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The Latest Breaking News from Westpac

Households buckle under pressure, retail sales plunge to three-decade low

First annual fall in retail sales volumes since 1991, except for pandemic.

The Canberra Times

Teenager flown to hospital after suffering eye injury while using nail gun

The young man was reportedly in a stable condition at the time.

Newcastle Herald

Australians pull back on retail spending as case for holding interest rate grows

Sales turnover across most categories dips amid cost-of-living pressures ahead of RBA decision on cash rate next week

The Guardian - AU

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Outlook for economic activity slightly more upbeat

Australia's economic growth is still tracking towards lower-than-usual performance despite future-looking indicators showing a glimmer of improvement.

AAP

Forced sale concerns for 43,000 mortgage holders: survey

Around 3 percent of mortgage holders face the very real possibility of a having to sell over the next year as a result of higher interest rates.

Newsroom.co.nz

Thinking behind Reserve Bank's 'hawkish pause' on show

Reserve Bank boss Philip Lowe will this week give a speech after keeping interest rates steady in July and the big four banks will be grilled by politicians.

AAP

Sydney developer stripped of licence amid police hunt

Property developer Jean Nassif who is accused of fraudulently taking out a $150 million loan has lost his licence after police issued a warrant for his arrest.

AAP

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Banks put family violence perpetrators on notice. Stop using accounts to commit abuse or risk being 'debanked'

Ella never knew when her credit card was going to be declined.

The Conversation

Building firms go to the wall as housing market falls away

Construction firm debt defaults are up 16 percent, liquidations are up 72 percent, and those still working say it's getting tougher by the week. Jonathan Milne reports.

Newsroom.co.nz

Commerce Commission should probe 'stubbornly' high remittance costs

Global currency tech company Wise is calling on the Commerce Commission to investigate what banks charge for overseas remittances when it conducts its market study into the retail banking sector.

Newsroom.co.nz

Borrowers cross fingers ahead of live cash rate call

The Reserve Bank board is set to meet on Tuesday for what is likely to be another finely balanced interest rate decision in the fight against inflation.

AAP

Local councils review big card payment surcharges on ratepayers

Hutt City was the first local authority forced to refund excessive credit card surcharges; now Matamata-Piako and other councils are reviewing their fees. Jonathan Milne reports.

Newsroom.co.nz

Shoppers warned against paying more than 3% card surcharges

Eftpos provider hopes to launch contactless debit payments in next two years, freeing consumers from shackles of big credit card companies

Newsroom.co.nz

Easing demand hitting manufacturing sector hard

The outlook for the Australian economy remains gloomy, with the manufacturing sector under pressure from slowing demand and stubbornly high costs.

AAP

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Newsroom.co.nz

A short history of doing sweet FA on bank innovation

It’s not just the upcoming ComCom banking inquiry; three announcements in the past month are intended to nudge NZ towards more competitive, more innovative, consumer-focussed banking system. But it’s taken far too long, and there’s a long way to go.

The New Daily

‘Per capita recession’: Banks forecast longer downturn as more interest rate rises loom

Australia facing a multi-year per capita recession and even a quarter of negative economic growth in early 2024 with higher interest rates.

The New Daily

‘Finely balanced’: June interest rates hike was sparked by fresh inflation fears, minutes reveal

The Reserve Bank's decision to raise interest rates to a fresh decade high in June was "finely balanced", minutes reveal.

Newsroom.co.nz

The mystery of NZ's weekday-only digital banking system

The world has had phone banking for almost 40 years; internet banking has been ubiquitous for 20 years. Computers don’t operate solely Monday to Friday. So why on earth is it only in the past couple of weeks that NZ’s payments system has geared up to work weekends?

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news in one place.

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The Guardian - AU

Strong job numbers could mean more rate rises for Australia. Here’s why a recession isn’t a certainty

Reserve Bank appears determined to raise interest rates at least once more, even if Australia’s economy is slowing

The New Daily

Smaller lenders offer savers more than 5 per cent, in contrast to big four

Australians are being urged to consider “breaking up” with the big banks as smaller players rush to pass on higher savings rates.

The Canberra Times

Man accused of threatening bank customer in 'targeted' robbery

Police claim the alleged robbery of a Westpac customer was targeted.

The New Daily

Economists warn worst is yet to come after June interest rates rise

The June interest rates hike might not be the last, either, with RBA boss Philip Lowe saying more may still be needed.

Crikey

In the mild world of Australian regulators, no one goes to jail

When in doubt, Australian regulators prefer a quiet word or a stern warning with regards to corruption, leaving the industry toothless.

Newcastle Herald

How NSW Blues star Millie Boyle surprised the Stockton Sharks under 13s

'It was like they'd won the State of Origin.'

The New Daily

‘Mortgage prison’ sees Australians lose thousands in potential savings

Some borrowers have found themselves locked in a 'mortgage prison', potentially costing them more than $10,000 in savings per year.

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