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The Latest Breaking News from Westpac

CBA boss says repaying ‘excessive fees’ to low-income customers could be seen as taking shareholder money

Commonwealth Bank Australia– which reported a record cash profit of $10.3bn in most recent financial year – charged $270m in ‘excessive fees’ over five years

The Guardian - AU

Big bank boss takes swipe at surcharge ban consequences

As the Reserve Bank considers a ban on credit card surcharges, the head of the nation's biggest bank has warned of "wrong assumptions" about the payments.

AAP

Australian economy 'island of security' in risky seas

A shock fall in unemployment has wrong-footed analysts and dashed hopes of further interest rate cuts as the treasurer talks up Australia's economic strength.

AAP

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Rate cut hopes evaporate with healthy jobs figures

Shares have plunged and the Aussie dollar has soared after surprisingly robust jobs figures showed the economy is running near capacity.

AAP

Property investors make up two in every five Australian home loans amid record borrowing

Investor home borrowing surges nearly 18% in the September quarter compared with previous three months, prompting calls to ‘urgently rein in overheated credit market’

The Guardian - AU

Tehan and Ley to reveal Liberals’ net zero emissions position tomorrow – as it happened

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The Guardian - AU

Big four banks slammed for profiting from fossil fuels

Australia's big four banks have made billions from investing in fossil fuel projects in the past decade, but only two have made steps to walk away.

AAP

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Australian shares edge higher as investor nerves linger

An early rebound has faded to a modest gain for Australian shares, despite strong performances by miners and energy companies as cautious sentiment continues.

AAP

Banks say WFH not always possible despite ruling

After Westpac unlawfully denied a mother's request to work from home, a union wants banks to acknowledge staff rights to flexibility.

AAP

Liberal party sets date for net zero decision – as it happened

This blog is now closed

The Guardian - AU

Westpac says Labor’s expanded first home buyers scheme saw 150% jump in loan applications

Big bank also reveals it has ceased corporate lending to thermal coalmines, but it still funds oil and gas extraction businesses

The Guardian - AU

Australian share market pares losses to sneak higher

The local bourse has edged higher on the eve of the Reserve Bank's Melbourne Cup Day meeting, settling after reduced rate-cut hopes weighed on sentiment.

AAP

Westpac admits dropping ball on state bank customers

Overpriced mortgage products at its state-specific subsidiaries have contributed to Westpac losing market share, despite solid growth in customer deposits.

AAP

RBA to reveal interest rate call, economic forecasts

The Reserve Bank is widely expected to keep rates on hold after a spike in inflation, with the bank's updated economic forecasts set to be closely scrutinised.

AAP

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The Guardian - AU

‘No empathy’: Australian banks under fire for failing customers in hardship

Banks have continued to dismiss thousands of requests for help despite facing regulatory action enforcing their obligation to work with struggling clients

The Guardian - AU

Westpac’s work-from-home complaint was a cultural miff that doesn’t resonate in today’s Australia

Women who manage to perform their jobs well while caring for children should get a bloody medal, not a trip to Fair Work

AAP

Massive fine for home loan compliance failures

Defunct home lender RAMS has been fined $20 million by the Federal Court after admitting to widespread misconduct over a four-year period.

AAP

Investors pull back as shares edge higher for the week

Australian shares are in something of a holding pattern, as investors await key US inflation data and developments in ongoing global trade disputes.

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The Guardian - AU

Fair Work has ruled a Sydney woman can work for Westpac from home. Can you WFH too?

Regulator’s decision paves way for workers with caring responsibilities to work from home while separate test case will determine if WFH rights can be applied more broadly

The Independent UK

Worker wins landmark case meaning she can work from home for good

IN FULL

The Guardian - AU

Westpac makes it harder for younger customers to earn advertised interest rates

Bank joins smaller competitors in changing interest-related restrictions on some accounts – despite RBA leaving interest rates unchanged in September

AAP

Gold shines, equities lose lustre in tired trading day

Only Australia's raw materials sector has managed to close higher as the local bourse faded in a sluggish trading session.

AAP

Big bank is cutting 200 teller, personal banking roles

Westpac is cutting 200 customer-facing roles in its network but says it will try to keep as many workers as possible through retraining and redeployment.

The Guardian - AU

Australia’s workers reaping greater share of national income than before pandemic

Westpac economist says tighter labour market is behind changes in how the ‘economic pie’ is divided

AAP

Consumer confidence dips as households slowly recover

Years of lost purchasing power is still weighing on Australian households as the steady recovery in consumer confidence stalled in September.

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