The worsening spread of the coronavirus (COVID-19) pandemic in Australia could see unemployment reach 11% by June - and that number could still rise as more businesses close their doors.
Apple Pay has launched for St.George, BankSA and Bank of Melbourne customers, while Westpac has promised to deliver the contactless payments platform to customers by June 2020.
Australians aren't feeling very jolly and neither will retailers, with consumer confidence slipping according to the Westpac-Melbourne Institute Index of Consumer Sentiment.
The profitability of Australia’s major banks is under threat thanks to low interest rates, intense competition and open banking, according to a report from ratings agency Moody’s.
The big four banks have revealed the number of customers who’ve elected to reduce their mortgage repayments in the months following the recent cash rate cuts.
The major bank’s market share of residential mortgages fell by nearly 100 basis points to 81.2% in 2019, as subdued lending conditions and more intense competition put the squeeze on.