Australian shares have achieved back-to-back gains for the first time since the coronavirus crisis began, rallying in the final minutes of trade on reports that US politicians have reached a deal on a massive US stimulus deal to shore up the world's biggest economy.
Small businesses impacted by the coronavirus crisis will be able to defer their loan repayments for six months under a plan put forward by the banking industry.
Two new facilities to support lending worth a combined $105 billion are key elements of the Reserve Bank and federal government's plans to support the economy in response to COVID-19, while the RBA cut rates to 0.25 per cent and promised an unprecedented target on government bond yields.
Concerns over COVID-19 have led to the cancellation or postponement of more events in the state, including Australia's largest annual mining conference Diggers & Dealers, along with the Anzac Day services. The virus has also led to more businesses changing their working arrangements.
The Australian share market has suffered yet another day of carnage, plunging again after US President Donald Trump suspended travel from Europe for a month to limit the coronavirus pandemic.
The Australian stock market has suffered its worst single day loss in nearly a dozen years, as a brewing price war over oil added to the global tumult.
The Reserve Bank of Australia has cut the cash rate to a new record low of 0.5 per cent as it acts to soften the economic impact of the coronavirus, with Australia's "big four" banks each announcing they would pass on the rate cut in full.
Westpac has named "battle-hardened" banking veteran John McFarlane as its next chairman to help it recover from the fallout of a massive money laundering and child exploitation scandal.
Former Wesfarmers executive Terry Bowen is planning to reduce his involvement at private equity group BGH Capital after taking an expanded board role at BHP and joining the board of Transurban.
Andrew Young, the former director and founder of collapsed whitegoods distributor Kleenmaid, has been found guilty today on 19 charges involving fraud and insolvent trading.
Australia's trade surplus widened to $5.8 billion in November, with the 42 per cent increase fuelled by higher mining exports and a likely weakening of domestic demand.
P&N Bank and Bendigo and Adelaide Bank are among 27 lenders, including just two of the big four banks, now eligible to offer mortgages under the federal government's first home loan deposit scheme, aimed at low and middle income earners.
Westpac has been handed a second strike on executive pay but dodged a potential board spill despite shareholders roasting the bank over its child exploitation scandal.
Westpac is bracing for a barrage of investor angst and the threat of a board spill at an annual general meeting likely to be dominated by the bank's money laundering and child exploitation scandal.
Westpac is allowing investors to withdraw from a $500 million share purchase plan it launched two weeks before a money laundering and child exploitation scandal hit the lender's share price.
The Australian Securities and Investments Commission has banned Peter Jianchao Xu from providing financial services for five years, after surveillance showed Mr Xu providing improper advice to clients.
Westpac chief executive Brian Hartzer is stepping down and chairman Lindsay Maxsted will follow as Australia's second largest bank tries to keep hold of customers appalled at its money laundering and child exploitation scandal.
OPINION: The Westpac transactions scandal exposes its dependence, and that of the other banks, on computerised processing to replace people and cut costs.
Westpac shares have hit a nine-month low after the prime minister urged Westpac to consider chief executive Brian Hartzer's position over the bank's money laundering and child exploitation scandal.
Westpac chief executive Brian Hartzer says he accepts "the need for accountability" after the country's second largest lender was accused of more than 23 million breaches of anti-money laundering and counter-terrorism financing laws.
Westpac says its full-year results will be reduced by a further $341 million after the bank increased its annual provision for customer remediation to just short of $1 billion.
Housing finance provider Australian Finance Group says lending for homes in the first quarter of the 2020 financial year in Western Australia has rebounded from record low levels to reach its highest figure since the end of the 2017 fiscal year.
Western Australia has bucked the national trend and recorded a 0.6 per cent rise in retail spend for July, underpinned by gains in the hospitality sector, according to the latest data from the Australian Bureau of Statistics.
The Australian Securities and Investments Commission has permanently banned a Perth man from providing financial advice, following his conduct as a representative of Westpac and The Financiallink Group.
Housing finance provider Australian Finance Group says lending for homes in the first three months of 2019 in Western Australia has plunged to the lowest level since it began tracking mortgage values in mid-2012.
Westpac is setting aside a further $260 million for customer remediation, taking its total to $659 million with fees-for-no-service refunds yet to come.
Westpac is selling its personal financial advice business as Australia's second-biggest bank exits the scandal-hit sector, and the bank's consumer boss George Frazis is set to leave.
