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The Latest Breaking News from Westpac

Economists deeply divided over Reserve Bank's likely interest rate trajectory

The major banks are deeply divided about the outlook for interest rates, and the difference is worth about $284 a month to a typical recent home buyer. So who will be right?

ABC News

Three of the big four banks raise variable home loan interest rates by half a point to match RBA rise

Increase puts the banks’ variable interest rates at highest in three years with Westpac and NAB yet to respond to official cash rate hike

The Guardian - AU

Westpac’s climate targets blasted by activists despite tougher stance on fossil fuels

Bank tightens rules on financing coal, oil and gas projects but environmental groups say it’s not enough

The Guardian - AU

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We are working from home (again). 7 tips to boost wellbeing and productivity

Telstra and Westpac are the latest companies to encourage staff to work from home, just a few months after some of them returned to the office.

The Conversation

ACT's strong housing investment ups economic ranking: Commsec

A new report has found the ACT has improved its economic performance.

The Canberra Times

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

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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

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

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

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ABC News

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.

Crikey

Union condemns more regional bank closures

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

ABC News

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.

Crikey

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.

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The Guardian - AU

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 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.

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?

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