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The Latest Breaking News from Westpac

Push to break up overpriced supermarket duopoly and sell groceries online

The Government's steps to make food prices more internationally competitive won't be enough – it needs to open up the wholesale chain and force supermarkets to sell stores, says a new Westpac NZ report.

Newsroom.co.nz

Has Jim Chalmers’ budget really poured fuel on the inflation fire? Don’t believe the hype

Headlines stoked fears of ‘stimulatory’ measures but you only need to look at the big banks and markets to see the reception was calm

The Guardian - AU

Westpac reverses decision to close eight regional branches as senate inquiry continues

Months after postponing the closures because of an ongoing Senate inquiry, the bank has announced that branches in several states will remain open indefinitely.

ABC News

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Westpac hikes dividend as half year profit surges

Westpac is raising its dividend 15 per cent to 70c per share as CEO Peter King says it has become a "simpler, stronger bank".

The New Daily

Fears relief could add to inflationary pressures – as it happened

This blog is now closed.

The Guardian - AU

ASX closes higher, Westpac shares jump as bank records $4 billion profit in half-yearly results — as it happened

The Australian share market has closed higher after Westpac posted a $4 billion profit in its half-yearly results. Look back on the day's events as they happened with our blog.

ABC News

‘Disappointing’: Big banks post huge profits, but leave savers behind

Some of Australia’s big banks are posting gargantuan profits this week as rising mortgage bills fatten their coffers.

The New Daily

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US regulator proposes new sanctions on Meta over children's privacy concerns

The US Federal Trade Commission has unveiled a proposal that would bar social media giant Meta from profiting off the personal data collected from child users. The FTC is accusing Facebook and Instagram's parent company of repeated violations of data privacy policies. Also in the show, regional US lender WestPac…

France 24

Which banks have passed on the May RBA rate rise to mortgage borrowers? NAB kicks it off, as ANZ follows

Here is a breakdown of which major banks have responded to the RBA's decision, and which ones we're still waiting on.

ABC News

RBA surprise interest rate hike catches out seasoned pundits and borrowers alike

For many of the Reserve Bank’s first 10 increases, the question was the size of the hike – not whether one was coming

The Guardian - AU

Analysts predict RBA will leave cash rate at 3.6% for second consecutive month

But CBA, the nation’s largest mortgage lender, thinks a rise to 3.85% is likely before cuts start in November

The Guardian - AU

Brazen hold-up by two masked men in Westpac branch at Manuka

Two offenders wore COVID masks during Manuka hold-up

The Canberra Times

Westpac Group expands fee-free ATM network amid mass retreat

Westpac Group is expanding its fee-free ATM network to almost 7000 locations as banks continue to pull away from physical branches.

The New Daily

Former Gold Coast property promoter jailed for scamming millions of dollars from pensioners

A former Gold Coast property promoter who scammed investors, including pensioners, through a cold-calling scheme is jailed for more than eight years.

ABC News

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The New Daily

‘Now in reverse’: Big four banks slash refinancing discounts as profits come under pressure

Australia’s big four banks are reining in their biggest mortgage discounts as tight competition and record levels of refinancing eat into their profits.

ABC News

Personal data of GE Money, Coles and Myer credit card customers stolen in Latitude Financial data breach

As Latitude Financial investigates last month's cyber breach, more customers are being emailed about their personal data being compromised — even if they never signed up for a Latitude product.

The Guardian - AU

Australian Taxation Office to force banks to hand over landlord data in investment property crackdown

Exclusive: Incorrect reporting of rental property income and expenses, and failure to declare capital gains are all in the spotlight

The Guardian - AU

Australia’s booming banks should do more to protect customers from scams, advocates say

More than $95m has been lost to scams so far this year, while the big four are expected to make more than $33bn

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ABC News

Scammers can disguise their number so it looks like your bank is calling — here are red flags to watch for

Your phone says the call is coming from your bank, the caller knows your address and they're using the same language a banker would use, but it feels off. Here's why it might be a scammer.

The New Daily

50-50: RBA mulls rate hike as retail sales slow

Australians are spending less time at the shops as sky high inflation and rapidly rising interest rates eat into retail sales.

ABC News

Australian banks are boring, scrutinised … and safe, says APRA boss

In his first public speech, the chair of bank, insurance and super regulator APRA moves to reassure Australians that our banks are safe amid the recent turmoil on global financial markets.

The Guardian - AU

Australian banks predict another interest rate rise despite hopeful investor outlook

Big four banks believe RBA will lift cash rate by at least another 25 basis points though many predict rises are close to a peak

AAP

Australia's growth prospects still looking downcast

Leading indicators for Australia's future growth are still signalling depressed activity in coming months as interest rate rises bite.

The New Daily

Young Australians hit the hardest as bills skyrocket in 2023

Young Australians are suffering the most under the cost of living crisis, according to new data, which shows many are taking 2nd jobs.

ABC News

US banks flock to Federal Reserve highlighting 'scale of stress in US banking system'

First Republic is the fourth bank in a week to show signs of financial distress. What does this mean for Australian interest rates – and mortgages?

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