Westpac outlines initiatives to boost childcare sector and help women into home ownership

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Westpac has introduced new lending changes to help make it easier for childcare businesses to access finance to expand, supporting Government plans to grow the childcare sector. In addition, Westpac will increase its female workforce across home and business lending and has expanded eligibility for its existing Lender’s Mortgage Insurance (LMI) Waiver to include more

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Australian Federal budget 2022: A preview

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Overview The Australian Treasurer will release the Federal Budget on Tuesday March 29. The timing has been brought forward from the traditional second Tuesday in May to accommodate the Federal election – which is due by May. Here we set out our expectations for the numbers the Government will present in the annual Budget. These

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The Westpac-Melbourne Institute Index of Consumer Sentiment fell by 2.0% to 102.2 in January

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The Westpac-Melbourne Institute Index of Consumer Sentiment fell by 2.0% to 102.2 in January from 104.3 in December. The 2% decline compares to the 5.2% drop seen in the first month of the delta outbreak in NSW, a 6.1% drop heading into Victoria’s ‘second wave’ outbreak in 2020 and the 17.7% collapse when the pandemic

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Westpac Housing Pulse details early signs of moderation in the housing market

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Australia’s housing market is showing some early signs of a moderation, with conditions varying across the country. The November Westpac Housing Pulse, released yesterday, details three risks confronting the outlook for housing: Inflation and the potential for interest rate rises Oversupply stemming from high levels of new building and an extended period of slow population

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Email scams on the rise targeting Aussie businesses

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Scammers are continuing to take advantage of Australians during the pandemic, with new Westpac data revealing a 57 per cent increase in email scams targeting business customers over the last year. Business email scams occur when fraudsters trick unsuspecting victims into sending money by impersonating a business, employee, or supplier. Often businesses are most affected,

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Westpac supports ABA’s new guidelines for banks helping customers in financial difficulty

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Westpac has welcomed the Australian Banking Association’s (ABA) new guidelines encouraging banks to give customers in financial difficulty the option of using a savings buffer as part of the new Financial Difficulty Guidelines for member banks. “Since leading the industry and introducing the savings buffer earlier this year, 535 customers have had a savings buffer

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Westpac brings 1,000 jobs back to Australia

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Westpac has announced it has brought 1,075 customer service roles back to Australia since July last year, creating new job opportunities in New South Wales, Victoria and South Australia. This follows a commitment made in 2020 to bring 1,000 jobs back to Australia, and all customer facing contact centre roles back onshore, to give jobs

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Consumer confidence fades in response to Melbourne lockdown

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The Westpac-Melbourne Institute Index of Consumer Sentiment fell 5.2% to 107.2 in June from 113.1 in May. The Index has now fallen by 9.7% over the last two months. According to Westpac Chief Economist Bill Evans, the latest fall in June is almost certainly due to concerns around the two-week lockdown in Melbourne. The survey

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Westpac launches real-time digital gambling block for customers

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Westpac has introduced a new blocking mechanism in its online and mobile banking platforms which will allow customers to restrict their spend with gambling merchants. The new digital feature means customers can apply the block in real-time to any personal Westpac credit card or Debit Mastercard, where the transaction is processed through Mastercard. Westpac’s Director

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Westpac sells Lenders Mortgage Insurance business to Arch Capital and enters 10 year supply agreement

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Westpac Group has announced it will sell Westpac Lenders Mortgage Insurance Limited (WLMI) to Arch Capital Group (Arch) and enter into a 10-year exclusive supply agreement for Arch to provide Lenders Mortgage Insurance (LMI) to the Group. The sale price will be at book value[1] which will be determined at completion. The transaction also includes

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