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The Latest Breaking News from Westpac

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.

AAP

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.

ABC News

‘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

The Guardian - AU

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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?

ABC News

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 Guardian - AU

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.

The New Daily

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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.

Newsroom.co.nz

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

The Guardian - AU

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.

ABC News

Westpac hikes dividend as half year profit surges

Westpac is raising its dividend 15 per cent to 70c per share as CEO Peter King says it has become a "simpler, stronger bank".

The New Daily

Fears relief could add to inflationary pressures – as it happened

This blog is now closed.

The Guardian - AU

ASX closes higher, Westpac shares jump as bank records $4 billion profit in half-yearly results — as it happened

The Australian share market has closed higher after Westpac posted a $4 billion profit in its half-yearly results. Look back on the day's events as they happened with our blog.

ABC News

‘Disappointing’: Big banks post huge profits, but leave savers behind

Some of Australia’s big banks are posting gargantuan profits this week as rising mortgage bills fatten their coffers.

The New Daily

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France 24

US regulator proposes new sanctions on Meta over children's privacy concerns

The US Federal Trade Commission has unveiled a proposal that would bar social media giant Meta from profiting off the personal data collected from child users. The FTC is accusing Facebook and Instagram's parent company of repeated violations of data privacy policies. Also in the show, regional US lender WestPac…

ABC News

Which banks have passed on the May RBA rate rise to mortgage borrowers? NAB kicks it off, as ANZ follows

Here is a breakdown of which major banks have responded to the RBA's decision, and which ones we're still waiting on.

The Guardian - AU

RBA surprise interest rate hike catches out seasoned pundits and borrowers alike

For many of the Reserve Bank’s first 10 increases, the question was the size of the hike – not whether one was coming

The Guardian - AU

Analysts predict RBA will leave cash rate at 3.6% for second consecutive month

But CBA, the nation’s largest mortgage lender, thinks a rise to 3.85% is likely before cuts start in November

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The Canberra Times

Brazen hold-up by two masked men in Westpac branch at Manuka

Two offenders wore COVID masks during Manuka hold-up

The New Daily

Westpac Group expands fee-free ATM network amid mass retreat

Westpac Group is expanding its fee-free ATM network to almost 7000 locations as banks continue to pull away from physical branches.

ABC News

Former Gold Coast property promoter jailed for scamming millions of dollars from pensioners

A former Gold Coast property promoter who scammed investors, including pensioners, through a cold-calling scheme is jailed for more than eight years.

The New Daily

‘Now in reverse’: Big four banks slash refinancing discounts as profits come under pressure

Australia’s big four banks are reining in their biggest mortgage discounts as tight competition and record levels of refinancing eat into their profits.

ABC News

Personal data of GE Money, Coles and Myer credit card customers stolen in Latitude Financial data breach

As Latitude Financial investigates last month's cyber breach, more customers are being emailed about their personal data being compromised — even if they never signed up for a Latitude product.

The Guardian - AU

Australian Taxation Office to force banks to hand over landlord data in investment property crackdown

Exclusive: Incorrect reporting of rental property income and expenses, and failure to declare capital gains are all in the spotlight

The Guardian - AU

Australia’s booming banks should do more to protect customers from scams, advocates say

More than $95m has been lost to scams so far this year, while the big four are expected to make more than $33bn

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