shares NAB's proprietary home lending data – unveiling trends between January–May 2025 – and what their expectations are now interest rates. By Denton Pugh, NAB Executive for Home Lending You'd be forgiven for feeling a little deflated after the Reserve Bank left rates on hold earlier this month. The market, and most economists, were expecting a cut. In RBA meeting minutes recently released the decision to keep rates steady was about timing rather than direction, with Governor Michele Bullock noting that, 'we are on a path to easing further'. Many house hunters would have been hoping for a midwinter cut, but despite this disappointment, we're seeing momentum continue through the winter months, which are traditionally a little quieter. Twelve months ago, many buyers were holding back due to higher rates. Fast-forward to today: two rate cuts behind us, and NAB expecting another two this year, many home buyers, especially first-home buyers, see this as a window of opportunity before the market heats up further. We're not seeing a buying frenzy, but things are definitely busier this year. In fact, the average number of bidders at auctions nationwide has reached its highest level in 18 months. Momentum is building well ahead of the traditional spring peak. Government support is also playing a key role. The Home Guarantee Scheme continues to help thousands of Australians get into their first home with lower deposits – the scheme is expected to be expanded in 2026. And in recent months, both Queensland and Western Australia have made changes to their assistance offered. In Queensland, eligible first-home buyers purchasing or building a new home no longer pay stamp duty, regardless of the property price. The state's 2025 budget also announced a 'Boost to Buy' shared equity scheme to help buyers with lower deposits into the market. WA has made changes to its stamp duty concessions too, significantly reducing the upfront costs for first-home buyers. I'm always hearing stories where after talking to a home lending expert, a customer realises they can break into the property market sooner than expected. If you're in that camp, thinking about buying but not sure where to start, it's worth having that conversation. Where are Australians buying? Looking at NAB home lending data from metro suburbs specifically, Truganina in Melbourne's west is the most popular metro suburb for home buyers so far in 2025. Five of the top 10 spots also go to the city's outer ring. Top 10 metro suburbs* 1. Truganina, Melbourne 2. Roxburgh Park, Melbourne 3. Yarramundi – Londonderry, Sydney 4. Point Cook, Melbourne 5. Cranbourne East, Melbourne 6. Tarneit, Melbourne 7. Schofields, Sydney 8. Wentworthville, Sydney 9. Piara Waters – Forrestdale, Perth 10. Prestons, Sydney Affordability is the obvious driver, especially for first-home buyers. Many are looking further out where their money buys more, and they don't have to compromise on space and lifestyle. Many of these suburbs are now better connected thanks to major infrastructure investments, with just a short commute to the CBD. *NAB proprietary home lending data between January – May 2025 – Denton Pugh is National Australia Bank's Executive for Home Lending.
