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20 Apr 2024

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Households, businesses facing tough economic times - survey
A cold patch has settled over the economy, according to a survey by Westpac.

ASB drops mortgage rates, follows Westpac and BNZ
ASB has reduced its home lending rates for a second time in the past week, matching drops from Westpac and BNZ in February.

Westpac Eftpos card and account issues resolved
Westpac has resolved an issue which prompted anger from customers as access to funds were locked and account balances showed zero.

Westpac softens policy on bankruptcy
Westpac is going to relax its policy on access to banking services for people declared bankrupt.

Westpac to block abusive comments in bank transfers
Westpac is changing its terms and conditions to stop customers writing abusive comments into the payment system.

Westpac sets intensity-based emissions target for farms it loans to
Westpac bank has set a target for cutting the emissions of the farms it lends to.

Westpac's annual net profit has fallen by 18 percent, despite investment in customers
Despite the falling net profit, the bank said it had invested heavily in helping customers through difficult times

Westpac invests in Akahu's open banking services
Westpac NZ's venture capital arm has invested $1.4 million into financial services firm Akahu.

Economy slowdown felt across the board - Westpac
Westpac's latest regional round-up shows the softening in activity is widespread, with slowing demand and continued strong inflation.

Employment confidence turns negative in September quarter
Westpac senior economist Darren Gibbs said workers were feeling more competition in the job market.

New campaign hits out at 'record' profits by ANZ, ASB, BNZ and Westpac
Profit margins for the country's largest banks are at a 17-year high.

Westpac staff reject 'insulting' pay offer and consider industrial action
Union members have overwhelmingly voted to reject a pay offer from Westpac bank and will vote on taking industrial action this week.

Westpac joins rivals in offering gambling block for debit, credit cards
The move is a response to customer demand to cope with gambling addictions, the bank says.

Westpac releases economic overview for 'challenging' year ahead
However the bank says 2024 will be challenging for the government and the risk of higher interest rates can't be ruled out.

Eftpos issues hit NZ Westpac customers
Some Westpac customers in New Zealand are reporting issues paying with their Eftpos cards.

Wespac to block abusive comments in bank transfers
Westpac is changing its terms and conditions to stop customers writing abusive comments into the payment system.

Biometrics introduced to Westpac systems to watch for fraud
Westpac NZ is adopting advanced biometrics software to bolster its fraud protection systems.

Migration and house price rises to keep fuelling inflation - Westpac
Westpac says inflation is likely to remain above the Reserve Bank's target range for all of 2024, with potential for another increase in the OCR in the first half of next year.

Spark Finance extends Westpac Sustainability-Linked Loan
Spark Finance Limited, the wholly owned subsidiary of Spark New Zealand Limited (�Spark�) that carries out the borrowing activities for the Spark group, announced today that it has extended the term of its NZ$200 million

Election outcome unlikely to change economy significantly in short term, says Westpac economist
The tax and spending plans of Labour and National are unlikely to change the economic direction of the country in the short-term, an economist says.

Commerce Commission inquiry into bank profits unlikely to change much - global ratings agency
Global ratings agency S&P say the playing field is expected to remain stable and dominated by the ANZ Bank, BNZ, ASB and Westpac banks.