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The Latest Breaking News from Westpac

The horror, the horror: banks are having to compete for our business by offering better rates

Don’t buy the banks’ sob story. They are annoyed Australians are becoming more savvy at shopping around for better deals for their home loans

The Guardian - AU

Labor pumps $160m into Westpac fund offering lower-interest loans for household energy upgrades

But the loans are only available to those who already have or are approved for a Westpac home or investment loan of at least $150,000

The Guardian - AU

Meeting minutes to show RBA dancing to its own beat

Markets will turn their attention to the Reserve Bank's latest board meeting minutes but they might be better off looking further afield for new insights.

AAP

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Australia’s productivity riddle – and what it might mean for interest rates

Michele Bullock keeps telling us productivity is flatlining. How it changes may well determine if the Reserve Bank will tolerate wage rises beyond 3%

The Guardian - AU

Mixed jobs data gives RBA more food for thought

Record jobs participation will keep the Reserve Bank wary of cutting rates, despite unemployment rising in July to the highest level since November 2021.

AAP

Commonwealth Bank to stop financing fossil fuel companies that don’t comply with Paris climate goals

Shareholders and customers of ANZ, Westpac and NAB are bound to demand their banks do the same, expert says

The Guardian - AU

Australian shares higher as gold hits record high

The ASX200 has finished higher, with losses for CSL and Seek and gains for Temple & Webster and goldminers.

AAP

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Commonwealth Bank still predicts interest rate cut in 2024 as RBA defends keeping cash rate on hold

Reserve Bank’s chief economist says it is ‘difficult’ to hear the stories of those who ‘are struggling’

The Guardian - AU

Tech fuels shares turnaround amid muted Biden response

The ASX200 has snapped a three-day losing streak led by tech stocks, while the Australian dollar closed lower for a seventh consecutive day.

AAP

Microsoft outage: how Australian airports, banks and supermarkets were affected by major IT meltdown

Home affairs minister Clare O’Neil says outage would take ‘some time to resolve’ following problems caused by a CrowdStrike cybersecurity software update

The Guardian - AU

Banks improve climate funding, but work to do: report

The big four banks have made significant strides to curb lending for fossil fuel projects but a report says they still have not met their own climate targets.

AAP

Australia’s big banks lent $3.6bn to fossil fuel expansion projects in 2023, report shows

Lending puts banks in ‘complete violation’ of commitments to Paris agreement, climate group says, even as overall funding to sector ebbs

The Guardian - AU

Banks lashed for ripping off poorer customers

The market watchdog has slammed four major banks for causing financial distress to more than two million Australians by systematically overcharging on fees.

AAP

Aussie shares hit record high amid talk of US rate cuts

The ASX200 rose 0.8 per cent to set its sixth all-time high of 2024 and finished the week just over 40 points away from the 8,000 mark.

AAP

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AAP

Australian shares dip after Fed chair's speech

The ASX has clawed back most of its morning losses to finish 0.2 per cent lower after the US central bank chairman's testimony failed to sway rate expectations.

AAP

Aussie shares rally ahead of Fed chairman's testimony

The ASX200 finished up 0.86 per cent ahead of overnight congressional testimony by Fed chairman Jerome Powell.

The Guardian - AU

Can Australia’s borrowers dodge another interest rate hike? We’ll know more soon

May’s inflation figures sent alarm bells ringing that the RBA would hike rates. But technically we are still on track for the central bank’s target

The Conversation

The good news is the Australian economy is about to turn up. Here’s why

Right now things feel awful.

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news in one place.

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The Guardian - AU

Westpac customers in Tennant Creek unable to buy food after ‘disastrous’ branch closure, critics say

Banking watchdog finds Westpac committed ‘serious and systematic’ breaches when closing remote NT branch in 2022

AAP

Westpac sanctioned over 'serious' bank closure breach

Westpac breached banking protocols when it suddenly closed an outback branch, leaving the community to rely on a local charity, an investigation has found.

The Guardian - AU

No interest rate relief predicted this year, major bank tells mortgage holders

ANZ first big bank to push prediction of Reserve Bank interest rate cut into 2025

Newcastle Herald

When the sirens stop, the road to recovery for first responders starts

The Greta bus crash shattered the Hunter. But those who helped are 'some of our best'.

Newcastle Herald

Westpac chopper brought hope to baby Henry's parents in desperate hour

The Westpac Rescue Helicopter Service flies 1500 missions a year

The Conversation

Stand by for a pay rise on top of a tax cut. Here’s why things will feel better from July

At the moment, things look awful.

AAP

Aussie shares slip in lead up to AI chipmaker earnings

The ASX200 finished down 0.2 per cent amid job layoffs by Telstra and underwhelming earnings reports from James Hardie and Sonic Healthcare.

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