ASX - Delayed Quote AUD

Westpac Banking Corporation (WBC.AX)

26.19

+0.22

(+0.85%)

At close: April 24 at 4:10 PM GMT+10

Australian Consumer Confidence Slumps as Prices, Rates Take Toll

(Bloomberg) -- Australia’s consumer confidence declined in April as persistent inflation and interest rates at a 12-year high continued to squeeze households, leaving them gloomy about the economic outlook.Most Read from BloombergTrumpism Is Emptying ChurchesIran’s Better, Stealthier Drones Are Remaking Global WarfareWhy India’s South Rejects Modi — And Why It MattersBlackstone Nears Buyout of Skin-Care Company L’OccitaneGermany to Order Ships, Armored Vehicles Worth Up to €7 BillionSentiment dr

Bloomberg 16 days ago

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Dollar Weakens After PCE Inflation Meets Expectations

NEWSPLUS 0849 ET – February PCE inflation meets expectations, likely keeping unchanged the prospect of an interest-rate cut by the Fed in June. The 12-month core reading was 2.8%, keeping January’s pace and meeting consensus forecast in a Wall Street Journal survey.

The Wall Street Journal 27 days ago

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Australia consumer mood darkens anew in March - survey

Australian consumer sentiment eased from 20-month highs in March as worries about the economic outlook and family finances returned to darken the mood, a survey showed on Tuesday. The Westpac-Melbourne Institute index of consumer sentiment slipped 1.8% in March, from February when it jumped 6.2%. "Last month we saw some promising signs that the consumer gloom that has dominated over the last two years might finally be starting to lift," said Matthew Hassan, a senior economist at Westpac.

Reuters 30 days ago

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Australia bank CEOs call for a fix to housing shortage

SYDNEY (Reuters) -Australia's housing shortage may be driving prices higher but is locking out first-time homeowners and migrants needed to fill skills shortages across the country, the CEOs of Australia's three largest banks said on Tuesday. After years of ultra-low interest rates pushed home prices higher, Australia faces a long-term drop in the number of younger people buying homes, which could mean more people retiring in weaker financial positions, according to a 2023 government report. At a banking conference in Sydney, the heads of Commonwealth Bank, National Australia Bank and Westpac, Australia's top 3 lenders, blamed a housing supply shortage and urged local governments to speed up planning approvals.

Reuters 30 days ago

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Australia's RBA to hold rates on March 19, cut later in year: Reuters poll

Australia's central bank will hold its key interest rate at 4.35% for a third straight meeting on Tuesday and at least until end-September, according to a Reuters poll of economists who see at least two rate cuts in the final quarter of 2024. While financial markets have priced in rate cuts for most other major central banks starting around June, the Reserve Bank of Australia is a notable outlier with no such mid-year pricing. Despite the RBA's recent hawkish stance and still-elevated inflation, no economist expected the next move to be up, with a variety of forecasts for a cut in the second half of this year given that economic growth has been lacklustre.

Reuters last month

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Australia's Westpac cuts 132 jobs across divisions, says trade union

From the bank's risk division, 62 roles are being reduced at a time when the country faces an "unprecedented level" of scams and cybersecurity threats, the Finance Sector Union (FSU) said in a statement. The job cuts across the risk and operations divisions come on top of the 20 layoffs in January at its sales support unit in the Mortgage Services division, which were outsourced to Concentrix Corp, FSU said.

Reuters last month

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UPDATE 3-Australia's Westpac cuts 132 jobs across divisions, says trade union

The Australian banking trade union said on Thursday that Westpac Banking Corp, one of the country's top lenders, has cut 132 jobs across divisions, with some of these roles being shifted to companies in India and the Philippines. From the bank's risk division, 62 roles are being reduced at a time when the country faces an "unprecedented level" of scams and cybersecurity threats, the Finance Sector Union (FSU) said in a statement. The job cuts across the risk and operations divisions come on top of the 20 layoffs in January at its sales support unit in the Mortgage Services division, which were outsourced to Concentrix Corp, FSU said.

Reuters last month

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Westpac Posts Fall in First-Quarter Profit

Westpac Banking Corp posted a lower first-quarter net profit driven by the impact of notable items, which the company said would reverse over time.

The Wall Street Journal 2 months ago

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Westpac sees monetary policy 'less restrictive' over next year, Q1 profit drops

(Reuters) -Westpac Banking Corp said it sees scope for monetary policy in Australia to become less restrictive within the next year, while reporting a drop in its first-quarter unaudited net profit versus the prior six-months' quarterly average. Westpac's shares were down 0.2% at A$24.515 as at 2324 GMT, after having fallen as much as 0.9% earlier in the session. Australia's No. 2 mortgage provider says it expects the economy to remain resilient, supported by low unemployment and healthy balance sheets in the corporate sector.

Reuters 2 months ago

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Australia consumer confidence jumps to 20-month high in Feb

Australian consumer sentiment rebounded to a 20-month high in February as a slowdown in inflation fuelled hopes interest rates had finally peaked and boosted spending intentions, a survey showed on Tuesday. The Westpac-Melbourne Institute index of consumer sentiment jumped 6.2% in February, from January when it fell 1.3%. Political partisanship was a notable feature of the survey as the confidence index among supporters of the Liberal National opposition slipped to 77.6, while that for supporters of the ruling Labor Party surged to 103.8.

Reuters 2 months ago

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Australian Stocks Could Extend Record High Amid Lower Rate Outlook

Australian stocks could be poised for an extended rally after signs the country’s central bank may be winning its battle with inflation sent the benchmark index to its first record close since August 2021.

The Wall Street Journal 2 months ago

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Australia's Westpac found guilty of misconduct in 2016 rate swap deal

The Australian Securities and Investments Commission (ASIC) said Westpac, one of the country's biggest banks, will pay a maximum penalty of A$1.8 million, along with A$8 million for the regulator's litigation costs. Westpac allegedly engaged in pre-hedging ahead of the transaction with a consortium comprising AustralianSuper, the country's largest pension fund, and IFM.

Reuters 2 months ago

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Investors in Westpac Banking (ASX:WBC) have seen returns of 14% over the past five years

In order to justify the effort of selecting individual stocks, it's worth striving to beat the returns from a market...

Simply Wall St. 3 months ago

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Australia consumer sentiment worsens in Jan- Westpac

Investing.com-- Australian consumer sentiment deteriorated in early-January, a private survey showed on Tuesday, as signs of sticky inflation kept respondents on edge over more interest rate hikes and lower household savings.

Investing.com 3 months ago

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Australian Dec consumer sentiment bounces, set for second worst year on record

Australian consumer sentiment edged up in December, although it ended its second worst year on record amid a surge in the cost of living and sharply higher interest rates, a survey showed on Tuesday. The Westpac-Melbourne Institute index of consumer sentiment rose 2.7% in December from November, when it fell 2.6%. While ending on a slightly better note, 2023 still marks the second worst calendar year for sentiment on records dating back to 1974, said Westpac.

Reuters 4 months ago

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Australia consumer sentiment improves slightly in Dec- Westpac

Investing.com-- Australian consumer sentiment improved marginally in early-December, a private survey showed on Tuesday, aided by easing fears of higher interest rates, although high inflation and increased taxes saw consumers remain largely negative.

Investing.com 4 months ago

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Here's Why We Think Westpac Banking (ASX:WBC) Might Deserve Your Attention Today

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

Simply Wall St. 4 months ago

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Westpac to raise $488 million in additional Tier 1 capital

SYDNEY (Reuters) -Westpac Banking Corp, Australia's third-largest bank by market capitalisation, said on Monday it would raise A$750 million ($488.1 million) in an Additional Tier 1 (AT1) capital transaction. The notes will be issued at A$100 each and potential investors have been told the interest margin will be between 3.10% and 3.3%, according to an earlier Westpac statement. As part of the deal, investors in an earlier series of Westpac AT1 bonds will be eligible to reinvest in the new bonds.

Reuters 5 months ago

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Australia consumer sentiment worsens in Nov after RBA hike- Westpac

Investing.com-- Australian consumer sentiment soured in early-November, a survey showed on Tuesday, as a recent interest rate hike by the Reserve Bank sparked renewed concerns over increased living costs.

Investing.com 5 months ago

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PwC Australia cuts 338 jobs as major bank ends 55-year audit relationship

SYDNEY (Reuters) -Pricewaterhouse Coopers (PwC) Australia on Wednesday announced hundreds of job cuts citing a slowing economy and the after-effects of a national scandal over leaked tax documents as a major audit client cut ties with the firm. PwC Australia will make 338 staff redundant due to a slowing economy, and the firm's smaller size since spinning off its government consulting practice at the height of the scandal, a spokesperson said in a statement. Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff have moved over to the new advisory firm.

Reuters 5 months ago

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Performance Overview

Return	WBC.AX	S&P/ASX 200 [XJO]
YTD	+14.37%	+1.21%
1-Year	+25.82%	+4.93%
3-Year	+23.34%	+8.81%

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Westpac Banking Corporation (WBC.AX)

Australian Consumer Confidence Slumps as Prices, Rates Take Toll

Dollar Weakens After PCE Inflation Meets Expectations

Australia consumer mood darkens anew in March - survey

Australia bank CEOs call for a fix to housing shortage

Australia's RBA to hold rates on March 19, cut later in year: Reuters poll

Australia's Westpac cuts 132 jobs across divisions, says trade union

UPDATE 3-Australia's Westpac cuts 132 jobs across divisions, says trade union

Westpac Posts Fall in First-Quarter Profit

Westpac sees monetary policy 'less restrictive' over next year, Q1 profit drops

Australia consumer confidence jumps to 20-month high in Feb

Australian Stocks Could Extend Record High Amid Lower Rate Outlook

Australia's Westpac found guilty of misconduct in 2016 rate swap deal

Investors in Westpac Banking (ASX:WBC) have seen returns of 14% over the past five years

Australia consumer sentiment worsens in Jan- Westpac

Australian Dec consumer sentiment bounces, set for second worst year on record

Australia consumer sentiment improves slightly in Dec- Westpac

Here's Why We Think Westpac Banking (ASX:WBC) Might Deserve Your Attention Today

Westpac to raise $488 million in additional Tier 1 capital

Australia consumer sentiment worsens in Nov after RBA hike- Westpac

PwC Australia cuts 338 jobs as major bank ends 55-year audit relationship

Performance Overview