News Muncher - category westpac

1 month, 1 week ago

Rex given $80m bailout, while ACCC warned Qantas controls 65pc of market and prices are up, ASX loses ground — as it happened

ABC

The Westpac-Melbourne Institute Consumer Sentiment Index rose 5.3% to 94.6 in November, up from 89.8 in October. "The mood does look to be improving and is providing some more positive signs for retailers ahead of the all important Christmas high season," says Matthew Hassan head of Australian Macro-Forecasting, Westpac. The Westpac–Melbourne Institute Unemployment Expectations Index fell 7.2% to 120.5 in …

Index Rba Westpac Sentiment

1 month, 1 week ago

Australia Consumer Sentiment Climbs Even as Trump Clouds Outlook

Live Mint

Australia’s consumer confidence rose in November, building on last month’s gains as households are no longer concerned about the risk of further interest rate increases, though Donald Trump’s election victory caused some uneasiness. The details showed that consumer sentiment was “markedly higher” at the start of the week with an index reading of 99.7 but posted a sharp fall following …

Consumer Trump

5 months, 3 weeks ago

The good news is the Australian economy is about to turn up. Here's why

ABC

Right now things feel awful. Inflation was going to be 3.9 per cent, not the present 3.6 per cent and headed down, and the Reserve Bank's cash rate was going to climb two times in the second half of 2023 from 4.1 per cent to 4.5 per cent. Back in mid-2023, when asked about the probability of a recession in …

Tax Inflation Cent Rate Australian Westpac

5 months, 4 weeks ago

Westpac is called out over major customer failure

Daily Mail

Westpac exposed its customers to a 'high risk of harm' when it suddenly closed an outback branch, leaving hundreds of people to rely on a local charity to access cash, a banking watchdog has found. The investigation found Westpac did not comply with the Australian Banking Association's branch closure protocol by failing to provide customers with adequate information about the …

Senate Customers Customer Branch Westpac Tennant Creek Creek Closure

10 months ago

Economists predict RBA's next rates move will be a cut, but stage 3 tax cuts muddy the timetable

ABC

In short: Westpac's CEO has joined senior economists in predicting that the next interest rates move by the Reserve Bank will be a cut to the cash rate. Westpac's CEO has joined senior economists in predicting that the next interest rates move by the Reserve Bank will be a cut to the cash rate. The Reserve Bank board says "a …

Tax Inflation Monetary Policy Bank Interest Rates Interest Rate

1 year, 1 month ago

Retailers expecting 'record' Black Friday sales, but Westpac warns of 'penny-pinching' Christmas

ABC

Despite high levels of pessimism among Australian consumers, David Wall has noticed a lot of people are buying board games and puzzles at his toy stores ahead of the Black Friday sales. "While we expect overall Christmas trading will be subdued, we're expecting this by Friday to be a record simply because people are shopping on a budget, and they're …

Christmas Inflation Black Interest Rates Sales Spending Period

1 year, 1 month ago

Tom Price residents find creative banking solutions after Westpac closes bank branch

ABC

A thousand kilometres from Perth and situated between red dust and mountain ranges, cash is still king at the Tom Price drive-in theatre. But the Tom Price Bank@Post service was unavailable for several months this year while the local post office moved sites and many residents said it was no substitute for a bank branch. "It's hard because the post …

Services Banking Tom Branch Cody Shire Pilbara

1 year, 3 months ago

How the Commonwealth Bank, Westpac, ANZ and NAB bosses justify closing hundreds of branches across regional Australia

ABC

For the past six months, a Senate inquiry has travelled across the country to find out why more than 1,600 bank branches have shut across regional and rural Australia in the last six years. On Wednesday, the inquiry heard directly from those in charge of the closures — the bosses of Australia's "Big Four" banks: Commonwealth Bank, Westpac, NAB and …

Australia Services Sale Digital Commonwealth Digital Banking Senate

1 year, 4 months ago

Bushwalkers who set off emergency beacon in Tasmanian wilderness located

ABC

Two bushwalkers who were reported missing in Tasmania's remote south-west on Monday have been located, police say. Police said the men, aged in their 60s, activated a personal locator beacon just after 9pm in the Loddon Range area. On Tuesday evening, Tasmania Police said "about 5pm this evening the men were sighted by the Westpac rescue helicopter". "As the terrain …

Men Tasmania Rescue Team

1 year, 5 months ago

Next Reserve Bank of Australia governor Michele Bullock's brutally honest interest rate comments

Daily Mail

Michele Bullock said 'easier just to jack up interest rates' The Reserve Bank's next governor Michele Bullock recently delivered a frank 11-word sentence that is set to shock every Australian with a home loan. The Reserve Bank's next governor Michele Bullock delivered a frank 11-word sentence that is set to shock every Australian with a home loan In her capacity …

Bank Interest Rates High Cent Governor Rba Jack

1 year, 5 months ago

Philip Lowe replaced as Reserve Bank chief by deputy Michele Bullock

Daily Mail

Philip Lowe has been replaced as Reserve Bank governor by the country's first female central banker, a 38-year veteran of Australia's premier interest rate setting body. Michele Bullock's Reserve Bank career 1985: Joined as intern spending next 13 years in economic group and international department roles 1998 to 2007: Chief manager, payments policy department 2007 to 2010: Head of payments …

Labor Bank Interest Rates Chief Cabinet Seven Years Liberal

1 year, 5 months ago

Westpac announces it will be changing ATM withdrawal limit

Daily Mail

Westpac has announced it will be changing its withdrawal limit from ATMs as fears are raised over the dangers of an increasingly cashless society. Independent payments market expert Lance Blockley estimated that by 2025 traditional cash would make up less than 4 per cent of total retail purchases across the country Experts have warned of the dangers of an increasingly …

Society Commonwealth Cent Customers Rba Britton Transactions

1 year, 6 months ago

Commonwealth Bank, NAB, Westpac payment warning for Australians

Daily Mail

Banks secretly rake in millions from 'tap-and-go' contactless credit or debit card purchases and a growing number of businesses now pass the exorbitant fees directly onto customers as surcharges. Banks are charging exorbitant fees for the convenience of using tap-and-go contactless cards for making purchase Manny Notaras, the owner of Canberra's CAPHs Cafe Bar and Restaurant, said while the higher …

Business Costs Bank Payment Banks System Eftpos

1 year, 7 months ago

Westpac makes major lending change as mortgage cliff looms for up to 900,000 lenders

Daily Mail

Westpac will ease the stress test for borrowers looking to refinance so they can avoid 'mortgage prison' and an even more dramatic increase in monthly repayments. Australia's 880,000 homeowners who secured ultra-low, two per cent fixed rate mortgages during the Covid-19 pandemic face a 65 per cent surge in their monthly repayments when their two-year period expires in 2023. That …

Stress Mortgage Cent Rate Percentage Rates Borrowers

1 year, 7 months ago

Mass exodus of regional bank branches across Australia leaves residents seeking solutions

ABC

Janessa Bidgood runs an annual event in her rural town that makes over $500,000 and contributes hundreds of thousands of tourism dollars to the wider community. Public banking The idea of a government-owned bank was tabled during the senate inquiry into bank closures in regional Australia, and has since been backed by Liberal Party senator Gerard Rennick. "The banks, they're …

Social Services Banking Bank Senate Public Residents

1 year, 8 months ago

What ANZ, Westpac, Commonwealth Bank, NAB predict will happen with interest rates

Daily Mail

The Reserve Bank is expected to leave interest rates on hold next week for the first time in a year as inflation shows signs of moderating. What Australia's banks now expect COMMONWEALTH BANK: April pause and a May hike taking the Reserve Bank cash rate to 3.85 per cent. The Commonwealth Bank, Australia's biggest home lender, is expecting the RBA …

Interest Rates 2024 Cent Rates Rba Rate Cuts Cuts

1 year, 10 months ago

Regional bank closures have SA locals buying safes, scared for safety as MP calls for banks to do 'right thing'

ABC

Locals in Coober Pedy are buying safes and are scared of being robbed while driving long distances to make major deposits, after the closure of the town's only bank. Key points: Coober Pedy's Westpac branch closed last week, forcing locals to travel 500km to deposit sums over $7,000 The closure of Kingston's BankSA branch is suspended while a Senate inquiry …

Inquiry Bank South Senate Kelly South East Sa Branch

1 year, 10 months ago

RBA boss Philip Lowe says rate rises hurting households, indications are they will go higher

ABC

Reserve Bank governor Philip Lowe has given a strong indication more interest rate rises are on the cards despite nine back-to-back rises causing many households significant pain and leaving them struggling to make repayments on their mortgages. Key points: The RBA governor says interest-rate rises are hurting many households But he says inflation is too high and that means more …

Inflation Mortgage Interest Rates Interest Cent Rate Rates

1 year, 10 months ago

Westpac postpones regional bank branch closures ahead of Senate inquiry

ABC

Westpac will postpone the planned closures of eight of its branches across regional Australia, ahead of a federal Senate inquiry into the economic and social impacts of such closures. Key points: Westpac's move to halt regional branch closure follows a similar announcement by the Commonwealth Bank earlier this week A federal MP says banks rushing to close regional branches are …

Inquiry Bank Senate Banks Victoria Branch Chester

1 year, 10 months ago

AFP money-laundering bust highlights Australia's gaping real estate vulnerability

ABC

As financial sector lobby groups frequently note, the banking industry is highly regulated. Money laundering laws Photo shows Money is taken out of a wallet A lack of political will has seen successive Australian governments fail to extend money laundering laws to cover lawyers, real estate agents and accountants, ANZ Bank says. "This $10 billion money-laundering factory is another example …

Real Estate Australia Money Laundering Money Million Estate Real

2 years ago

Westpac's warning to corporate Australia highlights extent of households' financial stress

ABC

Actually, don't answer that. "By industry, the largest rise in wage bill in the three months to September was for accommodation and food services, up 7.7 per cent," Deutsche Bank chief economist Phil O'Donaghoe said. "And on the annualised basis, accommodation and food service workers saw a whopping 40 per cent increase in average wages over the past six months. …

Food Growth Australia Work Workers Pay Price

2 years ago

Westpac, NAB, ANZ and CBA move to pass on the December RBA rate rise. Here's what that means for your savings accounts

ABC

The Reserve Bank of Australia has increased the cash rate by 0.25 of a percentage point, now bringing the official rate to 3.1 per cent. Mortgage rate: Variable home loan interest rates increased by 0.25 per cent from December 20. Savings rates: Westpac Life: Total variable rate with bonus interest increased by 0.25 per cent to 3.75 per cent on …

Cent Rates Interest Rate Rba Increased Nab Mortgage Rate

2 years ago

Westpac closure leaves SA's Coober Pedy 'high and dry' without a bank, with closest facility six hours away

ABC

The remote town of Coober Pedy, which relies on large amounts of cash for its opal mining and tourism industry, is set to lose its only bank next year. Key points: Coober Pedy will lose its only bank when Westpac closes its branch in February Australia Post will provide limited banking services to the town Residents who don't use internet …

Banking Bank Closure Post Going Town Ramsey

2 years, 1 month ago

Anti-money laundering watchdog probes online gambling giants Sportsbet and Bet365

ABC

Australia's anti-money-laundering watchdog has launched an investigation into two of the nation's biggest online sports betting companies and warns that it wants the multi-billion-dollar gambling industry to "lift its game". Key points: Sportsbet and Bet365 have been given audit notices from the regulator They are among the biggest bookkeepers in the country They could face multimillion-dollar fines if noncompliance is …

Money Laundering Compliance Laundering Financing Westpac Bet365 Sportsbet

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Articles for Westpac

Rex given $80m bailout, while ACCC warned Qantas controls 65pc of market and prices are up, ASX loses ground — as it happened

Australia Consumer Sentiment Climbs Even as Trump Clouds Outlook

The good news is the Australian economy is about to turn up. Here's why

Westpac is called out over major customer failure

Economists predict RBA's next rates move will be a cut, but stage 3 tax cuts muddy the timetable

Retailers expecting 'record' Black Friday sales, but Westpac warns of 'penny-pinching' Christmas

Tom Price residents find creative banking solutions after Westpac closes bank branch

How the Commonwealth Bank, Westpac, ANZ and NAB bosses justify closing hundreds of branches across regional Australia

Bushwalkers who set off emergency beacon in Tasmanian wilderness located

Next Reserve Bank of Australia governor Michele Bullock's brutally honest interest rate comments

Philip Lowe replaced as Reserve Bank chief by deputy Michele Bullock

Westpac announces it will be changing ATM withdrawal limit

Commonwealth Bank, NAB, Westpac payment warning for Australians

Westpac makes major lending change as mortgage cliff looms for up to 900,000 lenders

Mass exodus of regional bank branches across Australia leaves residents seeking solutions

What ANZ, Westpac, Commonwealth Bank, NAB predict will happen with interest rates

Regional bank closures have SA locals buying safes, scared for safety as MP calls for banks to do 'right thing'

RBA boss Philip Lowe says rate rises hurting households, indications are they will go higher

Westpac postpones regional bank branch closures ahead of Senate inquiry

AFP money-laundering bust highlights Australia's gaping real estate vulnerability

Westpac's warning to corporate Australia highlights extent of households' financial stress

Westpac, NAB, ANZ and CBA move to pass on the December RBA rate rise. Here's what that means for your savings accounts

Westpac closure leaves SA's Coober Pedy 'high and dry' without a bank, with closest facility six hours away

Anti-money laundering watchdog probes online gambling giants Sportsbet and Bet365