Business
The bushfire crisis will cost Australia $5 billion in direct losses and lop off 0.2 to 0.5 per cent from its economic growth, Westpac has estimated.
News
Westpac chief executive Brian Hartzer is stepping down and chairman Lindsay Maxsted plans to follow suit, leaving Australia’s second largest bank to respond to its money laundering and child exploitation scandal under new leadership.
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Westpac has cut its dividend for the first time in a decade after its full-year profit fell by 15 per cent to $6.85 billion.
Westpac will spend another $260 million to compensate customers affected by its “errors”, taking its total remediation payments so far to $659 million.
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.
Westpac engaged in unconscionable conduct over its trading in the bank bill market, a Federal Court has found.
