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The Latest Breaking News from Westpac

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.

The New Daily

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?

ABC News

More economists predicting RBA will pause rate hikes

Westpac, St. George, HSBC, JP Morgan and AMP now expect the Reserve Bank won't raise rates in April - but ANZ and CBA still forecast a rate hike.

AAP

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Westpac urges RBA interest rates pause as major banks hike rates

The Reserve Bank is tipped to pause its record-breaking run of interest rate hikes in April as the economy slows faster than expected.

The New Daily

Interest rate rises have Australians ready to slash spending, and businesses are bracing for the cuts

Australia's economy is still holding up on the back of household spending, but there are warning signs that a severe downturn is imminent — and small businesses are already seeing it in action.

ABC News

Amid fears for small players, big banks agree to a competition inquiry

Is NZ developing a two-tier banking system? There’s concern smaller savings institutions may be placed at greater risk, if customers follow Americans' flight to big banks this week. Jonathan Milne reports.

Newsroom.co.nz

Interest rate pause still months away, economists warn

Despite a softening of language from the RBA, economists are still tipping another rate rise when the central bank next meets.

The New Daily

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Banks continue to drag their feet lifting savings account rates

Banks defy political pressure by not passing on higher interest rates to all savers even as they hit mortgage holders with rapid-fire hikes

The New Daily

Some savers still being left behind as cash rate lifts

Banks are still picking and choosing which deposit accounts to lift rates on despite pressure from the consumer watchdog to pass higher rates on to savers.

AAP

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

We're in double-digit territory after the Reserve Bank of Australia (RBA) lifted interest rates for the 10th time since last April. Find out which major banks have responded to the RBA's March decision.

ABC News

Supermarkets, department stores urged to go electric

A scorecard ranking Australian businesses on their green transport options has revealed surprising winners and losers, with supermarkets falling behind.

AAP

The Reserve Bank is tipped to raise interest rates again, even as some families struggle to meet higher home loan repayments

Australia's major banks expect the Reserve Bank will lift the cash rate to its highest level since May 2012 later today, but thousands of families like Le Tran's are already having to make sacrifices to make ends meet.

ABC News

Mortgage holders brace for another interest rate blow

The Reserve Bank is expected to raise interest rates again, turning up the heat on already stretched household finances.

The New Daily

Pressure on Labor over tax cuts, amid broad support for super hikes

Pressure is mounting on the federal government over tax cuts, amid support for super changes and ahead of another interest rate rise.

The New Daily

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The New Daily

Bank closures hurt communities, Westpac admits to probe

Westpac and NAB executives are facing the regional banking inquiry, which is examining the impact of branch closures in country towns.

ABC News

A third of the nation's bank branches have shut in the past five years — for people in the country, that's a huge problem

Despite soaring profits for Australia's big four banks, that number in the billions, almost one-in-three of their branches have closed in the past five years and now a parliamentary committee is examining the impact of those closures, especially on regional centres.

AAP

Cost of cash worth every penny in bush, bank probe told

Cash and face-to-face transactions are central to the social fabric in rural communities, a Senate inquiry examining regional bank closures has been told.

ABC News

House price falls ease in February with Sydney posting a rise as real estate listings dry up

A lack of properties for sale and the first rise in Sydney home prices in more than a year stabilise real estate values across the nation. But for how long?

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The Guardian - AU

The Australian towns where the nearest bank branch is nearly 1,000km away

With nearly 100 regional branches either closed or soon to close, getting to the bank is becoming increasingly difficult for Australians in remote areas

ABC News

Regional bank closures have SA locals buying safes, scared for safety as MP calls for banks to do 'right thing'

The outback town is an opal-mining mecca, with large sums of money often exchanged in cash. But Coober Pedy's only bank closed for good last week — too late to be saved by a Senate inquiry into regional bank closures.

ABC News

RBA boss Philip Lowe says rate rises hurting households, indications are they will go higher

Reserve Bank governor Philip Lowe has given a strong indication more interest rate rises are on the cards despite nine back-to-back rises causing many households significant pain and leaving them struggling to make repayments on their mortgages.

The New Daily

ACCC asking why banks are slow to lift interest rates on savings accounts

The landscape for Australian savings rates is changing fast as banks begin to relent after the RBA’s February interest rate hike.

ABC News

Westpac postpones regional bank branch closures ahead of Senate inquiry

Westpac says the closure of eight of its branches will be put on hold ahead of a federal probe into the economic and social impacts of branch closures outside major capitals.

AAP

Westpac halts rural closures amid political pressure

Westpac says it will postpone closures of rural banks during a Senate inquiry, the second major bank to heed calls to act in good faith.

ABC News

Million households 'vulnerable' to rising interest rates, and their cuts could cause recession

A prominent economist now puts the risk of recession at 50 per cent, as households face the prospect of making substantial spending cuts to meet rising home loan repayments.

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