National Australia Bank has reported that its half-year profit more than doubled to $3.2 billion thanks to the Australian and New Zealand economies having a "better than expected" COVID rebound.
CEO Ross McEwan is bullish but urges Josh Frydenberg to resist pressure for budget repair.
Here's my report from The World Today
ANZ Bank has revealed that its statutory profit jumped by 45 percent to $2.9 billion for the half-year ending March 31.
The bank released $491 million that it had set aside to cover potential COVID-19 losses, and said this was one of the "key drivers" of its much improved result.
Also, Westpac has been accused of insider trading in relation to the alleged misuse of privileged information about the NSW government's sale of the energy agency Ausgrid.
Here's my report from The World Today
Port of Newcastle has been given a funding reprieve after National Australia Bank stepped in with a $666 loan facility tied to strict green and social conditions.
National Australia Bank group executive David Gall says the world's biggest coal export facility, will be able to reduces its repayments if it meets social and environmental targets.
Labor MP Joel Fitzgibbon says the deal is a sign that coal and net zero emissions can live side by side.
Here's my analysis from The World Today
What appears to be a rapid economic recovery from the pandemic-induced crisis is being reflected in a bumper profit from Australia's second biggest bank.
Westpac has announced a tripling of its half year profit as optimistic borrowers take on more debt to jump into a surging real estate market.
Here's my report from The World Today
The budget bottom line is set to be boosted by Australia's "red hot recovery" from the COVID recession with $31 billion set to be shaved from the deficit, according to Deloitte Access Economics.
The optimism comes as major banks prepare to unveil higher profits, in stark contrast to gloomy predictions this time last year.
Citi banking analyst Brendan Sproules tells ABC's Peter Ryan banks are now under pressure to review loan loss provisions introduced when unemployment was expected to surge into double digits.
Here's my analysis on RN Breakfast with Fran Kelly
