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The Latest Breaking News from Westpac

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

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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

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.

Newsroom.co.nz

‘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.

The New Daily

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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?

Newsroom.co.nz

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 Guardian - AU

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 New Daily

Man accused of threatening bank customer in 'targeted' robbery

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

The Canberra Times

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.

The New Daily

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

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

Newcastle Herald

‘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.

The New Daily

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AAP

Islanders take Barossa gas fight to lender Westpac

Westpac has denied claims it has contributed to potential human rights harms via syndicated loans secured by Santos for its Barossa gas project.

AAP

All signs point to lower economic growth than usual

The national economy is tracking toward a contraction in activity, with the patchy performance expected to continue into next year.

ABC News

Money mules are involved in the majority of scam reports, ACCC says

Over a four-hour phone call, scammers gained access to Jenny's computer and transferred $300,000 out of her account. By the time she alerted the bank, it was too late.

The Guardian - AU

‘Significant turnaround’ in Australian house prices defies predictions as demand rises

CoreLogic says if increase is maintained, prices will be 4% higher at the end of 2023, defying forecasts of falls of 10% or more

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ABC News

Mass exodus of regional bank branches across Australia leaves residents seeking solutions

Regional communities home to some of Australia's most vital hubs of industry are being crippled by bank branch closures. A range of remedies have been proposed — but how viable are they?

The Guardian - AU

Westpac bans transfers to world’s largest crypto exchange Binance

Bank customers can no longer make payments to the cryptocurrency exchange, in a move to reduce scams

The New Daily

Threat of higher rates remains, but peak may be in sight

The Reserve Bank is prepared to hike interest rates again in June, but has signalled mortgage bills may now be high enough cool inflation.

The New Daily

Consumer confidence sinks following rate hike, budget

Consumers remain down in the dumps after the 2023/24 federal budget failed to meet the expectations of those under financial stress.

Newsroom.co.nz

Push to break up overpriced supermarket duopoly and sell groceries online

The Government's steps to make food prices more internationally competitive won't be enough – it needs to open up the wholesale chain and force supermarkets to sell stores, says a new Westpac NZ report.

The Guardian - AU

Has Jim Chalmers’ budget really poured fuel on the inflation fire? Don’t believe the hype

Headlines stoked fears of ‘stimulatory’ measures but you only need to look at the big banks and markets to see the reception was calm

ABC News

Westpac reverses decision to close eight regional branches as senate inquiry continues

Months after postponing the closures because of an ongoing Senate inquiry, the bank has announced that branches in several states will remain open indefinitely.

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