May 22, 2018 Last Updated 7:58 AM, May 18, 2018

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Australian banks post record profits

NABAusBN – The big banks of Australia recorded huge and in some cases record profits across the board this year.

ANZ posted a record annual profit of $7.2 billion – a 3% increase from last year – despite what it called “a constrained environment”.

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Online banking crash frustrates customers

Australian dollarAusBN – The online, mobile and telephone banking systems of three major Australian banks crashed over the weekend, throwing many customers’ lives in to disarray.

Customers of St George Bank, Bank of Melbourne and BankSA complained about being unable to pay bills or even buy essentials.

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17,400 jobs created in August

AusBN – Unemployment across Australia fell from 6.3% to 6.2% in August as 17,400 new jobs were created, ahead of economists’ forecasts.

It seems that Australian employers have been encouraged to employ more people by the present low interest rates and weak Australian dollar.

Speaking on Question Time, federal treasurer Joe Hockey lauded the government’s success in driving job creation.

“Even with the volatility that goes from month to month, the fact is, over the last three months since the ‘have a go’ budget, nearly 60,000 jobs have been created in Australia,” he said.

Employment minister Eric Abetz argued that the unemployment figure was still “unacceptable”.

He added: “We need to do more because everyone of those figures is an individual Australian or indeed thousands of Australians without employment.”

Full-time jobs rose by 11,500 in August but only 1,400 of them went to women, for whom part-time jobs increased by 6,500.

@AusBNonline

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