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.
The federal government has announced a $50 million emergency fund to address the loss of wildlife during the nation's bushfire season, as more Australian businesses have pledged millions in combined donations.
The Reserve Bank of Australia board acknowledged there was a compelling case for cutting the cash rate to a new record low before leaving it unchanged at 0.75 per cent at this month's meeting.
Perth's residential downturn has provided a strong boost to housing affordability, but there remains just two regions in the city where it is cheaper to buy than rent.
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.
National Australia Bank and ANZ Banking Group have both cut their savings rates again in the wake of the Reserve Bank of Australia's decision to reduce the interest rate to 1.0 per cent.
Despite Perth's house prices continuing to fall, confidence in Western Australia's property industry is now the second highest of any state or territory, according to a new survey.
The big four banks will have longer than expected to raise extra capital to absorb potential losses after the prudential regulator amended its proposed framework for minimising the fallout from failed institutions.
The Reserve Bank of Australia has cut the cash rate to 1.25 per cent, a day after CoreLogic data revealed Perth house prices continue to fall more sharply than other state capitals.
Consumer confidence increased over the weekend amid talk of a cut to interest rates while inflation expectations fell, an ANZ Banking Group analyst says.
ANZ Banking Group has beaten expectations to lift first-half cash profit two per cent to $3.56 billion but warned subdued credit growth, competition and compliance costs will keep bank sector earnings under pressure "for the foreseeable future".
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.
ANZ Banking Group chief executive Shayne Elliott says structural issues and internal processes should cop the brunt of the blame for misconduct across the banking sector, and not a few people with bad intentions.
More affordable housing will soon be available to some struggling Australians, with a federal agency offering community housing providers $315 million worth of loans at cheaper-than-average rates.
Consumer confidence "nosedived" last week as the GDP results showed the Australian economy had entered a so-called per-capita recession, ANZ Banking Group analysis said.
National Australia Bank chief executive Andrew Thorburn says he is "more determined than ever" to lead the bank despite strong criticism from Kenneth Hayne in his final royal commission report.
Wealth manager IOOF Holdings says its buyout of pension assets from ANZ Banking Group has been delayed by at least three months, as fallout from a damaging finance sector inquiry hits dealmaking.
National Australia Bank is scrapping its overhauled executive pay structure in response to an overwhelming first strike in which more than 80 per cent of shareholders voted against it.
Australia's banking regulator wants to further lift banks' capital requirements in order to strengthen the financial system's ability to cope with shocks.
ANZ has announced its full-year cash profit has dropped 5 per cent to $6.5 billion, as the bank simplifies operations and prepares for customer remediation in the wake of the royal commission.
John Atkins is back in town to help Anglicare WA usher in a new strategic plan. He joins outgoing chief executive Ian Carter to reflect on the history and future direction of the not-for-profit group.
Commonwealth Bank chief executive Matt Comyn has spoken face-to-face with customers affected by the kind of misconduct revealed at the banking royal commission.
The corporate regulator has commenced civil penalty proceedings against ANZ Banking Group over allegations the bank breached its continuous disclosure obligations during a 2015 capital raising.
Commonwealth Bank and ANZ have become the latest major banks to lift their home loan interest rates, with both institutions blaming rising international borrowing costs.
Perth accountant Peter Moltoni has been hit with a $34.5 million tax assessment after the ATO took a close interest in disputed payments by his former client Pankaj Oswal.
Perth's house values will decline for another year but are tipped to recover in 2019, a report released today has found, conflicting with an ANZ analysis from earlier this week that predicted further house price falls for the state in the next two years.
ANZ is facing criminal charges over alleged cartel conduct related to a $2.5 billion share placement, while two of the underwriters to the deal, Citi and Deutsche Bank, also received notice of charges.
Dale Alcock's ABN Group has recruited former Arrium managing director Andrew Roberts as its chief executive, while announcing Bankwest as its new banking partner, after nearly 40 years with ANZ.
ANZ is aiming to clean up its financial planning with new measures that include firing planners who give customers inappropriate advice and removing all sales incentives from its bonus structures.
