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Banking & Finance
Latest Australian banking & finance news and updates
Banking & Finance
Westpac Fined $26 Million for Failures in Handling Financial Hardship Requests
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.
Banking & Finance
AustralianSuper Appoints First Head of AI and Automation to Drive Digital Transformation
AustralianSuper has appointed Sarah Carney as its first Head of AI and Automation as the fund targets a 5% productivity boost and launches new digital advice tools for its 3.6 million members.
Banking & Finance
Australian Superannuation Funds Recover in April as Global Share Markets Rally
Australian median growth superannuation funds rebounded with a 2.6% return in April 2026, driven by a surge in global technology shares and a Middle East ceasefire. The recovery largely offsets a 3.2% decline in March, leaving the sector on track for a 6.4% return for the 2026 financial year.
Banking & Finance
Westpac Confirms 193 Job Cuts Across Various Departments
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.
Banking & Finance
Commonwealth Bank Shares Record Historic Fall as Housing Tax Reforms Reshape Financial Outlook
Commonwealth Bank of Australia shares suffered a record single-day fall of over 8% following a cautious Q3 update and the announcement of major housing tax reforms in the 2026-27 Federal Budget.
Banking & Finance
NAB Increases Variable Home Loan Rates Following RBA Cash Rate Hike
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.
Banking & Finance
Australia Integrates Digital Asset Platforms into Financial Services Licensing Framework
The Corporations Amendment (Digital Assets Framework) Act 2026 has received Royal Assent, bringing digital asset platforms under Australia's AFSL regime. Existing operators face a June 30, 2026 deadline to apply for licensing as the industry moves toward a formal commencement in April 2027.
Banking & Finance
Westpac Reports Solid Half-Year Profit and Maintains Dividend Amid Economic Headwinds
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.
Banking & Finance
RBA Increases Cash Rate to 4.35 Per Cent as Inflation Hits 4.6 Per Cent
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.
Banking & Finance
Westpac reports A$3.4 billion half-year profit amid margin pressure and NZX trading halts
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%.
Banking & Finance
National Australia Bank Reports A$2.75 Billion Half-Year Profit Amid Software Charges and Economic Volatility
National Australia Bank has reported a 19.3% fall in statutory net profit to A$2.75 billion for the first half of 2026. The result was impacted by a A$949 million software capitalisation charge and a A$300 million increase in forward-looking credit provisions.