Act on inflation or hurt like 90s: top economist warns
Westpac chief economist Bill Evans has warned that the country must tame inflation, amid calls from union and housing industry bosses for the RBA to freeze rate hikes.
Westpac
Last chance for RBA to stamp out inflation
Influential Westpac chief economist Bill Evans reckons the Reserve Bank of Australia is facing its ‘now or never’ moment to get inflation back under control.
Westpac trials ID system to stop scammers
Westpac has launched a new feature to block suspicious transactions amid concern about a boom in scams.
Major bank’s next move against scammers
One of the big four banks has introduced new protection against scams as customer losses reach a new “record high”.
‘There’s a lot of pain out there’: Westpac
Westpac’s chief economist Bill Evans says the Reserve Bank may have underestimated the level of variable-rate borrowers with no spare cash or capacity if the official rate hits 3.6 per cent.
Bank’s warning after grim rates prediction
One of the big four banks has explained their new prediction on when interest rates will drop – and delivered a warning to RBA boss Phil Lowe.
ASX ends higher on miners; falls 2.9pc for month
Gold miners lead broad gains. Harvey Norman tumbles on sales hit. Adbri confirms Irwin as CEO. Retail sales rise more than expected. Rex fails to post profit.
Big bank’s huge call on rate cuts
One of the big four Australian banks has made a shocking prediction about the future state of interest rates.
Westpac’s Evans ups his peak rate target to 4.1pc
Westpac chief economist Bill Evans is the latest in a growing chorus of experts who believe the RBA will halt its rate cycle at a peak of 4.1 per cent.
ASX rises on Brambles; ends week lower
Shares end higher on broad gains led by tech. Brambles jumps on consensus beat. Afterpay profit rise lifts Bloc. Irish regulators targets EML. Allkem jumps on profit surge.
Westpac wraps up Forum Finance fraud arguments
The long-running Forum Finance alleged fraud case is nearing its conclusion, after Westpac wrapped up its arguments in the Federal Court on Thursday.
Open banking cops a lashing from Westpac chief
Westpac chief Peter King has taken a swipe at the growth of domestic open banking because few customers use it.
Westpac’s King has had his fill of the ‘cliffs’
Westpac chief Peter King has told a Sydney business there’s no impending mortgage cliff; meanwhile the RBA governor feels duly chastised over his lunch chat with advisory firm Barrenjoey.
‘Blunt instrument’ rate rises necessary: King
Westpac’s Peter King says interest rate rises are a necessary ‘blunt tool’ but borrowers might need a pay rise or to cut their spending.
ASX ends at four-week low; drops 1.2pc for week
Shares fall for a second week. QBE soars on consensus beat. Whitehaven dives on broker cuts. A2 Milk jumps to 2021 best. WiseTech buys Blume. Iron ore at two-week high.
Westpac joins CBA to pause regional branch closures
The banking major hits pause on closing regional branches like CBA amid a parliamentary review, but stops short of postponing branch mergers.
Business and consumers at odds, complicating RBA’s move
Westpac’s consumer sentiment index shows the public is so pessimistic that sentiment is lower than it was during the GFC.
‘Deep pessimism’: Consumer sentiment nears historic low
Consumer confidence has fallen below the GFC’s low point, as those in mortgage belt areas report ‘intense pressure on finances’.
Westpac offers pay by instalments, interest-free
Westpac has shrugged off concerns about a looming increase in bad debts to forge deeper into the buy now, pay later space with an option for credit card customers to pay in instalments.
Rescue helicopter pilot unable to ‘hover’ sacked unfairly
The Westpac rescue helicopter service has been ordered to reinstate a pilot who was sacked for being unable to perform a key manoeuvre.
Westpac drops charges against partner in Forum fraud case
The bank told the Federal Court it would cease pursuing Greek businessman Anastasios Giamouridis over claims he owed it $12.6m.
ASX declines in worst week since September
Shares end at a three-week low after RBA’s ‘hawkish’ update. CBA warns rate cut needed in 2023 to avoid recession. Coal miners hammered. Allkem CFO dies of illness.
Rate hike pain: bank deposit customers ‘getting fleeced’
The major banks are holding their ground by making highly-selective deposit rate changes, despite pressure from the Albanese government to pass on rate hikes to the majority of accounts.
ASX ends at six-day low; AGL dives 10pc
All ASX sectors end in the red. Investors dump AGL on guidance cut, $1.1bn profit loss. Dollar rallies on China rate cut talks. Fortescue eyes mass job cuts. Coal miners struggle.
Court told of Forum’s fake emails to defraud banks
Westpac alleges Forum Group boss Bill Papas faked emails, invoices to build a $453m fraud.
May day: Westpac’s tip for RBA’s final rate rise
May 1 is officially May Day, but on May 2 Westpac expects the RBA will deliver the last of three more increases to the cash rate in the current cycle.
ASX 200 takes winning streak to four weeks
ASX closes at a nine-month high. Westpac ups rate forecast. ACCC says gas shortfall possible. Tyro opens door to new Potentia bid. Fortescue books shipment rise.
Westpac begins contingency for retaining platform
Westpac must rule a line in the sand in the sale process for its platform unit, one of the longest-running auctions in the market.
Federal Court’s tough justice leaves investors in dark
New rules restricting access to details of legal clashes have no merit and are a bad outcome for financial markets.
Buyer confidence up but ‘depressingly low’
Households have started the New Year in a more upbeat mood thanks to a summer holiday break in rate hikes, but consumer confidence remains ‘depressingly low’.
Original URL: https://www.theaustralian.com.au/topics/westpac/page/13