AGP Executive Report
Last update: 12 hours agoBanking: NAB’s annual profit fell 9.1% to $6.14 billion as loan impairment charges nearly doubled to $1.5 billion, with the bank citing slower growth, falling house prices and persistent cost pressures. Economic Pressure: The RBA’s fifth rate rise this year lifted the cash rate to 4.85%, squeezing households and small businesses; September household spending nevertheless rose 0.6%. Business Shake-up: Canva plans to cut 1,271 jobs as growth slows, while department store David Jones faces possible administration. Uber also lost a High Court tax appeal and faces an $81 million bill. Energy Investment: UAE-backed XRG agreed to buy Shell’s stake in Western Australia’s North West Shelf project for $1.45 billion, subject to approvals, giving the investor its first Australian LNG foothold.
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