Budget put a 'target on chests' of the banks
It's all bad news for the nation's banks as the shock $6 billion levy revealed in Tuesday night's budget sinks in with market watchers.
Mathew Dunckley in BusinessDay Editor for The Sydney Morning Herald and The Age. Based in our Melbourne newsroom, Mathew has over more than 15 years experience as a journalist and editor.
It's all bad news for the nation's banks as the shock $6 billion levy revealed in Tuesday night's budget sinks in with market watchers.
A popular tax write-off scheme for small businesses will be extended for another year in a significant win from the Budget for the sector.
Commonwealth Bank, Australia's biggest bank, has seen third-quarter cash profits rise 4.3 per cent as the credit quality of its lending business "remained sound".
A new $6 billion tax on banks tipped to be revealed for Tuesday night's budget would likely be passed straight onto customers, says a major investment bank.
Diving over the counter transaction rates and changing shopping habits look set to accelerate bank moves from large high street branches to slimmed down mall positions.
There is no sign of respite for the nation's struggling retailers, particularly department stores, as shoppers refuse to spend in the face on an uncertain economy.
Transport companies CIMC Vehicle Australia and Marshall Lethlean will combine the south-east Melbourne operations under a pre-lease deal at a Cranbourne West industrial precinct.
Westpac Banking Corp chief executive Brian Hartzer has defended vertical integration as the sector prepares for another inquiry.
Westpac has unveiled an $4.017 billion cash profit for the first half of the financial year.
Westpac Banking Corp has hit back at a federal minister's criticisms of its new climate change policies that will restrict its lending to new coal mines.
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