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The Latest Breaking News from Westpac

Westpac hikes interest rates; unleaded petrol falls to eight-month low

Shares in all of the big four banks have helped push up the ASX, as the last of them announces it is hiking interest rates.

ABC News

Australians are losing billions in scams and there are calls for banks to pay them back

Sylvia Chou was looking forward to a comfortable retirement before she fell victim to an online investment scam, that she said her bank NAB should have stopped.

ABC News

John and Patricia thought they were helping their daughter in a crisis. They were actually being scammed

Experts say social media scams are on the rise in Australia, with fraudsters using personal information to trick their unsuspecting victims. So how can you protect yourself?

ABC News

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Michael Pascoe: Which way is up for our economy? Or is it down?

Keep an ear out for the various experts who were forecasting harder and faster interest rate hikes by the RBA. I suspect they might be going a little quiet.

The New Daily

Consumer confidence takes a dive as rising interest rates and high inflation weigh on sentiment

The Westpac consumer sentiment index fell for a ninth consecutive month as interest rates, falling housing prices and high inflation woes mount.

The New Daily

Michael Pascoe: RBA jawbone has done its job with consumers

Consumer sentiment normally has a political bias – voters for the government of the day survey more optimistically than those supporting the opposition.

The New Daily

Business confidence rises with strong profits, but consumers are getting more pessimistic

Business confidence has risen, but consumer confidence is still deteriorating and economists warn it could be a sign of things to come.

ABC News

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The Loop: Barilaro faces trade job inquiry, banks divided on interest rate expectations, two killed in Brisbane attack and ancient finds in Pompeii

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

ABC News

Economists deeply divided over Reserve Bank's likely interest rate trajectory

The major banks are deeply divided about the outlook for interest rates, and the difference is worth about $284 a month to a typical recent home buyer. So who will be right?

ABC News

Three of the big four banks raise variable home loan interest rates by half a point to match RBA rise

Increase puts the banks’ variable interest rates at highest in three years with Westpac and NAB yet to respond to official cash rate hike

The Guardian - AU

Westpac’s climate targets blasted by activists despite tougher stance on fossil fuels

Bank tightens rules on financing coal, oil and gas projects but environmental groups say it’s not enough

The Guardian - AU

We are working from home (again). 7 tips to boost wellbeing and productivity

Telstra and Westpac are the latest companies to encourage staff to work from home, just a few months after some of them returned to the office.

The Conversation

ACT's strong housing investment ups economic ranking: Commsec

A new report has found the ACT has improved its economic performance.

The Canberra Times

ANZ's takeover of Suncorp will reduce bank competition – but will that be enough to block it?

Australia has one of the world’s most concentrated banking sectors, with its four biggest banks – Commonwealth Bank, National Australia Bank, Westpac and ANZ – holding more than about three-quarters of the market.

The Conversation

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The Guardian - AU

Working from home: major Australian employers respond to latest Covid health advice

Telstra and Westpac advise staff to work from home if possible while government departments are yet to shift work settings

ABC News

Federal Treasurer Jim Chalmers warns on budget outlook, New Zealand inflation surge hints at even bigger interest rate rises

Fresh inflation figures out of New Zealand sound a warning that the worst of price and rate rises may still be yet to come, says Australia's federal Treasurer as he warns Australians to brace for next week's "confronting" budget update.

Newsroom.co.nz

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

ABC News

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.

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Pedestrian.tv

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?

ABC News

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

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.

The Guardian - AU

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 New Daily

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.

ABC News

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.

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