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The Latest Breaking News from Westpac

WBC profit at $5b-plus, rates yet to bite

Westpac has posted an annual profit of $5 billion-plus and says while interest rate rises will bite, many customers remain ahead on their mortgage repayments.

AAP

Anti-money laundering watchdog probes online gambling giants Sportsbet and Bet365

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is launching an investigation into two of the nation's biggest online sports betting companies over money laundering concerns and warns that it wants the multi-billion-dollar gambling industry to "lift its game".

ABC News

Alan Kohler: Economists disagree on where interest rates are heading – shock

It’s hard to recall a time when the interest rate forecasts of economists were as widely, and wildly, different as they are now.

The New Daily

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What changes are banks making to interest rates?

A flurry of banks have passed on interest rate rises to borrowers after the Reserve Bank increased the cash rate by 0.25 percentage points on Tuesday.

ABC News

Rate rise expected on Melbourne Cup day likely to be followed by higher inflation outlook

Two of Australia’s biggest banks predict the Reserve Bank will revise the inflation rate to 8% – the highest since March 1990

The Guardian - AU

Banks forecast sharp interest rate hike

Mortgage holders are likely to see repayments jump even higher as the inflation dragon proves harder to slay than expected.

AAP

Australian banks close hundreds of branches and ATMs as services move online

Since 2017, Australia has seen a 30 per cent drop in available bank branches nationally, with more than 300 closing in the past financial year.

ABC News

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More rural towns lose their last bank

The Finance Sector Union says Westpac has announced the closure of 23 of its group's branches across Australia, with the loss of 92 jobs.

AAP

Australians losing superannuation savings to sophisticated new scam

A sophisticated new scam targets the retirement nest eggs of Australians, exposing the vulnerability of a superannuation fund and a major bank to scam activity.

ABC News

Reserve Bank nervous about rate hike lag

The Reserve Bank wants to give its earlier aggressive rate hikes a chance to flow through and to see how households respond.

AAP

Should you go to work with COVID? We asked 45 different employers and the results were mixed

Mandatory isolation requirements for people who get COVID-19 have come to an end nationally — but that doesn't mean you can rock up to work symptomatic with the virus.

ABC News

Fixed or variable? A look at how home loan rate options across Australia stack up

After crunching the numbers, it’s clear that mortgage holders shouldn’t just do nothing, says RateCity’s head of research

The Guardian - AU

ASIC secured $230m in corporate fines

Two of the big four banks are among the corporations hit with penalties totalling almost $230 million secured by ASIC in the last financial year.

AAP

Australian banks hit with payment transfer outage as RBA blames technical error

Reserve bank says system is back up and running on Thursday, and they are working to clear the backlog

The Guardian - AU

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AAP

RBA fesses up to nationwide bank outages

The central bank has blamed a technical error on the industry-wide bank transfer outage that left customers furious.

The Guardian - AU

Australia’s big four banks face shareholder ire over funding fossil fuels

Activist group Market Forces says continued funding of coal, oil and gas is incompatible with net zero commitments

ABC News

Children evacuated from remote south-east NSW, as emergency services deliver supplies to cut-off campers

Emergency services evacuate five people and deliver supplies via helicopter to locations in south-east NSW cut off by floodwaters, as a surprise snow dump hits alpine regions.

The New Daily

‘Devastating’ branch closures in dozens of towns across Australia, as bank profits rise

Regional Australian towns have lost more than 200 bank branches over the last two years, costing customers time and money.

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ABC News

Which banks are passing on the interest rates to borrowers? What about savers?

The major lenders were quick to pass on the interest rate rise to mortgage holders, but only certain savers will see the benefits of the Reserve Bank of Australia's latest hike.

ABC News

Regional Banking Taskforce calls on banks to improve communication when closing branches

The Regional Banking Taskforce is calling on banks to improve communication with regional customers and ensure local councils receive forewarnings of branch closures.

Newcastle Herald

18-year-old airlifted from Stockton to John Hunter with head injuries after falling off a ute

The Westpac team said it was tasked to the beach at around 3pm.

Newcastle Herald

Missing persons located 'safe and well' following search near Barrington Tops

PolAir located all four people late Saturday morning.

The New Daily

Monthly mortgage repayments could jump by $1000, as RBA weighs another rate hike

Homeowners with a mortgage of $500,000 could be facing monthly mortgage payment increases of just under $1000 by the end of the year

AAP

Personal wealth shrinks as inflation soars

Falling property values and lower superannuation balances led a downturn in household wealth in the June quarter.

ABC News

Westpac to close four branches across regional WA as Bankwest reduces opening hours

Bank customers across regional WA face more branch closures and reduced opening hours as Westpac announces more closures and Bankwest moves many branches to two or four-day openings.

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