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The Latest Breaking News from Westpac

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.

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.

ABC News

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 Guardian - AU

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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.

The New Daily

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.

ABC News

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.

Newcastle Herald

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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

Newsroom.co.nz

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?

The New Daily

Banks crack down on high debt-to-income home loans as regulator APRA comes knocking

Two of Australia's biggest banks are moving to curb high-risk home lending, as the regulator reveals it has been warning some institutions to cut back on risky loans.

ABC News

New Zealand banks predict 20% drop in house prices over next year

Economists say tighter credit conditions, higher mortgage rates and increased housing supply behind sinking prices

The Guardian - AU

Banks eye rate boost but headwinds remain

Australia's four major banks have all reported a squeeze on margins in their latest results, but that is certain to change as interest rates rise.

AAP

'Big four' banks made huge profits as Australians took out bigger mortgages for pricier housing

Australia's big four banks — ANZ, CBA, NAB and Westpac — now hold a whopping $1.87 trillion in home loans, and raked in big profits as Australians took on massive home loans.

ABC News

ASX slides, Westpac jumps after dividend improves and expenses forecast to fall

Australian shares have fallen, dragged lower by mining stocks, with investors globally maintaining a cautious stance over rate-hike worries and as tightening COVID-19 restrictions in Shanghai fuelled concerns about a possible recession.

ABC News

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ABC News

The Loop: More banks announce mortgage rate increases, Roe v Wade protests in the US, The Kid LAROI sweeps the APRAs

Get up to speed on today's headlines with The Loop.

AAP

Guy Sebastian manager break-up 'hostile'

Guy Sebastian's break-up with his ex-manager, who's on trial for allegedly defrauding the singer of nearly $1 million, was acrimonious, a court has been told.

ABC News

The cost of living is surging, so why will the RBA add to it by raising interest rates?

The Reserve Bank is increasingly likely to start raising interest rates next Tuesday. But why would it add increased interest costs to household budgets at a time when Australians are struggling with a surging cost of living? Michael Janda explains the economics behind it.

ABC News

Inflation surge could see super-sized interest rate hike in June, economists warn

The latest official inflation figures are expected to be the highest since the global financial crisis, and at least one leading economist warns they could trigger an extra large first interest rate hike from the Reserve Bank.

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news in one place.

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The Guardian - AU

Westpac fined $40m for charging fees to the dead

Judge says bank ‘utterly failed to address the issues systematically’ as its total penalties for misconduct rise to $130m

ABC News

Expanding the Home Guarantee Scheme comes with pros and cons for first-time property buyers

The government is expanding its home guarantee and the value of properties eligible for it, but experts warn there are risks as well as benefits for would-be buyers.

The Guardian - AU

Australia’s March unemployment rate steady at record low 4%, despite expectations of fall

Australia’s economy added more than 20,000 new jobs in March, as experts warn of workforce shortage

AAP

Auto scam block to save Aussies $120m

A big four Australian bank will automatically block scam-suspected transactions from overseas, with the system tipped to stop 2000 customers a year being duped.

The Canberra Times

Rising rates will put pressure on default risk

Rising interest rates will be a juggling act for the RBA with debt serviceability

AAP

Jobless rate could fall below 4pct soon

The unemployment rate could fall below 4 per cent sooner than forecast in this week's federal budget with the number of job vacancies growing in recent months.

ABC News

Tax rise for low- and middle-income workers possible as LMITO's fate hangs on federal budget

With cost-of-living concerns dogging the government ahead of next week's federal budget and the upcoming election, experts are again questioning whether its tax cuts are directed at those who need them most.

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