NAB tells a parliamentary hearing that 'scams are the plague of our time' after answering a range of questions, including on cost of living. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
NAB tells a parliamentary hearing that "scams are the plague of our time" after answering a range of questions, including on cost of living.Follow the day's financial news and insights from our specialist business reporters on our live blog .reporting volumes in its letters business dropping to an all time low.
However, a deeper loss was prevented by a 30 cent increase in the basic postal rate from from $1.20 to $1.50 introduced in April this year. In a statement, Mr Graham said foot traffic to post offices has continued to decline noting that in some areas there are more than 70 post offices within a 7.5 kilometre radius.
Mr Graham is working to strike a better deal for post offices now providing banking services which have been outsourced from the Big Four institutions, warning that the Bank@Post initiative is facing potential losses. When asked what NAB are doing to combat them, he mentions that they were one of the first banks in the country to tell customers that they would never send hyperlinks in text messages.
"I'm not going to be able to serve customers well if I lose all my best bankers. We had to make the change."He responded by saying "the averages tell the story of a country growing at around 1-1.5%, which is lower than Australia has grown in 30 years". "Conversely if you look at south-east Australia, and I think Victoria in particular, people are doing it tougher.
During the sessions, it became clear Australian business leaders are becoming increasingly frustrated with attacks from all side of politics where companies that make a profit are often accused of price gouging consumers. It turns out a similar situation is now happening in Japan, with social media awash with images of empty shelves after a spate of natural disaster warnings.
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