• ANZ
• AXDJ
• CMWAY
• NABZY
• WBC

Aussie discretionary retailers hit third straight record on rate cut hopes

Australian discretionary retailers soared after inflation data hinted at possible interest rate cuts, boosting consumer spending and benefiting major retailers like Wesfarmers and Harvey Norman.

• ANZ
• ANZGY
• AXJO
• CMWAY
• NABZY
• WBC

Interest rate path to determine if Aussie banks can sustain rich valuations in 2025

Analysts predict Australian bank shares may struggle to grow in 2025 due to rate paths and inflation, despite strong performance this year driven by investor inflows.

• WBC

Westpac admits to overcharging more than 24,000 customers in New Zealand

Westpac New Zealand admitted to overcharging 24,621 customers by failing to provide advertised discounts, resulting in a total of NZ$6.35 million in overcharges.

• ANZ
• CMWAY
• NABZY
• WBC

Top Aussie banks join hands to combat fraud and scam in banking payments

• WBC

Australian lender Westpac sees solid credit demand in 2025, posts 3% annual profit fall

Westpac Banking Corp reported a 3% profit decline but expects increased demand for housing and business credit in 2025 amid an easing monetary policy shift.

• ANZGY
• CMWAY
• NABZY
• WBC

Australian banks brace for lower earnings as costs, competition bite

Australia's major banks expect lower annual earnings due to competition, rising deposit costs, and borrower struggles amid high interest rates, with mixed forecasts across institutions.

• WBC

Australia's Westpac appoints Peter Herbert as acting CEO of business segment

Peter Herbert is appointed as acting chief executive of Westpac's business and wealth segment, effective Nov. 5, replacing Anthony Miller, who becomes CEO on Dec. 16.

• WBC

Westpac flags $82 million hit to FY24 net profit from notable items

Westpac Banking predicts a A$123 million drop in net profit for 2024 due to hedge valuation impacts, while fiscal 2023 profit was A$7.195 billion.

• WBC

Australia's Westpac to sell auto finance loan book to Resimac Group

Westpac sells its auto finance loans to Resimac Group for up to A$1.6 billion, aiming to focus on core banking and support Resimac’s growth in asset finance.

• WBC

Westpac appoints insider Anthony Miller as CEO, incumbent Peter King to retire

Westpac Banking Corp appoints Anthony Miller as CEO effective Dec. 16, succeeding Peter King, who retires after 30 years, highlighting continuity and ongoing challenges in technology.