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The Latest Breaking News from Westpac

Westpac ordered to fork out $29m in compo

Westpac customers in their thousands stand to share in compensation worth nearly $30 million following a successful class action over superannuation fees.

AAP

Westpac flags rates impact in 2023

Westpac expects tighter monetary policy and slowing economic growth to impact some of the bank's customers next year.

AAP

Consumers hopeful tide will soon turn on interest rates and home prices, but businesses gloomy

Households are hoping interest rates will reach their peak soon and home prices may start to rise. However, rising inflation and interest rates have businesses worried about the future.

ABC News

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Westpac walks away from Tyro Payments

Westpac says it won't make an offer for Tyro Payments, which has also rejected a bid from Potentia Capital Management.

AAP

Economy up 0.6 per cent in third quarter

Aggressive interest rate hikes have done little to slow growth in the September quarter, with the economy expanding by 0.6 per cent over the three months.

AAP

Will house prices go up in 2023? The answer largely depends on interest rates

Australian house prices are forecast to rise in several states if economic conditions are favourable, according to a new report from SQM Research.

ABC News

Major banks to pay $126 million after dodgy insurance sales to customers

Up to one million ANZ, Westpac and CBA customers will share in $126 million after being sold consumer credit insurance of little use.

The New Daily

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Banks to pay $126m over dodgy insurance

A class action has been settled with three of Australia's big banks, with customers sold consumer protection insurance to share in $126 million.

AAP

Keep an open mind, murder trial told

A Sydney man says he was acting in self-defence after admitting he strangled his wife in their family home in May 2020.

AAP

Husband killed to 'silence' nagging wife

A man accused of murdering his wife told police he strangled her in their western Sydney home because he wanted freedom from her bullying and nagging.

AAP

WBC profit at $5b-plus, rates yet to bite

Westpac has posted an annual profit of $5 billion-plus and says while interest rate rises will bite, many customers remain ahead on their mortgage repayments.

AAP

Anti-money laundering watchdog probes online gambling giants Sportsbet and Bet365

The Australian Transaction Reports and Analysis Centre (AUSTRAC) is launching an investigation into two of the nation's biggest online sports betting companies over money laundering concerns and warns that it wants the multi-billion-dollar gambling industry to "lift its game".

ABC News

Alan Kohler: Economists disagree on where interest rates are heading – shock

It’s hard to recall a time when the interest rate forecasts of economists were as widely, and wildly, different as they are now.

The New Daily

What changes are banks making to interest rates?

A flurry of banks have passed on interest rate rises to borrowers after the Reserve Bank increased the cash rate by 0.25 percentage points on Tuesday.

ABC News

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The Guardian - AU

Rate rise expected on Melbourne Cup day likely to be followed by higher inflation outlook

Two of Australia’s biggest banks predict the Reserve Bank will revise the inflation rate to 8% – the highest since March 1990

AAP

Banks forecast sharp interest rate hike

Mortgage holders are likely to see repayments jump even higher as the inflation dragon proves harder to slay than expected.

ABC News

Australian banks close hundreds of branches and ATMs as services move online

Since 2017, Australia has seen a 30 per cent drop in available bank branches nationally, with more than 300 closing in the past financial year.

AAP

More rural towns lose their last bank

The Finance Sector Union says Westpac has announced the closure of 23 of its group's branches across Australia, with the loss of 92 jobs.

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ABC News

Australians losing superannuation savings to sophisticated new scam

A sophisticated new scam targets the retirement nest eggs of Australians, exposing the vulnerability of a superannuation fund and a major bank to scam activity.

AAP

Reserve Bank nervous about rate hike lag

The Reserve Bank wants to give its earlier aggressive rate hikes a chance to flow through and to see how households respond.

ABC News

Should you go to work with COVID? We asked 45 different employers and the results were mixed

Mandatory isolation requirements for people who get COVID-19 have come to an end nationally — but that doesn't mean you can rock up to work symptomatic with the virus.

The Guardian - AU

Fixed or variable? A look at how home loan rate options across Australia stack up

After crunching the numbers, it’s clear that mortgage holders shouldn’t just do nothing, says RateCity’s head of research

AAP

ASIC secured $230m in corporate fines

Two of the big four banks are among the corporations hit with penalties totalling almost $230 million secured by ASIC in the last financial year.

The Guardian - AU

Australian banks hit with payment transfer outage as RBA blames technical error

Reserve bank says system is back up and running on Thursday, and they are working to clear the backlog

AAP

RBA fesses up to nationwide bank outages

The central bank has blamed a technical error on the industry-wide bank transfer outage that left customers furious.

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