Westpac Banking Corporation
Westpac boss predicts soft economic landing despite customer stress
Westpac boss Peter King says the economy is on track for a soft landing, even as customer stress has ticked up, and the bank posted a drop in profits.
- by Millie Muroi
Latest
Banks expected to report more than $15b in half-year profits
Despite continued pressure on bank profit margins, analysts expect the big four to post relatively resilient earnings over the next two weeks.
- by Millie Muroi
Scammers are becoming patient: Banks say social media giants need to step up
Experts warn scammers are targeting victims through drawn-out investment and romance scams – and say social media platforms to step up prevention.
- by Millie Muroi
Bank profit margin crunch to continue as customers shift deposits
Bank margins will continue to dwindle in the first half of this financial year, analysts say, as customers move their savings into higher-interest offerings.
- by Millie Muroi
Bank chiefs back calls for longer election cycles
The bosses of major banks have backed calls for federal elections to be held every four years instead of three to provide more certainty for business.
- by Millie Muroi
Updated
Earnings season
Westpac chief praises resilient economy and eyes 2024 rate cut
The bosses of Westpac and Bendigo and Adelaide Bank say late payments on home loans have ticked up, but that an easing in interest rates, which looks likely to happen this year, would support economic growth.
- by Millie Muroi
Businesses cutting back workers’ hours as economy slows: Westpac
Companies are slashing employees’ work hours to cut costs and stay afloat as high-interest rates and inflation dampen consumer spending, bank data shows.
- by Millie Muroi
Exclusive
Development outrage
Lebanese loans, Nigerian warehouses revealed in bombshell Nassif report
Fugitive developer Jean Nassif may face further criminal action over “potential fraud and violation of directors’ duties” after administrators released a report to creditors.
- by Kate McClymont and Max Maddison
‘Risible’: Federal Court justice slams $9.8m Westpac settlement
Justice Michael Lee said Westpac’s agreement to pay a $1.8 million penalty and $8 million for litigation and investigation costs for unconscionable conduct would shock many people.
- by Millie Muroi
Heat fading from mortgage war as banks protect margins
After an outbreak of fierce competition in the $2.1 trillion mortgage market, analysts are pointing to signs big banks are no longer offering home loan rates that are near the cheapest available.
- by Millie Muroi