From 30m ago Westpac rewards shareholders after profit surges to $7.2bn Jonathan Barrett Westpac has recorded a 26% lift in annual net profit to $7.2bn after profiting from increased margins on its home and business loan books amid rising interest rates. The bank’s CEO, Peter King, said the result was pleasing and that shareholders would be rewarded with a $1.5bn buyback. He said there had been a “modest increase in stress” among customers due to rising interest rates and elevated inflation. Our mortgage portfolio, which is our largest, is demonstrating…
Tag: Industrial relations
Australia news live: NSW flood warnings; Sydney train strike delays; at least 27 Covid deaths recorded
From 5h ago NSW rail union pushes ahead with industrial action Sydney commuters are in for a “very messy day” as the NSW rail union pushes ahead with industrial action that will take out 70% of the train fleet, AAP reports. The Rail, Tram and Bus Union has been locked in long-running stoush with the Perrottet government over a new Korean-made Intercity fleet, which it says is unsafe. While the government has signalled it could be prepared to spend $264m to modify the fleet, the union says it has refused…