THE NEWS WRAP: NAB and CBA brush aside business concerns to raise rates

NAB has become the last of the “big four” banks to raise its interest rates, as lenders brush aside small business protests in a bid to protect their margins.

NAB has lifted its mortgage rate by 0.09%, closely following the Commonwealth Bank’s decision to raise its rate by 10 basis points. ANZ and Westpac upped their rates last week.

Despite the rises, bank bosses have warned of further pain in the industry, with ANZ announcing that it will make 1,000 staff redundant by the end of September.

BCA warning over Australian economy

Australia is struggling to remain competitive internationally and has become complacent about its prosperity, the Business Council of Australia has warned.

According to the Australian Financial Review, the business lobby group said that Australia is becoming a high-cost nation in which to do business, with productivity falling.

Apple to review manufacturing operations

Apple is to launch a review of its manufacturing operations, following concerns that its contracted workers in China have been suffering under poor conditions.

The Fair Labor Association will audit a number of suppliers at Apple’s request, including Foxconn in China, which has seen a number of fatal accidents and suicides in recent years.

Overnight

The Dow Jones Industrial Average rose by 78.82 points, or 0.6%, to 12,880.05. The Australian dollar edged up to 107.33 US cents.