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The Latest Breaking News from Westpac

‘Disappointing’: Big banks post huge profits, but leave savers behind

Some of Australia’s big banks are posting gargantuan profits this week as rising mortgage bills fatten their coffers.

The New Daily

US regulator proposes new sanctions on Meta over children's privacy concerns

The US Federal Trade Commission has unveiled a proposal that would bar social media giant Meta from profiting off the personal data collected from child users. The FTC is accusing Facebook and Instagram's parent company of repeated violations of data privacy policies. Also in the show, regional US lender WestPac…

France 24

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

Here is a breakdown of which major banks have responded to the RBA's decision, and which ones we're still waiting on.

ABC News

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RBA surprise interest rate hike catches out seasoned pundits and borrowers alike

For many of the Reserve Bank’s first 10 increases, the question was the size of the hike – not whether one was coming

The Guardian - AU

Analysts predict RBA will leave cash rate at 3.6% for second consecutive month

But CBA, the nation’s largest mortgage lender, thinks a rise to 3.85% is likely before cuts start in November

The Guardian - AU

Brazen hold-up by two masked men in Westpac branch at Manuka

Two offenders wore COVID masks during Manuka hold-up

The Canberra Times

Westpac Group expands fee-free ATM network amid mass retreat

Westpac Group is expanding its fee-free ATM network to almost 7000 locations as banks continue to pull away from physical branches.

The New Daily

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Former Gold Coast property promoter jailed for scamming millions of dollars from pensioners

A former Gold Coast property promoter who scammed investors, including pensioners, through a cold-calling scheme is jailed for more than eight years.

ABC News

‘Now in reverse’: Big four banks slash refinancing discounts as profits come under pressure

Australia’s big four banks are reining in their biggest mortgage discounts as tight competition and record levels of refinancing eat into their profits.

The New Daily

Personal data of GE Money, Coles and Myer credit card customers stolen in Latitude Financial data breach

As Latitude Financial investigates last month's cyber breach, more customers are being emailed about their personal data being compromised — even if they never signed up for a Latitude product.

ABC News

Australian Taxation Office to force banks to hand over landlord data in investment property crackdown

Exclusive: Incorrect reporting of rental property income and expenses, and failure to declare capital gains are all in the spotlight

The Guardian - AU

Australia’s booming banks should do more to protect customers from scams, advocates say

More than $95m has been lost to scams so far this year, while the big four are expected to make more than $33bn

The Guardian - AU

Scammers can disguise their number so it looks like your bank is calling — here are red flags to watch for

Your phone says the call is coming from your bank, the caller knows your address and they're using the same language a banker would use, but it feels off. Here's why it might be a scammer.

ABC News

50-50: RBA mulls rate hike as retail sales slow

Australians are spending less time at the shops as sky high inflation and rapidly rising interest rates eat into retail sales.

The New Daily

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ABC News

Australian banks are boring, scrutinised … and safe, says APRA boss

In his first public speech, the chair of bank, insurance and super regulator APRA moves to reassure Australians that our banks are safe amid the recent turmoil on global financial markets.

The Guardian - AU

Australian banks predict another interest rate rise despite hopeful investor outlook

Big four banks believe RBA will lift cash rate by at least another 25 basis points though many predict rises are close to a peak

AAP

Australia's growth prospects still looking downcast

Leading indicators for Australia's future growth are still signalling depressed activity in coming months as interest rate rises bite.

The New Daily

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.

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ABC News

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?

AAP

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.

The New Daily

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.

ABC News

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.

Newsroom.co.nz

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.

The New Daily

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

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

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