Thursday, May 4, 2023

National Australia Bank boss Ross McEwan "surprised" by Reserve Bank's 11th rate hike; delivers $4b half year profit

National Australia Bank chief executive Ross McEwan says there are still few signs of mortgage stress despite eleven interest rate rises over the past year.

But Mr McEwan says there's evidence that households in general are hurting from the rising cost of living and cutting budgets to make ends meet.

The NAB this morning delivered a 17 percent rise in cash profit to just over $4 billion dollars while noting the impact from Reserve Bank rate hikes was more evident.

Ross McEwan also told me he was surprised by the Reserve Bank's rate rise on Tuesday.

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