Sep 23, 2017 Last Updated 2:27 PM, Sep 22, 2017

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Unemployment rate rises to 6.3%

AusBN – Australia’s unemployment rate jumped to 6.3% in July, which is around the highest it’s been in a decade.

The change has been attributed to the continuing decline in mining-led investment, while other business investment has also been weak.

It is in spite of 38,500 jobs being created in July, and the participation rate – defining the proportion of adults in work or looking for work – rising from 64.8% to 65.1%.

Ben Jarman, senior economist at JP Morgan, told AFP that 6.3% unemployment had appeared several times in the last 12 months.

He added: “We’re still in that range, though admittedly at the top end of it. It’s a bit of a disappointing result in that context.”

The release of this jobs data caused the Australian dollar to fall in value to 73.43 US cents.

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Perth property prices fall by $20k

AusBN – The median price for a house in Perth fell by A$20,000 in the June quarter, representing the largest drop in two years.

According to the Real Estate Institute of Western Australia (REIWA), the median price for a metropolitan house is now $530,000, while that for units, apartments, villas and townhouses is now $420,000.

Prices also fell in the regions, with the median price for a house price $10,000 to $380,000 and that for an apartment dropped by approximately $4,500 to $325,000.

REIWA president David Airey attributed the drop to “the composition of sales, with a greater turnover of more affordable properties pulling the median downwards”.

He added: “It’s also clear there is a market correction under way and many sellers are having to discount to find a buyer.”

There were 10,200 sales in the June quarter, down 900 from the previous quarter and 21.5% down in turnover compared with the same period last year.

REIWA said it took an average of 71 days to sell a property in the June quarter, which is three days more than in the last.

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NAB to pay out $25m to customers

AusBN – National Australia Bank (NAB) has announced that it will pay out $25 million to about 62,000 customers after discovering a technical fault.

The error occurred with the allocation of income and tax on its Navigator Wrap wealth management platform, leading to customers receiving less money than they should have.

NAB Wealth group executive Andrew Haddar said the problem dated back to 2001 - before NAB acquired the Navigator platform from Aviva in 2011.

“While this is a legacy issue, we took deliberate steps to make absolutely sure we could get the fairest outcome for our customers,” said Haddar.

“These errors are in no way related to the quality of NAB Wealth’s advice to its customers.”

The average payout will be $400 per customer, but half will receive less than $100.

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