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.