From 2h agoKey events34m agoAlbanese renews promise of ‘absolute sovereignty’ in Aukus ahead of submarine announcement2h agoNAB passes on full rate hike to mortgage customers2h agoHome values fall at record 12-month pace but decline is slowing, CoreLogic says3h agoGreens to introduce bill to ‘end destructive logging of Australia’s precious native forests’3h agoKaty Gallagher on safeguard mechanism deadlock: ‘We’re just going to continue to talk with Senator Pocock and others’5h agoLabor secures Greens support for the national reconstruction fund7h agoGood morning7h agoWelcome7h agoBlack Summer fires linked to ozone depletionFilters BETAKey events (9)Australia (15)Anthony Albanese (10)Coalition (9)Greens (8)Senate (8)4m ago21.56 EST
Interesting times in the senate (timeless statement).
The Merry Band of Misfits (Shaolin this is not) of Matt Canavan, Alex Antic, Gerard Rennick and Ralph Babet have tried to have covid vaccination status as a protected attribute under…
2023-03-08 21:40:34
Original from www.theguardian.com
In recent developments in Australian politics, the National Australia Bank (NAB) has refused to implement a full interest rate hike that was being proposed by the Reserve Bank of Australia (RBA). The NAB has instead decided to increase home loan interest rates by only 5 basis points, thus putting less burden on its customers.
The RBA has implemented a policy of rising interest rates in order to control inflation and manage the economy’s recovery post the COVID-19 pandemic. This policy, in turn, has pushed up the cost of borrowing for many Australians who are already struggling to make ends meet due to the economic repercussions of COVID-19.
In response to the situation, the Australian government has warned banks against charging exorbitant rates, urging them to adopt a more compassionate approach towards their customers. The NAB’s decision to reject the 0.2% rate hike proposed by RBA is a positive step in this direction.
In another update, the Australian government has also announced that pre-departure COVID-19 testing will no longer be mandatory for travellers to China, Hong Kong, and Macau. This decision comes in the wake of the relatively stable COVID-19 situation in these countries and the need to revive international travel.
While mandatory testing remains in place for travel to high-risk countries, this move is likely to encourage more travellers to visit China, Hong Kong, and Macau, which will have a positive impact on the tourism industry in these countries.
It is important to note that with the ongoing pandemic, the situation remains volatile and constantly changing. The Australian government is closely monitoring the global health situation and will continue to make necessary changes to its policies as per the evolving circumstances.
In conclusion, while the decision by the NAB to refuse a full interest rate hike shows a more considerate approach to the plight of its customers, the relaxation of pre-departure COVID-19 testing highlights the Australian government’s efforts to revive the travel industry and boost the economy. Only time will tell the effectiveness of these measures, and it is important to stay up to date with any further developments in these areas.