Economy

NAB customers have hours to join bank fees class action; Aussies spend $237 a month on locally made products: Midday Roundup

Kirsten Robb /

National Australia Bank customers have until 4pm today to join a class action over overdrawn bank fees.

The long-running case is part of a broader legal action against Australia’s major lenders over bank fees, including ANZ, which was last year found to have charged “extravagant, exorbitant and unconscionable” late fees on credit cards.

More than 40,000 NAB customers have already joined the class action, which is being managed by Maurice Blackburn.

NAB said in November it is working towards settling the class action.

Aussies spend $237 a month on locally made products

Nine-in-10 Australians say they feel loyal to at least one local business in their community and are happy to splash out an average of $237 per month on locally made products, according to the 2015 Westpac Australia Day Report.

Close to half (46%) of Australians said shopping locally is the key to strengthening the Aussie economy, while 43% of Aussies said they shop at local businesses because they have built up relationships with the owners.

“It is also encouraging to see two-fifths (43%) say they would pay a little bit more for local goods and services,” said Westpac spokesperson Danny John.

Fruit and veggie shops, restaurants, cafes and pharmacies are among the most popular local destinations.

Local stocks flat

Australian stocks are playing catch up with overseas markets today, according to Michael McCarthy, chief market strategist at CMC Markets.

“US stocks are largely unchanged from Thursday night’s close, but European markets have roared ahead,” says McCarthy.

“Support for shares may come from a lower AUD, which touched 0.7855 in the last 24 hours, making Australian shares cheaper for overseas investors.”

The S&P/ASX200 benchmark was up 20.6 points to 5522.4 at 12:01pm AEDT. On Friday, the Dow Jones closed 6.10 points up, rising 0.03% to 17,678.7 points.

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Kirsten Robb

Kirsten Robb is a former journalist at SmartCompany. Previously, she worked at News Corp as a property reporter for Leader Newspapers and the Herald Sun, and holds a Masters of Journalism at Melbourne University.

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