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Banking

ASX snaps two-day losing streak, NAB appoints new CEO

The Australian share market rebounds from two straight sessions of losses led by heavyweight miners, while the Woodside-Santos merger collapses, and NAB promotes British-Canadian executive Andrew Irvine as its next CEO.
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NAB sign with red star logo and 'nab' in white lettering. Red star reflects off corresponding roof and walls.

Bullock says RBA 'didn't make a mistake' with November rate hike, doesn't rule out future increases — as it happened

The RBA has kept interest rates on hold at 4.35 per cent after its first two-day meeting, but says it cannot rule out future rate hikes to keep inflation in check. Look back on how the day unfolded with our blog.
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An older woman with a dark grey bob and glasses speaks into a small microphone in front of a blue screen.

analysis:Why the cost of living crisis could worsen even if the RBA leaves rates on hold

Leaving the cash rate unchanged today is all but a foregone conclusion for the RBA. Behind closed doors, you can't help but wonder if November's rate hike was a mistake as the economy cools, writes Ian Verrender.
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Group of city workers walking on street

This year the RBA won't meet as often as it used to so what will that mean for interest rates and your mortgage?

Households will now only have to grapple with a maximum of eight cash rate changes flowing through to their mortgages. Here's what that could mean for you.
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A person in a long sleeved white collared shirt and black pants walks into the Reserve Bank of Australia as its doors slide open

Charging dead people, stealing billions — the five years that cleaned up banking

The issues that led to the royal commission five years ago have faded, even if they haven't all been fixed. As new issues like scams and the impact of artificial intelligence capture attention, advocates want banks to keep a focus on doing the right thing by their customers.
Farmer stands in a wide field under a cloudy sky.

analysis:Australia's changing economy could undermine Albanese's big gamble

Regardless of whether Australia's economic picture is improving or heading for a crash, it's unlikely voters will have stage 3 tax cuts front of mind come the next general election, writes Melissa Clarke. 
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Two men and a woman in suits stand behind podiums in front of a doorway into Parliament House.

As it happened: ASX closes at record high following tech surge, DP World industrial dispute ends

ASX200 closes at record high following gains on Wall Street after Apple, Amazon and Facebook's Meta post results. The dispute between DP World and the Maritime Union comes to an end, but impact could linger for industry and consumers. New data shows lending for new homes is slowing. 
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The short ends of shipping containers at Outer Harbor near Port Adelaide.

Bank closures and empty ATMs leave regional shops relying on IOUs

In the heart of country Victoria, where banks are shutting their doors, many small retailers depend on cash — but it can be hard to come by.
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Blue fluorescent light-filled bakery

ASX drops from record high as Commonwealth Bank leads financial slide

A slump in banking stocks leads the Australian share market off its record high, as the US Federal Reserve douses rate cut expectations. See how the day unfolded on our markets blog.
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Two women look at a share price board outside the ASX in Sydney.

Australian share market hits all-time high after inflation falls to two-year low — as it happened

The Australian share market sets a new record high after inflation hit a two-year low in the December quarter, as economists forecast interest rate cuts from the Reserve Bank could come sooner than expected.
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Shoppers on escalators in Myer in Perth's CBD.

Australian Sam Lee charged over billion-dollar cryptocurrency fraud scheme in US

Australian cryptocurrency entrepreneur Sam Lee has been charged over a $US1.89 billion fraud scheme alongside two others.
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Man sitting at a desk wearing a dark blue polo shirt.

Christmas retail sales slump on consumer pessimism, ASX near record high — as it happened

Last month's Christmas and Boxing Day sales were much worse than expected for Australian retailers. Meanwhile, the ASX was a whisker away from a record high.
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An image of a shop window advertising discounted clothes in Sydney

analysis:I've been studying super for most of my career. This is what I wish I knew when I started working

There are benefits to paying timely attention to your super early in your working life to get the most from this publicly mandated form of financial self-discipline, writes Susan Thorp.
An illustration of a pink egg in a blue nest with flying money notes with dollar signs on them

Graeme drove 130km to withdraw $300 cash. His bank said no

Graeme Reid says he was "gobsmacked" when a bank at Dalwallinu in regional Western Australia refused his withdrawal. 
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A light skinned man with short white hair and beard faces camera with disappointed expression, inside a house.

As it happened: Australians are hoarding cash and so are criminals, says RBA

Between $7 billion and $11 billion of the nation’s cash is being used in the shadow economy to fund tax avoidance or other illegal purposes such as buying illicit drugs, according to the Reserve Bank. The news comes after the Australian stock market rose for a fifth consecutive day, hitting a three-week high before the Australia Day long weekend
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Australian banknotes, mostly $50 bills, strewn over a flat surface.

ASX finishes flat as mining rally offsets falls elsewhere, markets eye stage 3 tax tweaks — as it happened

The Australian share market closes fairly flat as investors sell out of other sectors to pile into mining stocks. This is how the trading day unfolded on our live blog.
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Two women look at a share price board outside the ASX in Sydney.

As it happened: ASX closes higher, households are more indebted, so do we need tougher lending rules?

Australian households' debt-to-income ratio has reached 185 per cent of disposable income. Is it time to impose tougher lending restrictions? Read about this and how the Australian share market closed higher on Tuesday after an optimistic streak on Wall Street that pushed US stocks to a fresh record high.
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Drone view of housing rooftops and roads

Whether you understand it or not, bitcoin 'is here to stay' — and experts say it's about to get even easier to invest

The decision by the US Securities and Exchange Commission to approve bitcoin exchange-traded funds was a decade in the making that's legitimised crypto — and experts say it won't be long before Australia follows suit.
A representation of virtual currency Bitcoin and US banknotes.

China's economy has 'lost momentum', gold miners drag ASX lower — as it happened

Australian shares close lower as Chinese GDP data confirm an economic slowdown. Look back on our markets blog to see how Wednesday's events unfolded.
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A surveillance camera is silhouetted behind a Chinese national flag in Beijing.

ASX hits four-week low as commodity stocks slip on weaker prices: as it happened

The Australian share market has hit a four-week low, dragged down by commodity stocks on weaker prices, with heavyweight miners hitting their lowest level since early December.
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A large truck carrying iron ore drives up a hill

Tiwi elders lose cultural heritage case against Santos; household spending falls: as it happened

The Federal Court dismissed a challenge by three Tiwi elders who were trying to stop gas giant Santos laying a pipeline near their islands off northern Australia. 
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A man in his-vis gear walks past an ASX share price board.

Citigroup unveils plan to cut 20,000 jobs after posting $2.6 billion loss

The lender will be reducing its global workforce of 239,000 by 20,000 people by 2026 following a 'disappointing' quarter.
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A tall building with white letters that say Citi with a red line over top of it.

A basic security failure from The Iconic has put millions of its customers at risk of being defrauded

Online retailer The Iconic has failed to provide basic security measures to verify its customers' payment details when placing an order, putting its 2.1 million customers at risk of being defrauded, cybersecurity experts say
Woman's hand holds a credit card in front of a computer

ASX jumps after Wall St tech rally, retail sales surge, as investors await fresh inflation data — as it happened

The ASX traded higher on Tuesday after Wall Street's positive session overnight, and was further boosted by a much bigger than expected jump in November retail sales. See how the day unfolded on our live blog.
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People shopping in the Queen Street mall in Brisbane.

Jonathan's bank transactions show exactly where scammers used his details. But neither his bank nor the police offered help

Hours after replying to a message he thought was from Australia Post, fraudsters were spending his money at a local store. He says his experience with the bank and police left him feeling defeated.
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