The bosses of Westpac and Bendigo and Adelaide Bank say late payments on home loans have ticked up,but that an easing in interest rates,which looks likely to happen this year,would support economic growth.
Companies are slashing employees’ work hours to cut costs and stay afloat as high-interest rates and inflation dampen consumer spending,bank data shows.
Don’t you think that’s crude?
Fugitive developer Jean Nassif may face further criminal action over “potential fraud and violation of directors’ duties” after administrators released a report to creditors.
Justice Michael Lee said Westpac’s agreement to pay a $1.8 million penalty and $8 million for litigation and investigation costs for unconscionable conduct would shock many people.
After an outbreak of fierce competition in the $2.1 trillion mortgage market,analysts are pointing to signs big banks are no longer offering home loan rates that are near the cheapest available.
Westpac customers were cut off from the bank’s online services following an outage on Monday night that stretched into the early hours of Tuesday.
Now that all the major banks have reported their 2023 profits,the conventional notion that Australia’s big four lenders act as a herd is being challenged.
The mortgage war is taking a bite out of bank profits,and analysts say CBA could unleash more competition if it looks to turn around losses in market share.
The ASX limped to the finish line and Wall Street broke one of its longest winning streaks in two decades as pressure cranked higher from the bond market.
PwC announced it is cutting hundreds of staff after Westpac ended a 20-year relationship with the embattled firm that generated more than $70 million in fees over the past two years alone.