Westpac

The RBA still needs to be convinced that inflation is on a sustainable downward path before starting to cut interest rates, but Westpac Chief Economist Luci Ellis thinks the bank will soon be confident enough to act, most likely at the February Board meeting. #interestrates #economy Full story: https://lnkd.in/g7R_gWb5

Westpac is partnering with the Australian Banking Association (ABA) on an industry-first initiative to ensure products and services are designed to safeguard customers from financial abuse.  Anna Bligh Lisa Pogonoski Tiffiny Lewin, GAICD Read more: https://lnkd.in/gC-cC634

"Our disciplined performance in FY24 has set Westpac up for growth and success," says Peter King, after delivering a full-year net profit of $7 billion in his final result as CEO.   Other highlights included a $1 billion increase to the existing share buyback program, a 76 cent final dividend, and a 12.5 per cent CET1 capital ratio which King said was one of the strongest he'd seen in his 30 years at the bank.   King acknowledged that some customers were doing in tough in the current economic climate, but sees positive signs emerging as we head into 2025. Consumer sentiment is beginning to pick up, the labour market is holding up well, and inflation is cooling towards the RBA's target band.   Read more: https://lnkd.in/gBiyYYcN

With Christmas🎄🎅 just around the corner, many of us will be eyeing the Black Friday and Cyber Monday sales as a great opportunity to pick up some bargains. New research from Westpac reveals it's Millennials who will be shopping 'til they drop at these sales events, and have been saving up their hard-earned cash to do so. So, how much is each person likely to spend? And what are their best shopping hacks? 🛒 #blackfridaysale #blackfriday2024 #millennials #millennial #cybermonday #moneyhabits Read more: https://lnkd.in/gBR8Wwan

Australia's headline inflation rate fell into the RBA’s 2-3 per cent target band for the first time in three years in the September quarter. However, while the Reserve Bank will welcome fresh evidence that the disinflationary trend is on track, the bar is still too high for an interest rate cut this year, says Westpac Chief Economist Luci Ellis. #economy #inflation #interestrates Read more: https://lnkd.in/gZam9Hur

Community awareness around fraud and scams is increasing, and that’s a good thing. However, it’s also something the scammers are looking to exploit by luring people into taking actions to protect themselves which unwittingly have the opposite effect. Bank impersonation scams can be particularly effective in this way, and the fraud and scams prevention team at Westpac continues to see people falling for these.  #scams Read more: https://lnkd.in/gM2K9_wE

Australian households received a welcome income boost from Stage 3 tax cuts which kicked in on July 1, but rather than go on a spending splurge many of them have put the extra cash into savings or used it to pay down debt. That's the key takeaway from the Westpac-Data X Consumer Panel, which uses de-identified data from over a million customers to give valuable insights into trends in consumer finance. Westpac economist Jameson Coombs says the findings from the Consumer Panel will offer comfort to the inflation-wary RBA. Full story: https://lnkd.in/gyKtXtqw

Check out how a career at Westpac could work for you. Learn more: https://lnkd.in/ghCgCUDp

Westpac is starting a pilot program with carbon management fintech Cogo to help the bank's customers make more informed decisions about the energy efficiency of their homes and businesses. The pilot emerged from a reverse pitch event hosted by FinTech Australia in February this year, which brought big banks and fintechs together to help address some of the industry’s biggest challenges in payments, frauds and scams, and sustainability. #sustainability #energyefficiency David Walker Ben Gleisner Rehan Mark D'Almeida Read more: https://lnkd.in/gtjbAGrD

BCI Minerals is building Australia’s first major #salt project in more than two decades on the Pilbara coast of Western Australia. It’s also expected to be the nation’s largest once it ramps up to full production, producing over 5 million tons of industrial salt a year to supply growing demand for the versatile mineral from manufacturers across Asia. Wire caught up with BCI's MD & CEO David Boshoff and CFO Stephen Fewster to find out more about the Mardie project, while Westpac relationship manager James Duncan talks about the bank's role as lead arranger of a $981 million finance facility to support the development. #criticalminerals Full story: https://lnkd.in/gfFr2uWG