Australia Business Activity Robust In April, Cost Pressures Still A Challenge

Australia Business Activity Robust In April, Cost Pressures Still A Challenge

SYDNEY (Reuters) – Australian business conditions remained sturdy in April, supported by robust sales and labour market strength despite high inflation and rising interest rates, while cost pressures were still posing a challenge for firms. The survey from National Australia Bank Ltd (NAB) released on Monday showed its index of business conditions fell two points…

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Australia's Westpac Flags H2 Margin Pressure, Drops Cost Target

Australia’s Westpac Flags H2 Margin Pressure, Drops Cost Target

By Roushni Nair (Reuters) -Australia’s Westpac Banking Corp on Monday warned of “intense” mortgage competition pressuring its margins in the current half, and said it was dropping a cost target to instead focus on relative peer performance because of high inflation. Westpac, which previously benefited from a bold cost-cutting strategy, disclosed plans to move away…

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Westpac H1 Profit Jumps On Higher Interest Rates, Flags Second-half Margin Pressures

Westpac H1 Profit Jumps On Higher Interest Rates, Flags Second-half Margin Pressures

(Reuters) – Australia’s Westpac Banking Corp on Monday posted a 22% jump in first-half net profits as margins improved on the back of rising interest rates but warned tough mortgage competition will negatively impact margins going into the second half. Over the past year, aggressive monetary tightening boosted banks’ earnings and margins. However, that could…

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