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The Latest Breaking News from Westpac

‘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

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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

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.

ABC News

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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

The Guardian - AU

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.

AAP

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

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

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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

AAP

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.

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ABC News

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.

AAP

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.

ABC News

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.

The New Daily

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

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.

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