Most Australian borrowers are managing financial stress,but rather than a disaster averted it’s evidence that the sky was never falling.
Westpac’s CEO said it had been a “challenging year” for customers,but that mortgage delinquencies remain modest and that interest rates may need to rise.
Cybercriminals are coaching victims,recruiting money mules and ramping up attacks. Banks are in the business of making this an expensive exercise.
The Ampol chairman will start in Westpac’s top board position,continuing a technology transformation after the bank slimmed down under retiring chair John McFarlane.
The bank has scrapped a plan to sell its operations in Fiji and Papua New Guinea,in a move welcomed by Canberra.
As borrowers come to the end of their fixed-rate contracts,and economists call a peak in the cash rate,banks have brought fixed rates below variable rates.
Disability care worker Thevamanogari Manivel was handed an extraordinary,unearned windfall and could not resist the temptation to take it.
Westpac could pay millions of dollars in penalties if the Federal Court rules the bank did not respond to pleas from customers within the required time frame.
They say that “bigger is better”,but the aphorism may not hold when it comes to the multibillion-dollar banking sector.
The banking giant said its operating revenue had been resilient in the three months to June as it reported ongoing pressure from stiff competition in mortgages and rising staff costs.
Industry bodies are hoping the introduction of new digital identification methods will stem the amount of money lost to scams.