ANZ Chief Calls For An End To The Politics Of Banking

Mike Smith, chief executive of Australian banking major ANZ says the Australian economy is not being helped by politics and called for an end to criticism of the banking industry and a focus instead on helping the economy achieve long term growth.

Mr. Smith made his comments following months of intense criticism for politicians regarding rising mortgage interest rates in response to higher costs of funding.

Mr. Smith also expressed dissatisfaction with proposed new banking regulations that will be implemented worldwide, arguing that such stringent requirements come at the worst time for the global economy.

NAB Survey Says Moderate Improvements In Business Conditions

According to the results of a new survey, the twin cuts in interest rates by the Australian central bank has resulted in improved business sentiment.

The results of the National Australia Bank Business Survey suggest that business conditions improved in February, posting again of two index points following the previous two point gain which occurred in January.Confidence expressed by business rose by one point, and now stands at positive four points.

Suncorp May Send As Many As 2000 Jobs Overseas

The government of Queensland is calling for Suncorp to support local jobs as speculation mounts that the banking and insurance company is looking to send as many as 2000 jobs overseas.

Suncorp has already shipped 150 positions abroad, and is considering expanding its partnership with international vendors. The company says it is still undecided on the move.

ANZ Survey Shows Number Of Jobs Ads Increased

A new survey by Australian banking major ANZ suggest that the number of job advertisements jumped by their largest monthly rate since February 2010.

According to the ANZ job advertisement survey, the number of job advertisements placed in major newspapers and on the internet increased by 6.0 per cent in January. For the year ending January the growth was more moderate, posting a 0.7 per cent rise.

Westpac Likely To Cut Hundreds Of Jobs

Reports are suggesting that Australian banking major Westpac is embarking on a cost cutting program and is likely to announce cuts to its head count as soon as today.

According to the Sydney Morning Herald, Westpac is set to announce the cuts on Thursday afternoon, though the number of people that are affected is still not known, though other sources are speculating that the cuts could number in the hundreds.