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The business week in numbers

AAP logoAAP 28/10/2016 Garry Shilson-Josling, Economist

Plans to sell milk formula go sour, housing auction clearances surge, inflation stays low, a bank racks up another big profit, but the big banks sector will have to pay up to compensate dudded customers. The big and small numbers that grabbed attention - or should have - in the business world over the past week.

MONDAY

80.2 per cent. The proportion of housing auctions ending with a sale surged to 80.2 per cent over the week to Sunday, October 23, the highest clearance rate since April 2015.

TUESDAY

16.8 per cent. Shares in Bega Cheese plunged by $1.09, or 16.8 per cent, to $5.40 after the dairy producer said its partnership with Blackmores to sell infant formula and nutritional powders in China and Australia hadn't met expectations.

WEDNESDAY

1.3 per cent. Australia's inflation rate was 1.3 per cent over the year to the September quarter, despite an unexpectedly big 0.7 per cent quarterly rise. Despite underlying measures trending below the Reserve Bank's two to three per cent target, economists aren't expecting the figures to prompt a Melbourne Cup day rate cut.

THURSDAY

$6.48 billion. National Australia Bank reported full-year cash earnings of $6.48 billion, a 4.2 per cent increase, although it kept its dividend steady at 99 cents as the recent sale of 80 per cent of its life insurance business hampered income growth. The NAB's statutory net profit dropped 94.4 per cent to $352 million thanks to the big loss recorded against the sale of Clydesdale Bank in the UK.

FRIDAY

$178 million. The big four banks and AMP are likely to refund at least $178 million to more than 200,000 customers who did not receive financial advice for which they were charged, according to the corporate regulator's update on its investigations into the financial advice industry, in particular a failure to provide advice to those being charged for the service.

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