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The Latest Breaking News from Westpac

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.

AAP

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 Guardian - AU

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

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The Independent UK

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

The Guardian - AU

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.

AAP

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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

The Guardian - AU

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.

AAP

Aussie shares in record close, break $2.9 trillion mark

Australia's top 500 publicly traded companies are now worth more than $2.9 trillion, as major benchmark indexes closed at their highest ever levels.

AAP

Australian shares notch new high as financials rebound

The local bourse continues to chip away at record highs, as strong earnings and cheaper borrowing costs buoy investor sentiment.

AAP

Australia’s borrowers may have to wait weeks for Reserve Bank’s rate cut to reduce their mortgage

NAB said it would wait 13 days to pass on the 0.25% cut to borrowers, while Westpac announced it would wait 14 days

The Guardian - AU

Rate cut looms as inflation result brings RBA 'comfort'

The Reserve Bank should have "all the comfort it needs" to cut interest rates again in August after underlying inflation fell to a three-and-a-half year low.

AAP

As more Australians save, banks are cutting interest rates for deposits faster than the RBA’s official cash rate

‘Money in the bank is at a record high, so banks aren’t having to compete for people’s deposits,’ Canstar’s Sally Tindall says

The Guardian - AU

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AAP

Aussie shares set new record on strong China growth

The ASX200 has climbed 0.7 per cent to finish above 8,600 for the first time, and was also within 10 points of its all-time intraday high.

AAP

'Get on with it': next move key with rate cut baked in

With markets all but assured the Reserve Bank board will cut interest rates at its upcoming meeting, the bigger question for traders is what they say next.

AAP

Beyond carbon: big four banks urged to capture more gas

It is a potent greenhouse gas responsible for climate change, but a report has found Australia's major banks have yet to single out methane emissions.

AAP

Long way to go to stop lending for deforestation

A number of bank-financed landholders might be involved in illegal landclearing, raising questions about lender exposure to risky nature destruction.

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AAP

Homebuyers stand to win as big bank ups rate-cut bet

Westpac's chief economist has added two more rate cuts to her forecast for 2026 with lower immigration expected to drive down rents and inflation.

AAP

RAMS franchisees hit back over Westpac 'blame shifting'

Franchisees in a Westpac subsidiary accused of misconduct have challenged the findings and the bank's resulting termination of agreements.

The Guardian - AU

Coronial investigation into death of Kumanjayi White on hold during criminal investigation – as it happened

This blog is now closed

AAP

Economy stalls as private sector fails to pick up slack

More rate cuts might be needed to boost Australia's fragile economy with soft household consumption figures contributing to stalled growth.

AAP

Australian shares retreat as inflation comes in hot

The ASX has handed back its early gains with interest, after an overnight Wall Street rally wasn't enough to outweigh losses in materials and financials stocks.

AAP

Egg, housing costs might fry hopes of earlier rate cut

Headline inflation has held steady but came in hotter than economists expected in the year to April. Whether it's a blip or something else remains to be seen.

AAP

Ailing hospital operator vows wards will stay open

Tens of thousands of Australian hospital workers are being assured their jobs are safe as a lifeline from banks props up a major private health operator.

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