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The Latest Breaking News from Westpac

Westpac’s profit jump is no surprise when the RBA favours banks over households

Further hiking of interest rates to meet a 2-3% inflation target will serve to enhance the financial sector, not consumers doing it tough

The Guardian - AU

Westpac posts $7b profit, launches $1.5b share buyback

Westpac has posted a 26 per cent rise in net profit of $7.2 billion for 2022/23 and released a climate report which will affect lending to farmers.

AAP

More young women are choosing a career in agriculture

More young women and people from multicultural backgrounds are choosing agriculture as a career, an analysis of census data over the past 15 years shows.

AAP

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RBA governor says inflation bump no surprise but won’t say whether rates will rise

Michele Bullock tells Senate estimates ‘we might need to go again’ as Westpac joins other big banks in predicting November rate rise

The Guardian - AU

Fugitive Jean Nassif gives up fight for builder licence

Fugitive Jean Nassif has withdrawn his bid to work as an Australian construction industry boss months after police accused him of a $150 million fraud.

AAP

Australian shares rally to key marker in eight-day high

The ASX200 index finished 1.0 per higher following dovish remarks by several US Federal Reserve officials overnight.

AAP

Business pressures ease in promising sign for inflation

The uptick in cost and price pressures plaguing businesses looks to have been temporary in a promising sign for the inflation outlook.

AAP

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Rescue helicopter's humble heroes reflect on a century of service

The trauma, the jobs that won't be forgotten, and the mateship that tethers the team.

Newcastle Herald

Borrowers left in 'mortgage prison' as firms quit personal lending market

A Commerce Commission inquiry has been warned that Kiwi borrowers will be unable to shift to more competitive lenders because of tough new credit rules. Jonathan Milne reports.

Newsroom.co.nz

One ACT fisherman still missing after police find body

The search for the 73-year-old continues.

The Canberra Times

What's to stop Philip Lowe moving to a private bank after he leaves the RBA? It's what his predecessors did

Surely Reserve Bank Governor Philip Lowe won’t move to a private bank after his term as governor ends next week.

The Conversation

Couple who died in suspected mushroom poisoning remembered – as it happened

This blog is now closed.

The Guardian - AU

Explosion causes serious face injury, man flown to hospital

The man was in a stable condition at the time.

Newcastle Herald

Gone in two transfers: the email scam that cost Australian homebuyers their life savings

NSW residents Simon Elvins and his wife lost nearly $250,000 to a payment redirection scam – and they are not alone

The Guardian - AU

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The Guardian - AU

‘Bit of a conundrum’: contradictory economic signs make RBA rate prophecies difficult

Surveys point to two-track economy with low consumer confidence but business in a relatively strong position to weather any slowdown

The Canberra Times

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

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

Newcastle Herald

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

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

The Guardian - AU

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

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AAP

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.

Newsroom.co.nz

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.

AAP

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.

The Conversation

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.

Newsroom.co.nz

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.

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