THE NEWS WRAP: Bank battle over mortgage exit fees could help SMEs

Both Westpac and the Commonwealth Bank have so far refused to scrap their mortgage exit fees, despite NAB’s offer to pay the fees of customers wishing to switch from the two banks.

NAB’s move is set to spark a fierce battle in the mortgage market, with the bank following ANZ in ditching exit fees.

Consumer group Choice claimed that exit fees will soon be a thing of the past, a development that will be a boost to many small businesses that use houses as security for loans.

Online GST crackdown launched

The federal government has launched a crackdown on consumers and businesses that fail to pay GST and duties on online purchases over $1000.

A 14-week investigation by Customs will identify people that are breaking the law, with home affairs minister Brendan O’Connor warning that goods will be seized and potentially destroyed if the tax isn’t paid.

Nokia and Microsoft team up

Nokia and Microsoft have unveiled a partnership that the duo hopes will counter the dominance of Google and Apple in the smartphone market.

Nokia will use the Windows Phone software platform for its smartphones as the company looks to claw back ground lost to Apple.

Overnight

The resignation of erstwhile Egyptian president Hosni Mubarak caused US stocks to leap in trade on Friday night, with the Dow Jones up 43.97 points to 12,273.26. In overseas trading, the Australian dollar remained steady at 100.2 US cents.