Westpac and the corporate regulator have returned to court for the first day of a potential eight-day hearing on responsible lending, which could have wide ramifications for other banks and the home loan market.
But the Federal Court, in a highly unusual move, refused to approve the settlement, forcing both sides to re-litigate their case. This is the question left unanswered by the original settlement proposed by ASIC and Westpac over the bank's alleged responsible lending law breaches.
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Westpac profit falls on compensation costs and lending slowdownWestpac's half-year profit falls by almost a quarter as the cost of customer compensation mounts and home-lending growth stagnates. 809 jobs. Just the start I’m afraid. Westpac STILL makes $6.2 Billion Obscene Profits and paying Minimal TAX while our Wages Hospitals Schools Infrastructure Coal Oil Renewables are going without. How do we let this continue. Ohh thats right LNP
Source: abcnews - 🏆 5. / 83 Read more »
Westpac first-half profit tumbles | Sky News AustraliaWestpac’s profit has slumped 22 per cent due to customer compensation payouts and a decline in home lending. \n\nCash earnings have fallen by almost a quarter to $3.2 billion for the half-year, and about 800 staff have been laid off to cut costs.\n\nWestpac CEO Brian Hartzer says 'This is a disappointing result reflecting weaker business conditions.'\n Hope the 4 banks fall in a heap😂 Pre-election reaction to Labor's policies against property investors. Labor says that landlords are evil. Proposes scores of offences and taxes against them and now Leftists want to change negative gearing laws just against them, without applying them to all other investments. oh isnt that a shame🤣bet its still in the billions
Source: SkyNewsAust - 🏆 7. / 78 Read more »