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The Latest Breaking News from Westpac

Banks pull rug from rags-to-riches property adviser

She tells of going from a state house to a $17m property portfolio. But Finax Mortgages and its high-profile founder have had their accreditation to broker home loans withdrawn, after concer

Newsroom.co.nz

Lam Duc Vu avoids jail over fake payslip scam that helped Vietnamese migrants secure home loans

A South Australian Justice of the Peace who provided false pay slips to banks in a bid to help Vietnamese migrants buy properties that they otherwise could not have secured is given a suspended sentence.

ABC News

Treasurer Jim Chalmers Says A Recession In Australia Is ‘Probable’ So WTF Does That Mean?

Economists predict a recession in Australia isn't near yet but it's being talked about as an increasing possibility. So what could it mean?

Pedestrian.tv

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Interest rate rises push household finances towards pandemic lows, confidence plunges

Australians are still spending record amounts of money, but surveys show that could change quickly as interest rate rises send consumer confidence towards pandemic lows.

ABC News

Union condemns more regional bank closures

Westpac is defending a decision to close 24 bank branches across Australia, including many in regional areas.

Crikey

Commonwealth Bank, ANZ, Westpac, NAB to raise variable mortgage rates by 0.25 per cent after RBA rate hike

All of Australia's biggest banks have lifted mortgage rates, matching the Reserve Bank's 25-basis-point increase.

ABC News

Souring confidence points to trouble ahead

The latest Westpac-Melbourne Institute leading index declined in May, but still shows the economy holding above its long-term trend.

Crikey

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Consumer confidence plunges to worst level since peak of pandemic, Westpac survey shows

Experts say stretched businesses could face further pain as people cut spending and award wages rise

The Guardian - AU

Why savers are unlikely to benefit much from the RBA rate hikes

RBA governor Philip Lowe jacked up the cash rate by a surprise 50 basis points on Tuesday. But savers are unlikely to benefit much in the short term.

The New Daily

The Loop: High Court rules on citizenship, banks pass on rates rise, and why lettuce is so pricey

Here's your TL;DR for today's news.

ABC News

Commonwealth Bank, ANZ and NAB join Westpac to raise variable mortgage rates by half a percentage point

The Commonwealth Bank, ANZ and NAB join Westpac in passing on the Reserve Bank's interest rate rise to mortgage borrowers in full.

ABC News

Man's arm partially severed after fall through plate glass window

A man has partially severed his arm after he fell through a plate glass window at Terrigal in the early hours of Sunday morning.

Newcastle Herald

Companies accelerate move to EVs

New car buyers are rapidly driving sales of new EVs while for secondhand buyers the choice is limited. But, as Mark Jennings writes, the tap will be progressively turned on. | Partner content

Newsroom.co.nz

How much can you really save with an electric vehicle?

High petrol prices are driving more motorists to consider an electric vehicle (EV). But do they really stack up for savings – and can buyers trim the cost?

The New Daily

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ABC News

Banks crack down on high debt-to-income home loans as regulator APRA comes knocking

Two of Australia's biggest banks are moving to curb high-risk home lending, as the regulator reveals it has been warning some institutions to cut back on risky loans.

Crikey

Banks face discrimination complaints for refusing services to ‘risky’ businesses

The issue of debanking has been highlighted by a recent crypto-trader’s case against Westpac and ANZ. How will Labor approach it?

The Guardian - AU

New Zealand banks predict 20% drop in house prices over next year

Economists say tighter credit conditions, higher mortgage rates and increased housing supply behind sinking prices

AAP

Banks eye rate boost but headwinds remain

Australia's four major banks have all reported a squeeze on margins in their latest results, but that is certain to change as interest rates rise.

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ABC News

'Big four' banks made huge profits as Australians took out bigger mortgages for pricier housing

Australia's big four banks — ANZ, CBA, NAB and Westpac — now hold a whopping $1.87 trillion in home loans, and raked in big profits as Australians took on massive home loans.

ABC News

ASX slides, Westpac jumps after dividend improves and expenses forecast to fall

Australian shares have fallen, dragged lower by mining stocks, with investors globally maintaining a cautious stance over rate-hike worries and as tightening COVID-19 restrictions in Shanghai fuelled concerns about a possible recession.

ABC News

The Loop: More banks announce mortgage rate increases, Roe v Wade protests in the US, The Kid LAROI sweeps the APRAs

Get up to speed on today's headlines with The Loop.

AAP

Guy Sebastian manager break-up 'hostile'

Guy Sebastian's break-up with his ex-manager, who's on trial for allegedly defrauding the singer of nearly $1 million, was acrimonious, a court has been told.

ABC News

The cost of living is surging, so why will the RBA add to it by raising interest rates?

The Reserve Bank is increasingly likely to start raising interest rates next Tuesday. But why would it add increased interest costs to household budgets at a time when Australians are struggling with a surging cost of living? Michael Janda explains the economics behind it.

ABC News

Inflation surge could see super-sized interest rate hike in June, economists warn

The latest official inflation figures are expected to be the highest since the global financial crisis, and at least one leading economist warns they could trigger an extra large first interest rate hike from the Reserve Bank.

Crikey

Westpac fined $113m for compliance failure

Westpac has been fined $113 million by the Federal Court for a series of compliance failures that included charging advice fees to thousands of dead customers.

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