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Asia

Australian Banks Boost Business Lending in Wake of Sustained Margin Compression in Mortgage Sector, Fitch Says

Sustained margin compression in the highly competitive mortgage sector drove Australia's major banks to boost their business lending over the past three years, Fitch Ratings said in a note on Monday.This rapid expansion is considered a source of heightened asset-quality risk through the cycle, particularly if macroeconomic conditions weaken further, the ratings firm added. It expects impaired loan ratios to rise across the sector over the next 12 months in the wake of higher interest rates, persistent inflation, and a moderate increase in unemployment.Westpac Banking (ASX:WBC, NZE:WBC) saw 39% business loan growth over the three years to March 31, leading the pack. National Australia Bank (ASX:NAB), however, retained the highest business loan concentration at around 40% of total loans.The banks' "aa-" asset-quality scores are sustained by strong collateral positions, but a prolonged macroeconomic deterioration or loosening of underwriting standards could accelerate credit stress.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

New Zealand Banks Used Fraud Intelligence Exchange to Recover NZ$10 Million of Stolen Funds, Banking Association Says

Banks in New Zealand used the Fraud Intelligence Exchange (FIX) system to recover roughly NZ$10 million in stolen funds during the past nine months, the New Zealand Banking Association said Monday."It's worth noting that the NZ$10 million only relates to FIX, which is just one tool banks use to help recover customer scam losses," said Roger Beaumont, the association's chief executive.FIX also revealed nearly 5,000 money mule accounts, which are domestic bank accounts scammers use to transfer stolen funds, sometimes without the knowledge of the account owner.ANZ Group's (NZE:ANZ, ASX:ANZ) New Zealand shares added about 2% in recent Monday trade, while its Australian shares gained 1%. Westpac Banking's (NZE:WBC, ASX:WBC) Kiwi and Australian shares each rose 1%. Shares of Commonwealth Bank of Australia (ASX:CBA), which owns ASB Bank in New Zealand, jumped past 1%.

ASX:ANZASX:CBAASX:WBCNZE:ANZNZE:WBC
Asia

Australian Shares Rally; Magellan Financial Gets ACCC Approval for Barrenjoey Merger, Plans Group Rebranding

Australian shares rallied on Friday, following stocks on Wall Street higher, as investors reacted to rising hopes of a peace agreement to end the conflict in the Middle East.The S&P/ASX 200 Index jumped 1.98%, or 170.80 points, to close at 8,804.US President Donald Trump said the US had cancelled planned strikes against Iran, and that the US and Iran could sign a peace agreement as soon as ​this weekend. He said negotiations with Tehran had advanced to the highest ⁠levels of Iran's leadership. Brent oil futures fell to around $88 per barrel.Overnight, the S&P 500 rose 1.8%, the Dow Jones Industrial Average gained nearly 1.9%, and the Nasdaq Composite rose 2.5%.On the domestic front, the number of seasonally adjusted filled jobs in Australia was unchanged from initial data, according to a report released by the Australian Bureau of Statistics. Filled jobs rose 0.6% to 16.2 million in the March quarter, following a 0.3% increase in the December 2025 quarter. Total jobs rose 0.7% to 16.5 million, while job vacancies were up 5.2% to 344,000.In company news, Magellan Financial Group (ASX:MFG) said the Australian Competition and Consumer Commission approved the company's merger with Barrenjoey Capital Partners. Magellan expects to complete the merger in early July, and it plans to seek shareholder approval at an Oct. 22 meeting to change its name to Barrenjoey Group.Monash IVF Group (ASX:MVF) now expects fiscal year 2026 underlying net profit after tax of AU$17 million to AU$18 million. It earlier guided for a full fiscal year underlying net profit after tax of AU$20 million. The outlook cut is driven by lower-than-expected activity in the Australian assisted reproductive technology market in the fiscal second half.Lastly, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said that ANZ Bank New Zealand Chief Executive and ANZ Bank group executive Antonia Watson will retire, effective Sept. 30. ANZ Bank New Zealand Chief Risk Officer Ben Kelleher was named as her successor, subject to Reserve Bank of New Zealand non-objection and other regulatory engagement.

ASX 200ASX:ANZASX:MFGASX:MVFNZE:ANZ
International

Australian Bank Funding Gap Expected to Decline Around 14% Over Next 12 Months, BofA Securities Says

The bank funding gap in Australia is expected to decline around 14% over the next 12 months to around AU$1 trillion by June 2027 from around AU$1.2 trillion, as tax changes lead to slower credit growth, BofA Securities said in a Thursday note.Changes to capital gains tax and negative gearing are expected to materially slow investor mortgage lending. Investors accounted for around 40% of mortgage flows over the past year. Consecutive central bank hikes and negative sentiment have weighed on the housing market, with house prices expected to remain flat this year.The recent strength in deposit growth is expected to continue. Slower credit growth should reduce banks' demand for high‐quality liquid assets, which has been a key support for semis. A narrower bank funding gap implies reduced bank bill issuance.Banks have reduced their reliance on wholesale funding in recent years, while deposits as a proportion of total funding improved to 67.5%, the note said. Commonwealth Bank of Australia (ASX:CBA) has the strongest customer deposit base, with deposits accounting for 79.4% of funding.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

ANZ Signs Two-Year Impact Partnership With First Nations Foundation

ANZ (ASX:ANZ, NZE:ANZ) said it has entered into a two-year impact partnership with First Nations Foundation (FNF), a national organization dedicated to improving the financial literacy, economic empowerment, and long-term financial well-being of First Nations peoples, according to a Tuesday statement.The partnership advances a key commitment under ANZ's 10-year Australian First Nations Strategy, Fuelling the Fire, to invest in First Nations-led financial education and wellbeing initiatives, the statement added.The company's shares fell 2% in recent Tuesday trade.

ASX:ANZNZE:ANZ
Asia

Market Chatter: Australian Banks Face Weaker Loan Growth, Higher Losses as Housing Outlook Clouds, Says Morgan Stanley, The Australian Reports

Australian Banks will be impacted by the changed property tax concessions, which will "fundamentally alter" the outlook for housing mortgage growth, which is expected to grow by just 3% in fiscal 2027, well below recent trends, according to a Friday report in The Australian, citing Morgan Stanley Analyst Richard Wiles.Morgan Stanley has cut its price targets for all major banks by around 6%, the report said.Owner occupiers will not be able to fill the gap left by expected flat investor loan balances in fiscal 2027, said Wiles.Morgan Stanley expects weaker loan growth, new margin headwinds, higher loss rates, and greater scrutiny of capital buffers, resulting in further downgrades for major Australian banks, the report added.According to the report, ANZ (ASX:ANZ, NZE:ANZ) is Wiles' top pick, while NAB (ASX:NAB), Commonwealth Bank of Australia (ASX:CBA), and Westpac (ASX:WBC, NZE:WBC) are rated underweight.Shares of ANZ, WBC, CBA, and NAB were down almost 1% each in recent Friday trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

Macquarie Group Continues to Outperform Banking Majors with Superior, Fully Digitized Platform, Jarden Says

Macquarie Group (ASX:MQG) continues to outperform banking majors with a simple and fully digitized platform, according to Jarden in a Thursday note.At this pace, Macquarie may surpass around 10% market share on both sides of the balance sheet in the near term. Commonwealth Bank of Australia's (ASX:CBA) net interest margin edge, free deposits look tenuous with IT and competition from Macquarie, ANZ Group Holdings (ASX:ANZ, NZE: ANZ), National Australia Bank (ASX:NAB), and potentially, stablecoins. Strong volumes are offset by competition.Jarden considered the fiscal year 2026 Australian budget as changing incentives, increasing complexity, and exacerbating the skew to financialization over increasing physical industrial capacity.High valuations reflect market index concentration and disappointment in other sectors, but expose major banks to abrupt and extreme mean reversion if the status quo changes.The investment firm assigned ANZ Group an overweight rating and price target of AU$35.50 per share. It also has sell ratings on Commonwealth Bank, National Australia Bank, and Westpac Banking (ASX:WBC, NZE:WBC) with price targets of AU$90 per share, AU$29 per share, and AU$31 per share, respectively.It also assigned Macquarie a buy rating with a price target of AU$250 per share, Bendigo and Adelaide Bank (ASX:BEN) a neutral rating with a AU$11 per share price target, Bank of Queensland (ASX:BOQ) a sell rating with a price target of AU$5.50 per share, and Judo Capital Holdings (ASX:JDO) a buy rating with a price target of AU$2.50 per share.

ASX:ANZASX:BENASX:BOQASX:CBAASX:JDOASX:MQGASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

Chrysos Secures AU$200 Million Refinancing Deal With Banking Syndicate

Chrysos (ASX:C79) secured a AU$200 million, three-year syndicated refinancing with ANZ Group Holdings (NZE:ANZ, ASX:ANZ), National Australia Bank (ASX:NAB), and Export Finance Australia, replacing its previous asset-based structure with a more flexible corporate-style debt facility, according to a Thursday filing with the Australian bourse.The new package includes term and revolving debt with an accordion feature, improved pricing and covenants, lower commitment fees, and about AU$105 million in additional headroom to refinance existing facilities and support growth, per the filing.The structure is secured across multiple jurisdictions and incorporates standard corporate covenants, including net leverage and interest coverage ratios, the filing said.The company said the refinancing boosts financial flexibility to accelerate PhotonAssay deployment and manufacturing, targeting a return to 18 units per year, backed by a forward order book of 22 units and 27 long-lead components, the filing added.ANZ Group 's Kiwi shares were down nearly 1% in recent Thursday trade.

ASX:ANZASX:C79ASX:NABNZE:ANZ
Asia

NZ Commerce Commission Proposes Caps on Interchange Fees for Commercial Credit Cards

The Commerce Commission of New Zealand released its draft decision to introduce caps on interchange fees for Mastercard and Visa commercial credit cards in a bid to have a more "fair and efficient" payments system, the competition, consumer, and regulatory agency said on Thursday.New Zealand businesses currently pay roughly NZ$125 million in interchange fees annually to accept Mastercard and Visa commercial credit cards, and the proposed caps are expected to reduce these costs by NZ$40 million per year.The final decision will be made later in the year, according to Commissioner Bryan Chapple.Westpac Banking (ASX:WBC, NZE:WBC) shares fell marginally in morning trade in New Zealand, while ANZ Group (ASX:ANZ, NZE:ANZ) shares were down nearly 1%.

ASX:ANZASX:CBAASX:WBCNZE:ANZNZE:WBC
Asia

Greatland Secures AU$500 Million Debt Facility, Makes Final Investment Decision for Western Australia Project; Shares Up 3%

Greatland Resources (ASX:GGP) said it has executed a AU$500 million corporate debt facility with a lending syndicate, and has made a final investment decision (FID) to develop the Havieron gold-copper project in Western Australia, according to a Monday Australian bourse filing.The lending group consists of ANZ Group (ASX:ANZ, NZE:ANZ), ING, HSBC, National Australia Bank (ASX:NAB), and Westpac (ASX:WBC, NZE:WBC).The company said the facility comprises a AU$250 million revolving credit facility with a five-year term, a AU$225 million revolving credit facility with a seven-year term, and a AU$25 million contingent instrument facility (CIF) drawn to AU$17.9 million as of May 31.Financial close on facility A and the CIF has been achieved, with financial close on facility B targeted for the end of June following the publication of Greatland's updated ore reserve estimate for Telfer, the filing added.With over AU$1.7 billion in available liquidity subject to facility B closing, Greatland said it is fully funded to develop Havieron.The company's shares were up over 3% in recent Monday trade.

ASX:ANZASX:GGPASX:WBCNZE:ANZNZE:WBC
Asia

Australian Shares Jump on Ceasefire Extension Reports; Dexus Must Sell Melbourne Airport Stake, Court Rules

Australian shares closed the week higher on Friday after media reports that said the US and Iran had agreed to extend the ceasefire in the Middle East.The S&P/ASX 200 Index jumped 1.62%, or 138.80 points, to close at 8,731.70.The US and Iran reached ​an agreement to extend a ceasefire and lift restrictions on shipping through the Strait of Hormuz, Reuters reported on Friday, citing sources. However, US President Donald Trump has yet to approve the deal, and Iranian state media said it had not yet been finalized.Brent crude oil futures plunged to around $92 per barrel. The S&P 500 rose 0.6%, and the Nasdaq climbed 0.9% on Thursday, setting fresh record highs.On the domestic front, Australian small and medium enterprises in digitized industries such as finance, property, and business services are using artificial intelligence at two to three times the rate of manufacturing, transport, and retail sectors, according to a report by National Australia Bank. The bank said about 15% of jobs in Australia are highly or significantly exposed to AI.In company news, Dexus (ASX:DXS) lost its court bid to block the sale of its stake in Melbourne Airport, as the New South Wales Supreme Court ruled that the company was in violation of confidentiality agreements and must dispose of the interest. The company holds a roughly 27.3% stake in Australia Pacific Airports, which owns Melbourne's Tullamarine airport and the Launceston airport in Tasmania.Worley (ASX:WOR) is considering a potential appeal of an Australian Federal Court decision to uphold a shareholder class action lawsuit related to financial guidance. The court on Thursday ruled that the company misled investors when it issued 2013 earnings guidance, upholding an earlier appeal filed by the shareholders, and ordered Worley to pay the applicant's legal costs.ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said ANZ Bank New Zealand filed an appeal in the Court of Appeal on Friday against the High Court of New Zealand's judgment against the bank in class action proceedings. The High Court ruled that ANZ Bank New Zealand breached the Credit Contracts and Consumer Finance Act 2003 in class action proceedings served in September 2021.

ASX 200ASX:ANZASX:DXSASX:WORNZE:ANZ
Asia

ANZ Bank New Zealand Files Appeal Against New Zealand High Court Class Action Lawsuit Judgement

ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said ANZ Bank New Zealand filed an appeal in the Court of Appeal on Friday against the High Court of New Zealand's judgment against the bank in class action proceedings, according to same-day filings with the Australian and New Zealand bourses.The High Court ruled that ANZ Bank New Zealand breached the Credit Contracts and Consumer Finance Act 2003 in class action proceedings served in September 2021. The court held that the representative plaintiffs are entitled to payment of the costs of borrowing for the period of breach, or NZ$32,728.42.The bank's shares rose over 1% in recent trading on the Australian bourse on Friday, and nearly 1% on the New Zealand bourse.

ASX:ANZNZE:ANZ
Asia

Market Chatter: New Zealand Finance Minister Doesn't Want Banks to Pass Costs of Prudential Levy to Customers

New Zealand Finance Minister Nicola Willis said she would be "extremely disappointed" if the country's banks decide to pass on the costs of a new prudential levy to their customers, interest.co.nz reported Friday.The government is implementing a prudential levy on banks, non-bank deposit takers, insurers, and financial market infrastructure providers as part of its 2026 budget. The levy would support cost recovery for the central bank's statutory prudential functions and is expected to generate roughly NZ$209 million during the next four years, according to the report.The government believes revenue from the new levy would represent less than 1% of the aggregate profit of ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Westpac Banking (ASX:WBC, NZE:WBC), Heartland Group Holdings (ASX:HGH, NZE:HGH), and Commonwealth Bank of Australia (ASX:CBA) unit ASB Bank."I would like to send them a very clear message: They are some of the most profitable banks in the world. Other counties around the world have these levies and you haven't seen it being passed through," Willis said in an interview with interest.co.nz.Westpac, Heartland, and Commonwealth Bank did not immediately respond to requests for comment from. ANZ deferred to the New Zealand Banking Association, which did not immediately reply to an email.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:ANZASX:CBAASX:HGHASX:WBCNZE:ANZNZE:HGHNZE:WBC
Asia

APRA to Keep Macroprudential Policy Settings for Banks Unchanged

The Australian Prudential Regulation Authority (APRA) is set to keep its macroprudential policy settings steady after a review of domestic and international financial conditions and risks, according to a statement on Thursday.The regulator confirmed that the mortgage serviceability buffer will remain at 3 percentage points and that the countercyclical capital buffer will remain at 1% of risk-weighted assets.It also said that the high debt-to-income lending limits will remain unchanged, allowing banks to lend up to 20% of new owner-occupied and investment loans at debt-to-income ratios greater than or equal to six times.APRA noted that while households remain highly indebted, there are signs of moderation in housing prices and credit growth. Business credit growth remains above its historical average. The pressure on household and business cash flows has increased due to higher inflation and interest rates, but nonperforming loans remain low."The banking system remains well-capitalized and resilient and is well-positioned to absorb shocks should economic conditions deteriorate significantly," the regulator said.The watchdog said that high debt-to-income ratio lending remains well below its limits, citing preliminary March quarter data and concluding that the limits are not restricting overall bank lending.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

Stride Property Group Says ANZ Bank New Zealand No Longer a Substantial Holder

Stride Property Group (NZE:SPG) said ANZ Bank New Zealand and ANZ Custodial Services New Zealand ceased to be substantial holders of the company's stock on Thursday, according to a same-day filing with the New Zealand bourse.The ANZ entities, which are subsidiaries of ANZ Group Holdings (ASX:ANZ, NZE:ANZ), now hold about 27.9 million Stride Property shares, or just under 5% of its total shares, compared with 30.5 million shares or 5.4% previously.Stride Property Group shares fell 1% in recent Thursday trade.

ASX:ANZNZE:ANZNZE:SPG
Asia

NZX Midday Sector Update: Consumer Durables Sector Soars, Finance Struggles

The consumer durables shares gained the most on New Zealand's Exchange, rising almost 11% on Wednesday.Shares of KMD Brands (NZE:KMD, ASX:KMD) rose nearly 14% in recent trade.The company on Wednesday reported a 5.2% jump in third-quarter sales, helped by strength in its flagship Kathmandu segment, even as its footwear business Oboz saw a decline amid geopolitical and market tensions.On the flip side, the finance sector struggled, shedding almost 3%.Shares of ANZ Group Holdings (NZE:ANZ, ASX:ANZ) dropped by more than 4% in recent trade.

^NZ50ASX:ANZASX:KMDNZE:ANZNZE:KMD
Asia

Lending of up to NZ$1.2 Billion to be Made Available Under Gas Transition Loan Guarantee Scheme, New Zealand Finance Minister Says

New Zealand's new Gas Transition Loan Guarantee Scheme is expected to make up to NZ$1.2 billion of bank loans available to businesses to eliminate or reduce their dependency on gas, the country's minister of finance, Nicola Willis, said in a statement on Monday.The maximum value of a supported loan under the scheme will be NZ$50 million. A business must be a current user of reticulated New Zealand natural gas with annual gas consumption of at least 1,000 gigajoules to be eligible for lending under the scheme.The scheme is expected to be available for three years, with loans expected to be repayable within 10 years, subject to terms agreed between banks and borrowers.The country's Budget 2026 sets aside NZ$48 million to cover potential losses from the scheme, and the government will guarantee 80% of each supported loan in order for banks to pass on lower interest rates to borrowers.

ASX:ANZASX:CBAASX:WBCNZE:ANZNZE:WBC
Asia

Market Chatter: Australian Banks' May Reporting Season 'Underwhelming,' Operating Conditions Shifting Rapidly, Morgan Stanley Says

Australian banks' reporting season in May was "underwhelming" and they faced a rapid and material shift in operating conditions, according to Morgan Stanley analysts Richard Wiles and Sally Hong, the Australian Financial Review reported Wednesday.Morgan Stanley downgraded fiscal 2027 cash earnings-per-share estimates by 4% since March as revenue growth slows, credit demand weakens, and loan losses gradually rise, reversing an upgrade in February.Three hikes in the official cash rate, proposed changes to property-related tax measures in Australia's federal budget, as well as the impact of the global energy shock all contribute to the uncertainty in outlook for banks, per Morgan Stanley.The investment firm preferred ANZ Group Holdings (ASX:ANZ, NZE:ANZ) over Westpac Banking (ASX:WBC, NZE:WBC), National Australia Bank (ASX:NAB), and Commonwealth Bank of Australia (ASX:CBA).(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

ANZ Group Holdings Appoints UBS to Buy Back AU$248 Million in Shares to Neutralize DRP

ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said it has appointed UBS Securities Australia to execute an on-market share purchase of about AU$248 million to satisfy its obligations under its dividend reinvestment plan (DRP) in relation to the 2026 interim dividend, according to a Friday Australian and New Zealand bourse filing.The bank said the DRP and bonus option plan (BOP) pricing period will run for 12 trading days, beginning Friday and finishing on June 1, with the on-market purchase of ANZ shares able to occur during the pricing period.ANZ will issue new shares to meet its DRP obligations if the on-market purchase cannot be completed for any reason, while new shares will also be issued to satisfy BOP obligations, the bank added.The bank's Australian shares rose almost 1% in recent Friday trade while its New Zealand shares gained almost 2%.

ASX:ANZNZE:ANZ
Asia

NZX Midday Sector Update: Finance Advances, Health Services Decline

Finance shares gained the most on New Zealand's Exchange, rising past 1% by midday Thursday.ANZ Group Holdings (ASX:ANZ, NZE:ANZ) gained almost 2% in recent trade.Meanwhile, health services shares fell almost 2%.Shares of Summerset Group Holdings (NZE:SUM, ASX:SNZ) drove the decline, falling almost 1% in recent trade.

^NZ50ASX:ANZASX:SNZNZE:ANZNZE:SUM

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