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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

Westpac Banking Says Mortgage Applications Fall in Fiscal Q3 After Budget

Westpac Banking (ASX:WBC, NZE:WBC) said average monthly mortgage application volumes fell to 30,000 in the third quarter of fiscal 2026, with a post-budget run rate of 27,000, according to a Thursday Australian bourse filing.The third-quarter volumes are calculated as the monthly average of April and May, which compares with 30,000 in the third quarter of fiscal 2025 and 33,000 in the second quarter of fiscal 2026.The bank said the current operating environment is impacted by higher rates and policy changes, which it said will slow credit growth.Westpac expects housing credit growth for investors to fall to 4.4% in fiscal 2027 and 2028, from 8.4% in fiscal 2026, while total housing credit growth is expected to fall to 4.7% in fiscal 2027 and 5.2% in fiscal 2028, from 6.5% in fiscal 2026.The lender's Australian shares were down nearly 1% in recent Thursday trade.

ASX:WBCNZE:WBC
Asia

Market Chatter: Westpac Banking's Housing Investor Loan Applications Fall After Australia's Capital Gains Tax Proposal

Westpac Banking's (ASX:WBC, NZE:WBC) housing investor loan applications declined 20% over the last three weeks after Australia's federal budget proposed changes to negative gearing and the country's capital gains tax, the Australian Financial Review reported Thursday.The budget included a minimum 30% tax on capital gains starting from July 2027, as well as the end of negative gearing for existing properties. Carolyn McCann, Westpac's head of consumer banking, said there is broad concern over the proposed reforms, according to the report."Customers and the community could be a bit concerned about the changing signals," McCann reportedly said ahead of a strategy briefing, pointing to the Middle East conflict and interest rate hikes in addition to the tax changes.House prices slid in Sydney and Melbourne after the release of the budget, but McCann believes supply-side constraints will help limit further declines, AFR reported.(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:WBCNZE:WBC
Asia

Westpac Banking Issues 13 Billion Yen Tier Two Subordinated Notes

Westpac Banking (ASX:WBC, NZE:WBC) issued 13 billion yen in tier two subordinated callable instruments maturing in June 2036, according to a Thursday New Zealand bourse filing.The proceeds will be used for general corporate purposes and are expected to marginally strengthen the bank's capital position, per the filing.The securities include non-viability loss-absorption provisions, allowing the Australian Prudential Regulation Authority to convert them into ordinary shares or write them off if the bank is deemed non-viable, the filing said.

ASX:WBCNZE:WBC
Asia

New Zealand Shares Rise; Serko Names Chief Product Officer

New Zealand shares ended higher on Wednesday, while most Asian shares saw a decline as tensions escalated again in the Middle East.The S&P/NZX 50 Index rose 0.38%, or 49.57 points, to close at 13,253.65.Iran's Revolutionary Guards said they had struck a US base in Jordan and 21 other targets across the Gulf on Wednesday in response to American strikes near the Strait of Hormuz, according to a Wednesday Reuters report, citing Iranian media.In domestic news, ANZ and Westpac said that they expect New Zealand's economy grew 1% in the March quarter, according to separate reports by the banks.Also, New Zealand's light and heavy traffic fell in May as higher fuel prices triggered by the Middle East conflict weighed on demand and discouraged driving, ANZ Research said.Further, Westpac said it expects New Zealand's gross domestic product to rise 1% in the March quarter, with seasonal distortions adding about 0.4 percentage points, according to a report by the bank.Meanwhile, New Zealand's agriculture sector is performing "incredibly well" despite developments overseas, as farmgate prices for beef, lamb, mutton, and wool currently stand at or near record levels, ANZ said.In corporate news, Serko (NZE:SKO, ASX:SKO) appointed David Holyoke as chief product officer, effective immediately.Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand division launched its fourth mobile community banking van at Mystery Creek's Fieldays agricultural event to make its services more accessible.

^NZ50ASX:SKOASX:WBCNZE:SKONZE:WBC
Asia

Westpac New Zealand Adds New Mobile Community Banking Van

Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand division launched its fourth mobile community banking van at Mystery Creek's Fieldays agricultural event to make its services more accessible, the company said Wednesday.The new vehicle will be a roaming service travelling throughout New Zealand, and joins three vans already in service in Southland, Canterbury, and Northland, the company said.The lender's Australian shares were up 1% in recent Wednesday trade, while its New Zealand shares shed 1%.

ASX:WBCNZE:WBC
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

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
International

Westpac Banking Says Customers Spend AU$5.6 Million Per Month on Average on AI Tools

Westpac Banking (ASX:WBC, NZE:WBC) said its customers are spending a total average of AU$5.6 million per month on artificial intelligence (AI) tools, citing card transactions data, according to a Monday statement.Individually, customers are spending an average of AU$37 per month on AI subscriptions as of March. Overall, customers spend around AU$6.7 billion annually on subscriptions.Over 150,000 retail customers are paying for at least one AI subscription each month as of March, up from 11,000 customers who were paying for AI services as of March 2023. This represents an increase of 1,284%.

ASX:WBCNZE: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

ASX Preview: Australian Shares Set to Fall as Israel-Lebanon Tensions Lift Oil; Lendlease Group Agrees to Sell Development Rights in Italy

Australian shares are poised to fall on Monday as oil prices jumped more than 2% after Israel ordered troops deeper into Lebanon, heightening Middle East supply risk and reducing expectations of a near-term easing in regional tensions.On May 29, the S&P 500 and the Nasdaq Composite each rose 0.2%, while the Dow Jones Industrial Average gained 0.7%.In the macroeconomy, Australia's manufacturing sector weakened in May as new orders fell sharply for a third consecutive month amid rising costs and ongoing supply-chain disruptions linked to the war in the Middle East, according to a survey by S&P Global published Monday.Australian card activity growth has slowed sharply in recent months, with non-fuel spending flattening and real consumer activity estimated to be contracting amid inflation and higher fuel costs, according to a Monday report by Westpac Banking (ASX:WBC, NZE:WBC).In corporate news, Lendlease Group (ASX:LLC) agreed to sell its development rights to the Milano Santa Giulia mixed-use development in Italy to an investment group sponsored by local developer Bizzi & Partners for about AU$250 million.Ventia Services Group (ASX:VNT, NZE:VNT) secured a five-year, AU$133 million contract extension to continue operating and managing the Australian marine complex-common user facility in Western Australia, with the new term commencing in July 2027.Australia's benchmark index rose 1.6% or 138.8 points to close at 8,731.70 on May 29.

ASX 200ASX:LLCASX:VNTASX:WBCNZE:VNTNZE:WBC
International

Australian Card Activity Growth Stalls as Consumer Spending Weakens, Westpac Says

Australian card activity growth has slowed sharply in recent months, with non-fuel spending flattening and real consumer activity estimated to be contracting amid inflation and higher fuel costs, according to a Monday report by Westpac Banking (ASX:WBC, NZE:WBC).The Westpac-DataX Card Tracker Index continued its gradual decline, falling 1.6 points over four weeks to 153.2 in the week that ended May 23, slightly below the year-to-date average of 154.Quarterly growth slowed to around 0.6% from 1% in the first quarter, while non-fuel spending was essentially flat, suggesting higher fuel costs are weighing on broader consumption and likely pushing real spending into decline.Monthly growth has been volatile due to fuel price swings in March and April, but these effects are fading, with the latest weekly data pointing to a modest 0.1% monthly rise in May, despite some residual Easter-related noise that will drop out in the coming weeks.Activity is stalling across discretionary services, essential services and non-fuel essential goods, which make up 68% of total card spending, while non-fuel card activity is slipping in New South Wales and Victoria, flat in Queensland and still growing modestly in Western Australia.Consumer spending appears to have stalled since early March, with card data pointing to a 0.9% quarterly decline in real spending and a 1.3% drop in real per-capita spending, per the report.

ASX 200ASX:WBCNZE:WBC
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

Australian Shares Up; Endeavour Group Targets AU$300 Million of Cost Savings by Fiscal Year 2029, to Exit Non-Core Winery, Agricultural Assets

Australian shares rose on Wednesday as the US stock indices reached new records overnight.The S&P/ASX 200 Index increased by 0.69%, or 59.90 points, to close at 8,717.70.Brent crude oil futures hovered around $98 per barrel as investors expected progress for a peace agreement between the US and Iran.The S&P 500 and the Nasdaq Composite rose 0.6% and 1.2%, respectively, hitting record highs.On the domestic front, Australia's consumer price index rose 4.2% in the 12 months to April, down from a 4.6% increase in the year to March, the Australian Bureau of Statistics reported. Trimmed mean inflation came in at 3.4% in the 12 months to April, up from 3.3% in the year to March.The six-month annualized growth rate in the Westpac-Melbourne Institute Leading Index slipped deeper into negative territory, declining to about -0.2% in April from -0.1% in March, according to a Westpac report.In company news, Endeavour Group (ASX:EDV) is targeting AU$300 million of cost savings to be delivered by fiscal year 2029. It also plans to exit or sell non-core winery, as well as agricultural assets, reduce its own grape production by over 80%, and concentrate investment on high-performing brands with proven retail demand within its Pinnacle Drinks business.The Australian Federal Court ordered Westpac Banking (ASX:WBC, NZE:WBC) to pay AU$26 million in civil penalties after failing to respond to over 200 online hardship requests within the time required by law from 2017 to 2023.Lastly, KMD Brands (ASX:KMD, NZE:KMD) reported a 5.2% jump in fiscal 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. Its board is also conducting a business review to improve shareholder returns.

ASX 200ASX:EDVASX:KMDASX:WBCNZE:KMDNZE:WBC
Asia

Australian Federal Court Hits Westpac With AU$26 Million Fine Over Hardship Failures

The Australian Federal Court ordered Westpac Banking (ASX:WBC, NZE:WBC) to pay AU$26 million in civil penalties after failing to respond to over 200 online hardship requests within the time required by law over 2017 to 2023, the Australian Securities and Investments Commission said in a statement on Wednesday.The requests were from customers of Westpac and its St George Bank, Bank SA, and Bank of Melbourne subsidiaries who were struggling to meet repayments on products including home loans, credit cards, personal loans and car loans, the regulator said.The company made admissions of contravention during the proceedings and compensated affected customers with over AU$1.7 million in remediation costs, the regulator said.In an emailed statement to, a Westpac spokesperson said the company self-reported the issues in 2022 and 2023 and completed a remediation program, including refunds of fees and charges, debt waivers and payments for non-financial loss. The bank received roughly 695,000 requests for hardship assistance over the period."Westpac acknowledges the Court's decision. We again apologise to any customers who were affected. We are deeply sorry we let them down," the spokesperson said.The bank's Australian shares were down 2% in recent Wednesday trade, while its New Zealand shares shed about 3%.

ASX:WBCNZE:WBC
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

Westpac Banking to Issue SG$500 Million of Tier 2 Subordinated Instruments

Westpac Banking (ASX:WBC, NZE:WBC) will issue SG$500 million worth of 3% subordinated instruments due 2038 on Tuesday, according to a same-day filing with the Australian bourse.The instruments are expected to qualify as Tier 2 regulatory capital under Basel III rules, per the filing.The company said it plans to use the proceeds from the issue for general corporate purposes.Westpac Banking's Australian and New Zealand shares each gained 1% in recent Tuesday trade.

ASX:WBCNZE:WBC

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