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Australia’s central bank frets on financial stability as household debt mounts

June 21, 2017 By Swati Pandey and Wayne Cole SYDNEY (Reuters) – Australia’s central bank ramped up its rhetoric on financial stability risks amid runaway property prices and soaring household debt, a threat that prompted ratings agency Moody’s to downgrade the country’s biggest banks this week. Fears over the effects of a sharp correction in the housing market mean interest rates in Australia are likely to stay at an all-time low of 1.50 percent for a considerable time – even as some global central banks turn hawkish. The Reserve Bank…

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Australia’s Big Four banks look to cut costs as challenges rise

May 9, 2017 By Jamie Freed SYDNEY (Reuters) – Australia’s ‘Big Four’ banks say they are working hard to cut costs to maintain earnings momentum as they combat rising challenges from regulatory action, a fresh government inquiry and a possible new levy on their institutional businesses. In the first half of the financial year, the cash earnings of Commonwealth Bank of Australia (CBA) , Westpac Banking Corp , National Australia Bank Ltd (NAB) and Australia and New Zealand Banking Group Ltd (ANZ) rose by an average of 6.2 percent to…

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