Daily News Roundup

September 10, 2018

Image: ABC News

National Australia Bank keeps variable mortgage rates on hold

National Australia Bank has confirmed it will keep its standard variable mortgage rates on hold at 5.24 per cent.

It was widely expected that NAB would follow the lead of Westpac, ANZ and the Commonwealth Bank, which lifted their lending rates in the past couple of weeks.

NAB said, in a statement, that if home loan rates had increased by 15 points (0.15pc), a customer on a $500,000 mortgage would have had to pay an extra $47 per month.

“We need to rebuild the trust of our customers, and by holding our NAB Standard Variable Rate longer, we help our customers for longer,” said NAB chief executive Andrew Thorburn.

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US Open: Novak Djokovic wins men’s final with straight-sets victory over Juan Martin del Potro

Novak Djokovic has beaten Juan Martin del Potro in the US Open men’s final to claim his 14th grand slam title.

Djokovic won his third US Open title in straight sets, 6-3, 7-6 (7-4), 6-3 in what was his eighth final at Flushing Meadows.

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Low farm-gate milk price and drought forces an end to 100 years of dairying

After almost 100 years of dairying, the combination of low farm-gate milk prices and the drought has forced a Darling Downs farmer to pull the pin.

This week Rowan Mengel sent another truck of cows away from his property at Felton, south-west of Toowoomba, in a last-ditch effort to boost his cash flow as the cost of fodder continues to soar.

“Now if everything was fine, I probably wouldn’t sell them at this point in time,” Mr Mengel said.

Underlying it all, he said, was an unsustainable farm-gate milk price which, combined with the drought, is sadly catching up to some in the industry.

 

Today’s news roundup is curated with stories from ABC News.

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