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The Latest Breaking News from Westpac

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.

The New Daily

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.

ABC News

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.

AAP

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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?

ABC News

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

The Guardian - AU

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.

ABC News

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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.

The New Daily

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.

ABC News

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.

AAP

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.

ABC News

'Outrageous': Union criticises Westpac's decision to move Charlestown banks under one roof

Westpac's decision to bring its St George Bank branch at Charlestown under the same roof has been met with criticism from the Financial Services Union (FSU).

Newcastle Herald

Interest rates could peak at 4.1% amid sinking consumer confidence in Australia, says NAB

Major bank believes business conditions and confidence are improving as it sets cash rate prediction higher than other banks

The Guardian - AU

Cloncurry Westpac branch closure sparks outrage as residents fear more services will leave

Residents in a major mining and farming community are fighting the closure of a Westpac branch saying the move is "unacceptable".

ABC News

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ABC News

Parliamentary inquiry into regional banking to be held as branch closures continue

The inquiry will examine the impacts of branch closures on communities, as well as the effectiveness of current data.

The New Daily

Get the best deal on your mortgage after a year of interest rate hikes

There’s been no shortage of pain for Australian home owners this year as the fastest interest rates hikes in decades hit families.

ABC News

'The return of goodwill'

Reflections on 50 years of China-Australia relations through the eyes of two people who have been at the centre from the start.

ABC News

Australian towns are fighting to hold on to their bank branches, as government flags review of replacement services

In the past five years, the number of bank branches has dropped 30 per cent. While growing numbers of Australians are doing their banking online, the local bank remains a vital service for many isolated regional communities.

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ABC News

Home owners hit with huge insurance increases after Murray, Murrumbidgee River floods

Austin Gregor knew that after the floods the insurance premium hikes would come, but he never expected his bill to increase by $20,000.

AAP

Westpac ordered to fork out $29m in compo

Westpac customers in their thousands stand to share in compensation worth nearly $30 million following a successful class action over superannuation fees.

AAP

Westpac flags rates impact in 2023

Westpac expects tighter monetary policy and slowing economic growth to impact some of the bank's customers next year.

ABC News

Consumers hopeful tide will soon turn on interest rates and home prices, but businesses gloomy

Households are hoping interest rates will reach their peak soon and home prices may start to rise. However, rising inflation and interest rates have businesses worried about the future.

AAP

Westpac walks away from Tyro Payments

Westpac says it won't make an offer for Tyro Payments, which has also rejected a bid from Potentia Capital Management.

AAP

Economy up 0.6 per cent in third quarter

Aggressive interest rate hikes have done little to slow growth in the September quarter, with the economy expanding by 0.6 per cent over the three months.

ABC News

Will house prices go up in 2023? The answer largely depends on interest rates

Australian house prices are forecast to rise in several states if economic conditions are favourable, according to a new report from SQM Research.

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