Westpac Banking Corporation

Westpac chief executive Peter King wants the corporate sector to be allowed to step in and help Australia's flagging vaccine rollout.

Stadiums and shops could be the next frontier of Australia's coronavirus vaccine rollout, with a plan to administer drive-through jabs being weighed up.

Australia's big four banks have been quick to jump on board an expanded federal loan scheme to help steer small businesses through the spate of coronavirus lockdowns.

Westpac has unveiled a $3.5 billion share buyback after posting a surge in annual earnings on the back of a strong home loans market and lower provisions.

The corporate regulator has taken the unprecedented step of launching multiple legal actions at once against one of Australia's big four banks.

Westpac is seeking to cut about 20 per cent of its head office jobs as an increasingly competitive operating environment prompts the bank to bring forward cost-saving efforts.

Bankwest has told staff it plans a major shift in strategy, with its entire business banking operation to be shifted to parent company Commonwealth Bank.

Consumers are pessimistic about the state’s economy, with confidence dropping nearly 10 per cent in April.

Westpac has posted a 12 per cent drop in first half cash earnings to $3.1 billion, on the back of competitive pressures in the home loan market and increased provisions for bad debts.

Commonwealth Bank of Australia has matched this week's move by the central bank and raised its variable home loan rates.

Leading developer Nathan Blackburne has painted a more positive picture than many of his peers, saying build costs are expected to decrease and labour availability will improve next year.

The central bank has shifted gears and moderated its rate hikes, with some economists concerned this could prolong the rate hiking cycle.

The local share market is slightly higher this morning, with gains by the big banks outweighing losses by the mining and energy sectors.

Westpac has posted an annual profit of $5 billion-plus and says while interest rate rises will bite, many customers remain ahead on their mortgage repayments.

The cash rate has hit its highest level since December 2012, with a $500,000 home loan now costing $880 more per month than before the hikes started in May.

The Labor government expects wages will keep growing strongly as inflation moderates, ultimately leading to real wage growth by 2024.

Australian consumers have continued to favour Woolworths after the retail giant was reported as the nation’s most valued brand at $16.2 billion.

As the Reserve Bank board prepares to announce an expected 25 basis point rise in the cash rate, figures show Australian trade surplus slipping.

The latest cash rate hike has mortgage holders worried as consumer confidence sinks to the lows of the pandemic.

Western Australia has recorded the largest drop in retail sales in December compared to other states and territories, according to the latest monthly retail turnover data released by the Australian Bureau of Statistics.

Leading indicators for Australia's future growth are still signalling depressed activity in coming months as interest rate rises bite.

The national unemployment rate has stayed put at 3.5 per cent while Western Australia recorded a modest uptick in the number of people in work.

Westpac is raising its dividend 15 per cent to 70c per share as CEO Peter King says it has become a "simpler, stronger bank".

The employment minister has rejected claims a rise in minimum wages would put further pressure on inflation and interest rates.

The outlook for the Australian manufacturing sector remains gloomy as cost pressures show few signs of letting up.

The official labour data has proved resilient but is expected to start responding to worsening domestic economic conditions later in the year.

The corporate regulator has alleged that between 2015 and 2022 Westpac didn't respond to financial hardship notices from 229 customers.

Wages growth in Western Australia has outpaced other states and territories, according to the latest data from the Australian Bureau of Statistics.

Westpac made $7.2 billion in net profit after tax for 2022/23, up 26 per cent from the year before.

Westpac has ended its relationship with external auditor PwC as the under-fire firm continues to face setbacks after a leaking scandal.

In this podcast: Mark Beyer and Mark Pownall discuss accounting action; WeWork; Qantas; exporters; hydrogen; coal; biofuels, and skills shortages.

The Reserve Bank fired off an interest rate hike last month to take out insurance against lingering inflation risks, minutes from a board meeting confirm.

Bankwest will close all branches and undertake a major redeployment of staff to ensure the 129-year-old bank can remain competitive in the digital age.

Australia’s big four banks will face a parliamentary grilling this week, including questions over ANZ’s alleged manipulation of the bond market.

Westpac has appointed Anthony Miller as its new boss, succeeding Peter King who will retire after a 30-year career with the bank.

Our weekly appointments wrap includes Hayley Vale, Murray Fong, Sherry Duhe, Carl Askew, Sharon Wood-Kenney and Anthony Miller.

Politicians are losing control of policy levers and lack the willpower to enact sweeping tax and policy reforms , according to WA businessman Michael Chaney.

Gary McGrath has overseen a significant restructuring of Bankwest’s operations in his role at CBA.

Westpac’s 2025 first quarter unaudited profit dipped by 9 per cent to $1.7 billion, compared with its 2024 second half quarterly average.

The Reserve Bank of Australia has cut the cash rate for the first time since November 2020, but governor Michele Bullock has warned the inflation fight isn’t over.