RBA hikes rates; bank falls hit ASX
Cash rate at 12-year high of 4.35 per cent. Brookfield-EIG may launch hostile Origin bid; advisory group ISS backs offer. Westpac falls.
Westpac
Westpac pioneers zero-deforestation commitment
The nation’s second-largest lender has set a zero-deforestation target for loans to beef, dairy and sheep farmers.
Westpac CEO warns of ‘higher-for-longer’ inflation, rates
Peter King says Australia is at risk of prolonged inflation and high interest rates due to housing and green investment demands.
King finally confronts Westpac’s tech demons
A huge effort is needed to untangle the tech mess that has been slowing the bank down and making it hard to manage. It won’t be easy.
ASX 200 lifts; Westpac, Origin gain
AustralianSuper ‘solidifying’ Origin stake at more than 15 per cent. Independent expert maintains Origin bid is fair. Westpac’s profit soars, dividend up amid buyback. Magellan down on outflows.
Tighter labour markets require nimbleness
Can Australia hold onto the gains we have made in getting unemployment down? And can we achieve full employment?
Westpac flags $173m hit to profit
The banking giant, led by Peter King, flags a hit to its annual profit due to customer provisions, restructuring costs and writedowns.
ASX at year low; Scyne returns 78 PwC staff
Bourse at year low. PwC spin-off hit by slump in new work. Billionaire miner Rinehart likely buying up Azure after SQM’s $1.6bn bid. First strikes at Woolworths, Whitehaven and APA. Luci Ellis tips Nov rate rise.
The message behind Westpac’s surprising new chair pick
John McFarlane has a trademark capacity to surprise, and this extends to his replacement to oversee the banking major.
Westpac picks Ampol’s Gregg as new chair
Former investment banker Steven Gregg will take over as chairman of Westpac at the end of the year, succeeding John McFarlane.
ASX 200 down; Treasury Wine gets first strike
Protest vote lodged against winemaker’s remuneration. Qantas down as oil prices jump, loyalty boss quits. Fletcher plunges on Iplex claims. Liontown hit with downgrades as Albemarle walks away.
Leading Libs rebut ‘misinformation’
Senior Liberal frontbenchers have hit back at Anthony Albanese’s claim misinformation was undermining the voice referendum amid dwindling support for the government’s proposal.
State Libs ‘sorry’ for voice postal vote mistake
The WA Liberals have been forced to tell constituents that postal vote applications returned before referendum writs were issued are invalid.
Big four banks’ $7m Yes donation revealed
The size of the major banks’ donations has triggered Coalition claims that the case for change ‘is being made by our elites, for our elites’.
Westpac to keep Pacific banks amid new opportunities
The banking major, led by Peter King, will ramp up its presence in the Pacific amid growth opportunities after abandoning its sale plans.
ASX 200 at 11-month low as bond yields surge
Qantas hits 11-month low, warns against review of Qatar flights decision. Pubs billionaire wants Endeavour AGM delayed. Liontown up on Rinehart stock grab.
An October RBA cash rate pain predictor
Prognosticators from the likes of T. Rowe Price, Westpac, AMP Capital and CBA say recent statistics point to the RBA staying on hold on Tuesday. What about beyond then?
Major cash change for big four bank
Bank customers will have easier access to their money as one major bank expands its cash transaction options.
Banks warn against ‘enshrining old practices’
Major bank bosses facing a grilling over branch closures in rural Australia are warning against mandates in a changing world.
Westpac inches closer to its McFarlane moment
A new chair will have to decide whether to go with an internal contender or look outside the bank to eventually replace chief Peter King.
NAB to wind down Hong Kong operations
NAB says it will serve corporate and business clients from other regional branches, while Westpac has announced plans to ‘uplift’ its transactional banking.
Pain at the pump as fuel prices soar
Petrol prices back above $2 a litre is the latest financial blow to families struggling to manage their budgets, as analysts warned there was little relief in sight for motorists.
Big bank’s surprise move for homeowners
One of Australia’s biggest banks has announced a shock move for its interest rates.
Family finances under ‘intense pressure’
Australian families are more worried about the state of their household budgets than at any other time in the past three decades, Westpac’s latest sentiment report has revealed.
ASX rises, consumers hurting
Mining and health care gains offset energy and financial falls. Consumer confidence falls 1.5 per cent, but uptick in business conditions. Liontown dips after Gina Rinehart’s share raid.
Bank sued over treatment of most vulnerable
One of Australia’s biggest banks has been taken to court after failing to respond to customers who said they were in financial hardship.
ASX 200 ends flat; RBA holds rates
Outgoing RBA boss Philip Lowe’s last rates call is no change. Eraring extension deal coming for Origin. Qantas down as Vanessa Hudson steps up. Chalice tanks.
Westpac sued for financial hardship failures
The lawsuit comes while CEO Peter King has repeatedly told customers he wants to hear from them as soon as they feel they are struggling with repayments so the bank can help.
Rates on hold until late 2024 tips veteran economist
Well-respected economist Bill Evans believes interest rates will remain on hold until late next year when home borrowers will finally get some relief and the RBA will start cutting.
Westpac, Macquarie seize home loan share from CBA
Commonwealth Bank was the first to stop its cashback offers to attract mortgages and that helped rival Westpac quadruple its signings, UBS data shows.
Original URL: https://www.theaustralian.com.au/topics/westpac/page/8