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The Latest Breaking News from Westpac

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.

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

'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.

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

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.

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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.

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.

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.

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.

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Westpac fined $40m for charging fees to the dead

Westpac fined $40m for charging fees to the dead

Judge says bank ‘utterly failed to address the issues systematically’ as its total penalties for misconduct rise to $130m

The Guardian - AU

Expanding the Home Guarantee Scheme comes with pros and cons for first-time property buyers

Expanding the Home Guarantee Scheme comes with pros and cons for first-time property buyers

The government is expanding its home guarantee and the value of properties eligible for it, but experts warn there are risks as well as benefits for would-be buyers.

Australia’s March unemployment rate steady at record low 4%, despite expectations of fall

Australia’s March unemployment rate steady at record low 4%, despite expectations of fall

Australia’s economy added more than 20,000 new jobs in March, as experts warn of workforce shortage

The Guardian - AU

Auto scam block to save Aussies $120m

Auto scam block to save Aussies $120m

A big four Australian bank will automatically block scam-suspected transactions from overseas, with the system tipped to stop 2000 customers a year being duped.

Rising rates will put pressure on default risk

Rising rates will put pressure on default risk

Rising interest rates will be a juggling act for the RBA with debt serviceability

The Canberra Times

Jobless rate could fall below 4pct soon

Jobless rate could fall below 4pct soon

The unemployment rate could fall below 4 per cent sooner than forecast in this week's federal budget with the number of job vacancies growing in recent months.

Tax rise for low- and middle-income workers possible as LMITO's fate hangs on federal budget

Tax rise for low- and middle-income workers possible as LMITO's fate hangs on federal budget

With cost-of-living concerns dogging the government ahead of next week's federal budget and the upcoming election, experts are again questioning whether its tax cuts are directed at those who need them most.

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Russia to sell gas in roubles as sanctions bite, ASX turns positive on oil rally

Commodity markets are set to be further disrupted, with Russian President Vladimir Putin saying unfriendly countries such as the US and those in the EU will have to pay for gas in roubles. The ASX edged higher as oil prices rallied.

The Canberra Times

Rising gas prices to bolster Aussie dollar

Rising commodity prices are set to bolster a stronger Australian dollar.

Many consumers expect rate rise this year

The Westpac-Melbourne Institute consumer sentiment survey found 66 per cent of respondents expect an interest rate rise this year.

ASX lower, Westpac jumps on cuts and profit beat, Facebook owner Meta plunges

Australian shares close lower after two straight sessions of gains, weighed down by technology stocks, while banking giant Westpac jumps after reporting first-quarter profit above estimates.

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Newcastle Herald

Westpac helicopter transfers two from New England to John Hunter Hospital

The Westpac Rescue Helicopter responded to two medical transfer requests from the state's New England region to John Hunter Hospital on Friday.

The Canberra Times

Inflationary rise puts pressure on mortgage costs

Inflationary pressures forcing an early rate rise are set to put up costs for mortgage borrowers.

Home owners hit with rate hikes as bank funding costs rise

Paying off your mortgage is getting more expensive, with Westpac becoming the latest of 17 banks to hike their fixed rates this year.

Westpac forecasts RBA rate rise by August, mortgage borrowers to face $103 monthly hit

Westpac is now expecting the Reserve Bank to start raising official interest rates as early as August, with a peak cash rate that could increase typical mortgage repayments by more than $400 a month.

ANZ drops home loan rates, matches Westpac

ANZ Bank has put more pressure on home loan rates and matched Westpac's lowest variable rate.

The Guardian - AU

Australia’s unemployment rate drops to lowest point in more than 13 years

Economy adds 64,800 jobs in December, but ABS survey period did not include economic disruption caused by Omicron wave

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