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The Latest Breaking News from Westpac

ANZ's takeover of Suncorp will reduce bank competition – but will that be enough to block it?

Australia has one of the world’s most concentrated banking sectors, with its four biggest banks – Commonwealth Bank, National Australia Bank, Westpac and ANZ – holding more than about three-quarters of the market.

The Conversation

Revealed: how ANZ plans to shaft its own shareholders

ANZ seemed to have done everything right by its 550,000 small shareholders, but now it plans unprecedented cash hoarding.

Crikey

Working from home: major Australian employers respond to latest Covid health advice

Telstra and Westpac advise staff to work from home if possible while government departments are yet to shift work settings

The Guardian - AU

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Queensland ALP has a conflict of interest in Suncorp. Jim Chalmers should declare it

The federal treasurer has an obligation to disclose how Labor will deal with its multimillion-dollar stake in Suncorp. Transparency is crucial.

Crikey

Federal Treasurer Jim Chalmers warns on budget outlook, New Zealand inflation surge hints at even bigger interest rate rises

Fresh inflation figures out of New Zealand sound a warning that the worst of price and rate rises may still be yet to come, says Australia's federal Treasurer as he warns Australians to brace for next week's "confronting" budget update.

ABC News

Damaging ANZ-Suncorp dalliance is a test for the government and the ACCC

ANZ’s proposed acquisition of Suncorp’s banking arm is bad news for competition and should be axed by regulators.

Crikey

Banks pull rug from rags-to-riches property adviser

She tells of going from a state house to a $17m property portfolio. But Finax Mortgages and its high-profile founder have had their accreditation to broker home loans withdrawn, after concer

Newsroom.co.nz

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Lam Duc Vu avoids jail over fake payslip scam that helped Vietnamese migrants secure home loans

A South Australian Justice of the Peace who provided false pay slips to banks in a bid to help Vietnamese migrants buy properties that they otherwise could not have secured is given a suspended sentence.

ABC News

Treasurer Jim Chalmers Says A Recession In Australia Is ‘Probable’ So WTF Does That Mean?

Economists predict a recession in Australia isn't near yet but it's being talked about as an increasing possibility. So what could it mean?

Pedestrian.tv

Interest rate rises push household finances towards pandemic lows, confidence plunges

Australians are still spending record amounts of money, but surveys show that could change quickly as interest rate rises send consumer confidence towards pandemic lows.

ABC News

Union condemns more regional bank closures

Westpac is defending a decision to close 24 bank branches across Australia, including many in regional areas.

Crikey

Commonwealth Bank, ANZ, Westpac, NAB to raise variable mortgage rates by 0.25 per cent after RBA rate hike

All of Australia's biggest banks have lifted mortgage rates, matching the Reserve Bank's 25-basis-point increase.

ABC News

Souring confidence points to trouble ahead

The latest Westpac-Melbourne Institute leading index declined in May, but still shows the economy holding above its long-term trend.

Crikey

Consumer confidence plunges to worst level since peak of pandemic, Westpac survey shows

Experts say stretched businesses could face further pain as people cut spending and award wages rise

The Guardian - AU

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The New Daily

Why savers are unlikely to benefit much from the RBA rate hikes

RBA governor Philip Lowe jacked up the cash rate by a surprise 50 basis points on Tuesday. But savers are unlikely to benefit much in the short term.

ABC News

The Loop: High Court rules on citizenship, banks pass on rates rise, and why lettuce is so pricey

Here's your TL;DR for today's news.

ABC News

Commonwealth Bank, ANZ and NAB join Westpac to raise variable mortgage rates by half a percentage point

The Commonwealth Bank, ANZ and NAB join Westpac in passing on the Reserve Bank's interest rate rise to mortgage borrowers in full.

Newcastle Herald

Man's arm partially severed after fall through plate glass window

A man has partially severed his arm after he fell through a plate glass window at Terrigal in the early hours of Sunday morning.

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Newsroom.co.nz

Companies accelerate move to EVs

New car buyers are rapidly driving sales of new EVs while for secondhand buyers the choice is limited. But, as Mark Jennings writes, the tap will be progressively turned on. | Partner content

The New Daily

How much can you really save with an electric vehicle?

High petrol prices are driving more motorists to consider an electric vehicle (EV). But do they really stack up for savings – and can buyers trim the cost?

ABC News

Banks crack down on high debt-to-income home loans as regulator APRA comes knocking

Two of Australia's biggest banks are moving to curb high-risk home lending, as the regulator reveals it has been warning some institutions to cut back on risky loans.

Crikey

Banks face discrimination complaints for refusing services to ‘risky’ businesses

The issue of debanking has been highlighted by a recent crypto-trader’s case against Westpac and ANZ. How will Labor approach it?

The Guardian - AU

New Zealand banks predict 20% drop in house prices over next year

Economists say tighter credit conditions, higher mortgage rates and increased housing supply behind sinking prices

AAP

Banks eye rate boost but headwinds remain

Australia's four major banks have all reported a squeeze on margins in their latest results, but that is certain to change as interest rates rise.

ABC News

'Big four' banks made huge profits as Australians took out bigger mortgages for pricier housing

Australia's big four banks — ANZ, CBA, NAB and Westpac — now hold a whopping $1.87 trillion in home loans, and raked in big profits as Australians took on massive home loans.

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