THE NEWS WRAP: NAB admits the major banks need to be less “arrogant”

The chief executive of NAB has admitted that the major banks need to be less “arrogant” and show more “empathy” with customers, including businesses, that are angry over recent interest rate rises.

However, Cameron Clyne dismissed Coalition plans to clamp down on price collusion between the banks, calling the proposals “ludicrous”.

ATO admits rulings delays

The Australian Tax Office has also owned up to an image problem, conceding that its private rulings system suffers from delays.

Despite this, the Tax Office has refused to implement a recommendation by the inspector-general of taxation to make it easier for taxpayers to search through the register of 80,000 rulings.

Farmers face earnings squeeze

Farmers on the eastern seaboard could be hit by a $250 million dip in revenues this year due to persistent rain. 

Drought-breaking rain earlier this year severely affected crops, reducing the quality of produce. Lower prices for grains and rising contractor fees are also putting pressure on the farming industry.

Markets

The Australian dollar opened strongly this morning, trading at 98.13 US cents at 7am. The dollar was also buying 82 Yen, 73.37 Euro cents and 62.24 pence.