Commonwealth Bank is the final major bank to hike interest rates for customers with an interest-only mortgage, while giving a smaller cut to homeowners paying down their loans.
Clancy Yeates writes on business specialising in financial services. Clancy is based in our Sydney newsroom.
Even if our economy is punching above its weight in some ways, the same cannot be said for our sharemarket.
Commonwealth Bank will cut 150 positions among Australian staff who process home loans, the latest sign of job shedding at the country's large banks.
Paul Keating's classic line "never get between a Premier and a bucket of money" has new relevance for the countrys five biggest banks, after South Australia decided to whacked its own tax on them last week.
Bank fears that cash-strapped governments will target the industry with higher taxes are mounting, as another state says imposing its own levy on banks would have its advantages.
National Australia Bank has joined rivals in raising interest rates for customers with interest-only home loans, while cutting rates by a smaller amount for people paying down debt on a house they live in.
The country's five biggest banks are embroiled in a new tax brawl, after SA's government infuriated banks by imposing a new levy.
QBE Group has dealt a blow to investor confidence in its turnaround, flagging a hit in its emerging-markets business that is forecast to wipe up to $US100 million off its bottom line.
Westpac is increasing rates for interest-only mortgages by 0.34 percentage points at the same time as it makes smaller cuts in other types of loans.
Many people misunderstand key concepts in banking, but few recognise the limits of their knowledge, a new survey suggests.