August
Bank boss outraged by 10pc transaction fee for coffee
The Reserve Bank is already scrutinising the growing practice of adding a fee to the cost of a purchase to cover the cost of processing the transaction.
- James Eyers
Margins recover at Westpac as bank profit pressures ease
Chief executive Peter King said that the three months to June 30 was a “solid quarter” for the Sydney-based lender.
- Lucas Baird
July
Westpac wins endless gag order on executive court dispute
Federal Court judge Elizabeth Raper said open justice was “a” – not “the” – fundamental principle of the Australian justice system.
- Max Mason and Lucas Baird
- Opinion
- Chanticleer
Rock stars happy to discuss fixes, but super isn’t the big problem
Tinkering with super allocations is one thing, but it cannot replace our desire for bolder economic and tax reform.
- Anthony Macdonald
June
Damning Tiwi Island judgment makes bank CEOs wary of in-person visits
Major lenders had promised to send bosses to meet traditional owners near Santos’ Barossa gas project. The Federal Court has made them reconsider.
- James Eyers
May
Westpac CEO wants super on a level playing field
The bank boss said comments by Apollo Capital Management should force an urgent rethink on regulatory rules for super funds.
- James Eyers
- Opinion
- Chanticleer
Westpac shows how banks are mortgage war casualties
Peter King says Westpac is hunting growth. But he won’t find it in old-fashioned mortgages and deposits, where returns have been brutally competed away.
- James Thomson
Westpac deflects downturn with special dividend
The Westpac boss says the return of $1.5 billion to shareholders is a sign of confidence in the Australian economy and the outlook for bad debts.
- Updated
- James Eyers and Lucas Baird
March
- Opinion
- Chanticleer
Westpac’s $3.5b tech catch-up is a warning to ANZ
Fifteen years after buying St George, Westpac is finally unifying its banking systems. ANZ investors will hope they’re not hearing about the Suncorp integration in 2039.
- James Thomson
Westpac plots multibillion-dollar tech overhaul to fix decade lag
The project will unite more than a hundred separate systems that have bloated costs since the acquisition of St George during the global financial crisis.
- Lucas Baird
- Opinion
- Chanticleer
It’s time for banks to take more risk, not less
While the prudential regulator sees more stresses ahead for banks, top CEOs worry the sector has become too risk-averse. They’ve got three big ideas to drive growth.
- James Thomson
ASX quizzes Westpac on persistent CEO exit speculation
The approach was informal, and came after the bank’s new chairman, Steven Gregg, met with analysts and investors. Westpac downplayed the suggestions.
- Lucas Baird
February
Westpac cuts 132 jobs, half outsourced to India, Philippines
Westpac will shift 70 operational roles to three offshore contractors: Genpact, Tata Consulting Services and Concentrix. The union says the move will sap morale.
- James Eyers
December 2023
AFR Business People of the Year | What CEOs want | Inside Chemist Warehouse
In this week’s episode, James and Anthony take a deep dive into what CEOs want to see from Anthony Albanese in 2024 and discuss the astounding Chemist Warehouse deal.
Westpac boss to fly to Tiwi Islands to discuss Santos project
After a four-hour AGM in Brisbane, Peter King has committed to visiting the Tiwi following concerns about consultation on Santos’ Barossa project.
- James Eyers
New Westpac chair takes the reins
He’s been the chairman of Goodman Fielder, Tabcorp and The Lottery Corporation. Now the businessman is taking on his highest-profile board position.
- Lucas Baird
Banker bonuses favouring opaque social metrics, advisers say
Incentives at the major banks are becoming less focused on maximising shareholder returns in a ‘retrograde step’, Institutional Shareholder Services warns.
- Lucas Baird
November 2023
The banking oligopoly has failed, and here’s how
Mortgage and deposit competition has crushed profit margins at the major banks, whose infighting has weakened the big four oligopoly.
- Lucas Baird
Banks willing to cut repayments for borrowers who pick up the phone
Westpac said it has offered deferred or paused repayments to three-quarters of its customers in hardship, as banks slice rates for customers who haggle.
- Updated
- James Eyers and Lucas Baird
- Updated
- Earnings season
Westpac’s King says borrowers can cope with Cup Day rate pain
Westpac posted a net profit of $7.2 billion for its full year to September 30, up 26 per cent, and announced an improved 72¢ final dividend.
- Updated
- Lucas Baird and James Eyers