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The Federal Court of Australia has ordered Westpac Banking Corporation to pay a $26 million civil penalty. The fine follows systemic failures to respond to over 200 online financial hardship requests between 2017 and 2023.
Westpac Banking Corporation reported a statutory net profit of A$3.4 billion for the first half of 2026, as strong lending growth was offset by a decline in net interest margins to 1.89%.
Westpac has confirmed the cutting of 193 roles across technology, HR, and retail divisions on May 19, 2026. This follows earlier reports of larger restructuring plans and ongoing digital transformation efforts within the bank.
New data reveals that one in six new home loans issued by Westpac New Zealand this year exceeds $1 million, as Auckland first-home buyers face a median entry price of $900,000.
Westpac has announced a statutory net profit of A$3.4 billion for the half-year ended 31 March 2026. The bank maintained its interim dividend at A$0.77 per share despite signs of slowing mortgage growth in April.
Westpac New Zealand's June 2026 Consumer Update shows household spending has slowed sharply, with per-person retail card spending down by 0.3% in May, prompting forecasts of three RBNZ OCR hikes to combat persistent inflation.
New Zealand's FMA and Westpac NZ have issued a major alert following a spike in AI-driven deepfake scams. With 64% of bank fraud now originating on social media, authorities are calling for greater platform accountability.
The Reserve Bank of Australia has raised the official cash rate to 4.35 per cent to combat 4.6 per cent inflation. Major banks including CBA, NAB, ANZ, and Westpac will pass on the full 0.25 per cent increase to mortgage holders.
The Reserve Bank of New Zealand is expected to hold the Official Cash Rate at 2.25% on May 27, 2026. However, rising inflation expectations and a 3.1% annual CPI are driving intense debate within the Monetary Policy Committee over future rate hikes.
The S&P/ASX 200 index rose nearly one percent on Tuesday, recovering from a seven-week low following the de-escalation of geopolitical tensions. Strong performances from Woolworths and Tuas, combined with a slight rise in consumer sentiment, supported the market's much-needed bounce.
National Australia Bank has raised its variable home loan rates by 0.25% following the RBA's decision to lift the cash rate to 4.35%. The move marks the third consecutive increase this year, adding significant costs to Australian mortgages.
Investment scam losses in New Zealand more than doubled to $81,500 in April 2026, with the average loss per victim surging to over $20,000 as deepfake technology becomes more prevalent.
New Zealand recorded 37,813 new home consents in the year to March 2026, an 11% increase that ends a three-year period of decline. While Auckland and Canterbury lead the recovery, economists warn that rising material costs and global supply chain disruptions could temper future growth.
New Zealand's national median weekly rent rose to $625 in April 2026, marking the first monthly increase since late 2025. While major centres like Auckland and Wellington saw declines, a 5% drop in available properties and an 8% surge in demand are pushing regional rents higher.
The Australian share market experienced a significant downturn on Monday, with the ASX 200 losing over A$30 billion in value. Rising oil prices and a global bond sell-off have intensified concerns over persistent inflation and high interest rates.
Prime Minister Christopher Luxon has announced a reduced $2.1 billion operating allowance for Budget 2026, down $300 million from previous estimates. The government will instead prioritise a $5.7 billion capital package to bolster infrastructure and essential services.
The Reserve Bank of New Zealand's latest survey shows one-year inflation expectations have surged to 3.41%, the highest in years, signaling a likely OCR hike in July.
New Zealand financial markets are pricing in several 25 basis point OCR hikes as inflation remains at 3.10%, despite a significant divide among major bank economists regarding the timing of future increases.
The NZX 50 index closed at 13,175 points on Friday, May 8, 2026, marking a daily decline of 0.72%. Despite the fall, the market secured a 1.7% weekly gain and remains up 4.52% over the past year.
New Zealand's Q1 2026 employment data is set for release on May 6, with analysts forecasting an unemployment rate between 5.4% and 5.5%.
New Zealand's national median property value rose slightly to $809,101 in April, but a 0.1% decline in Auckland and Wellington highlights a widening regional divide as the RBNZ maintains a hawkish stance.
While global volatility drags down the main NZX50 index, New Zealand's regional economies are staging a quiet recovery. Driven by strong primary sector returns and resilient local SMEs, the provinces are proving to be the real engine of the country's economic survival in 2026.
New Zealand's annual inflation rate remained elevated at 3.1% for the March 2026 quarter, exceeding the RBNZ's 1-3% target band. The central bank has revised its inflation peak forecast to 4.3% amid escalating global oil price shocks and a deeply split monetary policy committee.
Finance Minister Nicola Willis expects banks to absorb the new NZ$209 million prudential levy, but New Zealand's concentrated financial market suggests otherwise. This editorial explores why everyday consumers, rather than highly profitable institutions, are likely to end up paying the bill.
New Zealand's national median home value held flat in May 2026 at $808,187, reflecting a cautious market influenced by high interest rates. Property values remain 17% below their 2022 peak, with key regional centres showing mixed performance.
Australia's economic growth slowed sharply to 0.3% in the first quarter of 2026, missing market expectations. Extreme weather disruptions and weak consumer spending dragged on activity, posing a policy dilemma for the Reserve Bank of Australia.
Australia has recorded its first trade deficit in goods and services since December 2017, driven by a surge in data centre equipment imports and high fuel costs. The March quarter current account deficit widened to A$27.1 billion, setting up a drag on upcoming GDP growth figures.
Australia's national minimum wage will rise by 4.75% from July 1, 2026, marking the first time the weekly rate has exceeded A$1,000.
New Zealand Finance Minister Nicola Willis has defended a new $209 million prudential levy introduced in Budget 2026. Willis expressed confidence that major banks will absorb the regulatory costs rather than pass them on to consumers.
The S&P/ASX 200 index experienced a significant 1.62% rebound to close at 8,731.70 points on Friday, May 29, 2026. This surge, driven by mining and banking gains, was fueled by hopes of a tentative 60-day US-Iran ceasefire extension.
Australia's unemployment rate climbed to 4.5% in April 2026, representing its highest level since late 2021. The softening of the job market has prompted expectations that the Reserve Bank of Australia will hold interest rates steady.
Finance Minister Nicola Willis has delivered Budget 2026, committing $7 billion in capital funding for key transport, health, and housing projects. The package balances infrastructure catch-up with fiscal prudence amid trimmed growth forecasts.
The Reserve Bank of New Zealand has held the Official Cash Rate at 2.25% after an evenly split committee vote. However, a highly hawkish forward guidance track points to multiple rate hikes starting as early as July.
New Zealand mortgage holders face rising costs over the next six to 12 months, despite the RBNZ maintaining the OCR at 2.25%. Wholesale interest rates are climbing, prompting a significant shift toward two-year fixed rates as borrowers seek repayment certainty.
The Australian Securities and Investments Commission has issued an alert warning consumers about sophisticated, AI-driven crypto-asset investment scams. Operating on popular messaging apps like WhatsApp, these schemes use deepfakes and fake trading data to deceive younger investors.
Sydney's property market is experiencing a rise in unfinished homes listed for sale as homeowners abandon renovation projects. Driven by escalating material costs, labour shortages, and rising interest rates, many are choosing to sell partially completed projects to cut their losses.
The New Zealand Exchange's benchmark NZX50 index gained 0.4% on Monday, driven by positive performances from Auckland Airport, Air New Zealand, and Contact Energy. The lift comes amid broader economic challenges, including elevated inflation and high fuel costs.
While Auckland and Wellington struggle with house prices significantly below their historical peaks, Christchurch is showing remarkable resilience. Strong internal migration and solid first-home buyer demand continue to support the local Canterbury market.
Tower Limited has reported a significant drop in its half-year profit to $22.9 million, down from $49.7 million a year earlier. The decline was driven by a sharp rise in weather-related claims costing $18.5 million, leading to a slide in the insurer's share price.
Commonwealth Bank has issued a critical alert warning investors of sophisticated 'pump and dump' schemes using AI deepfakes and fake social media ads to target Australians.
New Zealand exports climbed to a record $8.6 billion in April 2026, delivering a historic $1.9 billion trade surplus. Strong international demand for meat, gold, dairy, and crude oil offset rising global economic uncertainties.
New Zealand's seasonally adjusted retail electronic card spending dropped by 1.3% in April 2026, reversing March gains. The broad-based slowdown across consumables, hospitality, and fuel indicates that elevated living costs are significantly dampening household demand.
The Reserve Bank of New Zealand faces renewed scrutiny as Q1 2026 inflation data shows annual price growth holding at 3.10%, exceeding the bank's target band.
New Zealand retail spending via electronic cards dropped 1.3 percent in April 2026, as consumers cut back on consumables, hospitality, and fuel. The total value of electronic card transactions across all industries fell by $160 million.
A proposal to buy back the Bank of New Zealand from National Australia Bank has reignited calls for structural reform in a sector where four banks control up to 85% of the market.
New Zealand officials are monitoring fuel supplies as petrol prices rise 33.6% and diesel 94.9% following conflict in the Middle East. Global oil prices hit US$102.40 per barrel as supply chain risks grow.
The inaugural State of Competition report identifies financial and insurance services as industries with the weakest competitive pressure, highlighting a 916% rise in insurance premiums since 2000.
New Zealand First has announced plans to automatically enrol newborns in KiwiSaver with a $1000 contribution and buy back BNZ to create a new state-owned national bank.
ANZ Group Holdings shares fell 4.3% last week as the banking sector faces a new economic landscape shaped by the RBA's rate hike to 4.35% and federal budget reforms to negative gearing and capital gains tax.
KiwiSaver growth funds saw a significant rebound in April 2026, with some funds returning nearly 10% following a volatile start to the year. The recovery comes as contribution rates rise to 3.5% and global markets hit record highs.