The Australian sharemarket remained in the red throughout the day on Wednesday,marking the index’s third consecutive day trading lower.
Commonwealth Bank chief executive Matt Comyn said Australia’s economy is being weighed down by elevated interest rates and sticky inflation.
Australians lose $3 billion to financial crime each year,and with major compensation laws looming,law enforcement agencies are ready to go to war.
The local index was boosted by a raft of soaring stocks as investors remained optimistic for news of a stimulus boost from China.
WA led in three key categories,securing its position as the top state or territory for the quarter for the first time in a decade.
The bank said the issue was rectified Saturday afternoon,but not before a rash of online complaints from customers.
An ACMA investigation has slugged the bank $7.5 million for sending over 170 million marketing emails to customers with no way for them to unsubscribe.
At the bank’s annual shareholder meeting,executives highlighted the uptick in customer hardship across the banking industry.
Jon Waldron has shown no remorse for his offending and made no progress in his rehabilitation,NSW District Court Judge Phillip Mahony said.
While markets are expecting at least one rate cut before the end of the year,RBA governor Michele Bullock and most of the big four banks disagree.
Small businesses buckling under the pressure of rising costs and a sluggish economy have been hit with $7 billion in unexpected costs in the past year,highlighting the financial pressure on the nation’s engine room.