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.
Westpac
‘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’.
ASX ends flat; Origin, Bapcor, Hub24 weigh
Shares mixed as consumer staples leads gains. Strike goes unconditional on Warrego. Origin falls on deal doubts. JB Hi-Fi falls after sales boom. China GDP slows to decade low.
Forum figure denies Greek connection to alleged fraud
Anastasios Giamouridis denies he is sitting on millions of dollars allegedly defrauded from Westpac, in his response to the bank’s case.
Dramatic rescue after boat capsizes
Three men are safe after a “freak wave” led to a dramatic rescue off the NSW coast on Wednesday morning.
Westpac backs tough regulation of BNPL
The bank has told Treasury BNPL must be strictly regulated to protect vulnerable consumers from severe hardship.
Balm before storm: festive splurge boosts retailers
Data collected by the Australian Retailers Association and Westpac shows a festive season spending splurge that defied all expectations, reaching a record-breaking $74.5bn.
Westpac drops case against Forum owner
The banking major strikes a deal to settle its case against Forum Group co-owner Eric Constantinidis after claiming the businessman had received $720,000 of fraudulent funds.
Original URL: https://www.theaustralian.com.au/topics/westpac/page/17