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4 Apr 2025

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Cutting the OCR next week 'likely the wrong thing to do' - economist
Westpac's chief economist expects the RBNZ will go ahead with a smaller sized cut of 25 basis points to 3.5 percent.

Why was Westpac slow in passing on OCR cut?
Westpac gave an apparently contradictory answer as to why it was so slow to pass on the Reserve Bank’s interest rate cut last month to parliament’s finance and expenditure committee’s banking inquiry.

Consumer confidence tumbles amid global chaos
The Westpac-McDermott Miller Consumer Confidence Index is down eight points.

Consumer confidence falls amid global uncertainty and cost-of-living pressures
New Zealand consumer confidence has taken a hit in early 2025, with the Westpac-McDermott Miller Consumer Confidence Index falling 8 points to 89.2 in March.

Will other banks match Westpac's 4.99 percent rate?
Westpac was the first major bank to offer a rate below 5 percent this cycle.

Westpac cuts home loan rates below 5%
It says it's the first of the major banks to offer a sub-5 percent rate this cycle.

Most households expect a financially tough 2025 - survey
Westpac NZ estimates more than one in five customers expect to find this year more financially stressful than last year.

Westpac follows ANZ interest cut moves
The bank will also reduce some of its term deposit rates by 5, 10 and 20 basis points.

Westpac admits overcharging customers $6.35 million after multiple banking bungles
The issues, which the bank has “remediated”, impacted over 24,600 customers who missed out on benefits or were overcharged.

Danger OCR might need to be hiked in 2026
Potential mortgage borrowers might need to get their new homes of investment properties in the next year as Westpac says there is a risk the RBNZ might cut the OCR too far and start raising rates again in 2026.

Westpac warns of 'spending hangover' from Black Friday
Young people need to take a step back and think hard about their purchases, says a Westpac manager.

WBC - Westpac appoints new Chief People Officer
Westpac has announced the appointment of Kate Dee to the position of Chief People Officer, reporting directly to CEO Anthony Miller

Labour market optimism sinks down to post-Covid lows
The Westpac-McDermott Miller employment survey shows overall confidence fell 3.3 points to 88.3 in the three months ended March, a level last seen post-Covid in 2020.

Economic outlook brighter for 2025 with 2.5% growth forecast - Westpac
The economy is at a turning point after a bumpy 2024, but "storm clouds" are on the horizon as a global trade war threatens New Zealand.

Westpac draws eyes with low 4.99 percent rate
If the other banks do match the rate, it would take the margin between the three-year rate and three-year swap rates to the lowest point since October 2023.

Westpac tellers helped widow withdraw over $300k, but bank not at fault
The 89-year-old’s family complained to the Banking Ombudsman after her death, raising doubts the bank tellers’ actions.

Westpac Bank admits overcharging nearly 25,000 customers more than $6.3 million
The FMA has brought civil proceedings against the bank for not delivering advertised benefits for various banking packages.

Consumer confidence up, but still below long time average
The Westpac McDermott Miller Consumer Confidence Index was up 7 points to 97.5 in December, anything below 100 indicated a pessimistic view.

One in five expect holiday strain on wallet to be worse this year
It's never too late to set up a household budget, Westpac says.

Westpac to increase sustainable lending by $2b
The bank will lend up to $9b to businesses and farmers looking to meet climate targets by 2027.