NAB Shares Slide as Budget Tax Shock Turns Housing Policy Into Bank Risk
National Australia Bank closed down 2.09% at A$37.42 Tuesday, with ANZ, CBA and Westpac also falling after the federal budget tightened negative gearing and capital gains tax rules. Investors rotated out of banks as new housing policy raised concerns over mortgage growth and credit stress. NAB’s first-half cash earnings missed estimates, and its April business survey showed confidence at -24.