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The Latest Breaking News from Westpac

Westpac names business and wealth head as next CEO

Westpac says Anthony Miller will succeed Peter King who is retiring as chief executive officer and managing director after three decades with the bank.

AAP

Disruption looms for Sydney commuters as union plans action – as it happened

All the day’s news as it unfolded

The Guardian - AU

Scams target children on social media amid age debate

A survey of parents and their teenage children has highlighted the prevalence of scams online amid a debate over minimum age limits for social media platforms.

AAP

From analysis to the latest developments in health,
read the most diverse news in one place.

Australia is about to get an economic health check. What do GDP figures mean and why are they important?

The numbers could mark the nadir in gross domestic product performance, while the RBA watches closely for cues to help time an interest rate cut

The Guardian - AU

No cost to taxpayers from bond scandal: ANZ head

There will be consequences across ANZ following the misconduct of employees over bonds, the company's head says.

AAP

Bank chiefs don't rate a quick end to costs crunch

Interest rates might have reached their peak but the head of Westpac says many households are still grappling with tight budgets.

AAP

The horror, the horror: banks are having to compete for our business by offering better rates

Don’t buy the banks’ sob story. They are annoyed Australians are becoming more savvy at shopping around for better deals for their home loans

The Guardian - AU

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Labor pumps $160m into Westpac fund offering lower-interest loans for household energy upgrades

But the loans are only available to those who already have or are approved for a Westpac home or investment loan of at least $150,000

The Guardian - AU

Meeting minutes to show RBA dancing to its own beat

Markets will turn their attention to the Reserve Bank's latest board meeting minutes but they might be better off looking further afield for new insights.

AAP

Australia’s productivity riddle – and what it might mean for interest rates

Michele Bullock keeps telling us productivity is flatlining. How it changes may well determine if the Reserve Bank will tolerate wage rises beyond 3%

The Guardian - AU

CommBank flips on fossil fuels as other banks fund Australia’s worst climate culprit

The Commonwealth Bank has set the standard for banking in a climate crisis: it will no longer offer services to companies without a serious transition plan to net zero.

Crikey

Mixed jobs data gives RBA more food for thought

Record jobs participation will keep the Reserve Bank wary of cutting rates, despite unemployment rising in July to the highest level since November 2021.

AAP

Commonwealth Bank to stop financing fossil fuel companies that don’t comply with Paris climate goals

Shareholders and customers of ANZ, Westpac and NAB are bound to demand their banks do the same, expert says

The Guardian - AU

Australian shares higher as gold hits record high

The ASX200 has finished higher, with losses for CSL and Seek and gains for Temple & Webster and goldminers.

AAP

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The Guardian - AU

Commonwealth Bank still predicts interest rate cut in 2024 as RBA defends keeping cash rate on hold

Reserve Bank’s chief economist says it is ‘difficult’ to hear the stories of those who ‘are struggling’

AAP

Tech fuels shares turnaround amid muted Biden response

The ASX200 has snapped a three-day losing streak led by tech stocks, while the Australian dollar closed lower for a seventh consecutive day.

The Guardian - AU

Microsoft outage: how Australian airports, banks and supermarkets were affected by major IT meltdown

Home affairs minister Clare O’Neil says outage would take ‘some time to resolve’ following problems caused by a CrowdStrike cybersecurity software update

AAP

Banks improve climate funding, but work to do: report

The big four banks have made significant strides to curb lending for fossil fuel projects but a report says they still have not met their own climate targets.

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news in one place.

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The Guardian - AU

Australia’s big banks lent $3.6bn to fossil fuel expansion projects in 2023, report shows

Lending puts banks in ‘complete violation’ of commitments to Paris agreement, climate group says, even as overall funding to sector ebbs

AAP

Banks lashed for ripping off poorer customers

The market watchdog has slammed four major banks for causing financial distress to more than two million Australians by systematically overcharging on fees.

AAP

Aussie shares hit record high amid talk of US rate cuts

The ASX200 rose 0.8 per cent to set its sixth all-time high of 2024 and finished the week just over 40 points away from the 8,000 mark.

AAP

Australian shares dip after Fed chair's speech

The ASX has clawed back most of its morning losses to finish 0.2 per cent lower after the US central bank chairman's testimony failed to sway rate expectations.

AAP

Aussie shares rally ahead of Fed chairman's testimony

The ASX200 finished up 0.86 per cent ahead of overnight congressional testimony by Fed chairman Jerome Powell.

The Guardian - AU

Can Australia’s borrowers dodge another interest rate hike? We’ll know more soon

May’s inflation figures sent alarm bells ringing that the RBA would hike rates. But technically we are still on track for the central bank’s target

The Conversation

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

Right now things feel awful.

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