Westpac’s major rivals may not rush to follow the lender’s move to raise mortgage rates, with regulators’ glare and the threat of an increased bank levy keeping them on hold, according to one leading analyst.
Nine Entertainment will merge Fairfax Media into its platform under a $2.2 billion deal that has stunned the Australian market.
Foxtel and Fox Sports will merge into a single company by the end of June, with current Foxtel chief executive Patrick Delaney at its head.
Adelaide Brighton’s half-year profit has slipped 2.3 per cent to $182 million after the cement and masonry supplier took a $17.7 million earnings hit from the discovery it had been underpaid for some supplies.
Commonwealth Bank shares have dropped after Australia’s largest bank revealed AUSTRAC intends to make further allegations related to breaches of money laundering and counter-terrorism laws.
Westpac has lifted its full-year profit three per cent to $8.062 billion, boosted by six per cent growth in Australian mortgages.