Updated
Updated · Bloomberg · Aug 9
Westpac Posts A$1.8 Billion Profit as Mortgage Applications Drop 20%
Updated
Updated · Bloomberg · Aug 9

Westpac Posts A$1.8 Billion Profit as Mortgage Applications Drop 20%

1 articles · Updated · Bloomberg · Aug 9

Summary

  • A$1.8 billion in unaudited net profit for the three months to June 30 marked a slight increase for Westpac, despite management warning that Australia’s housing market is moderating.
  • Deposit and loan growth helped offset that caution, while the Sydney-based lender reported a net interest margin of 1.89%.
  • Mortgage applications have fallen about 20% since the government’s May budget, giving a concrete sign of softer housing demand flagged by Chief Executive Anthony Miller.

Insights

As Australia's housing market cools and prices drop, how is Westpac managing to pull in a massive $1.8 billion quarterly profit?
Could the unexpected resilience of bank profits mask a deeper economic crisis brewing for Australians facing stagnant wages and high interest rates?
With economists predicting further property price falls in 2026, will the RBA's upcoming rate decision finally offer relief to struggling households?