Prime Minister Julia Gillard and Treasurer Wayne Swan have both criticised NAB for its decision to not match the Reserve Bank of Australia’s interest rate cut.
While the RBA slashed rates by 25 basis points, NAB failed to follow suit among the other “big four” banks by lowering its rate by just 20 basis points.
Gillard said that banks should pass on rate cuts in full, while Swan called NAB “greedy”.
Qantas agrees to expanded compensation
Qantas has agreed with the competition watchdog to expand its range of compensation to passengers impacted by the grounding of its fleet on the weekend.
The Australian Competition and Consumer Commission (ACCC) said that the airline should compensate passengers for all losses incurred, rather than just refunds.
Australia lagging on gender equality
Get SmartCompany FREE to your inbox every weekday
Australia is lagging behind other developed countries when it comes to gender equality, according to a new report.
Women are failing to gain a foothold in the worlds of business and politics, said the World Economic Forum, holding less than 20% of key leadership positions in Australia.
The Dow Jones industrial average upped 178.08 points, or 1.53%, to 11,836.04. The Australian dollar was down to 103.41 US cents.