Westpac's half year profits rise

Westpac Bank's New Zealand operations half year profit has risen two percent.

  • Westpac shares drop on flat profit result AAP - 19 minutes ago
    Westpac shares drop on flat profit result

    Westpac shares have dropped more than four per cent after the bank posted a disappointing $3.78 billion first half cash profit. IG market strategist Evan Lucas said the result was weaker than even the most pessimistic analyst forecast. Westpac shares were down $1.54 to $35.19 as of 1010 AEST. Net profit, which includes one-off items, was $3.609 billion, compared to $3.622 billion for the same period a year ago.

  • We're serious about budget repair: PM AAP - 21 minutes ago

    Prime Minister Tony Abbott promises there will be a credible path back to a budget surplus even as a respected economist forecasts a massive deterioration since December. Chris Richardson, from Deloitte Access Economics, is predicting a $47 billion blow-out in the budget deficit estimates to 2017/18. Mr Abbott previously has said next week's budget will be a "dull" affair, but Mr Richardson believes it will be a cross between a horror story written by Stephen King and Edvard Munch's painting The Scream. Mr Abbott says the government is serious about getting the budget under control.

  • Abbott to take risks in budget repair AAP - 22 minutes ago

    Prime Minister Tony Abbott insists his government is prepared to take political risks to get the budget in order. But Australians will conclude that next week's budget is "measured, responsible and ...

  • Inflation stays below 2% for 5 months: TD AAP - 26 minutes ago

    The annual rate of inflation is staying well below the Reserve Bank's two to three per cent target, leaving the door wide open for a rate cut this week. Consumer prices were up 0.3 per cent in April, following a 0.4 rise in March, according to the TD Securities/Melbourne Institute monthly inflation gauge. TD head of Asia Pacific research Annette Beacher said the differences between the solid monthly rise and weak annual rate can be explained by inflation being quite buoyant this time last year, so it was rising from a low base.

  • Worley Parsons retrenching 2,000 staff AAP - 32 minutes ago

    Engineering group Worley Parsons is retrenching 2,000 workers as falling commodity prices affect earnings. The redundancies and changes to lease charges are expected to save the company $125 million before ...

  • Tony Gapes' Victoria Street West, in liquidation, may … BusinessDesk - 40 minutes ago

    Liquidators of property developer Tony Gapes's investment vehicle Victoria Street West are yet to finalise how much is owed, but said there is the potential of $1.4 million to be available for unsecured creditors.. Victoria Street West appointed liquidator John Gilbert of C&C Strategic on April 10. In Gilbert's first liquidators report he was still establishing how much was owed to creditors. The liquidators report says Victoria Street West, previously known as RW Corporate and Redwood Group, bought a development property prior to the global financial crisis in 2008.

  • Aust shares open lower AAP - 40 minutes ago

    The Australian share market has opened lower following falls in commodity prices at the end of last week. At 1012 AEST on Monday, the benchmark S&P/ASX200 index was down 7.3 points, or 0.13 per cent, at ...

  • Smokers turn to illegal imports: study AAP - 59 minutes ago

    Australian smokers are turning to tobacco smuggled in from overseas to avoid hefty tax hikes on legal cigarettes, tobacco giants say. A KPMG study, for Philip Morris, British American Tobacco and Imperial ...

  • Ruralco boss John Maher steps down AAP - 1 hour 6 minutes ago

    Ruralco boss John Maher is stepping down after nine years in the top job. The general manager of the company's rural retail business Travis Dillon will serve as acting chief executive until a replacement ...

  • Tabcorp lifts third quarter revenues AAP - 1 hour 12 minutes ago

    Gaming company Tabcorp has lifted its third quarter revenues despite a sharp fall within its Keno division. Tabcorp says revenue rose 3.3 per cent to $508.7 million for the quarter and is up 5.6 per cent ...

  • New trams and trains in Vic budget AAP - 1 hour 27 minutes ago
    New trams and trains in Vic budget

    The Victorian government will spend $2 billion on building new trains and trams. Premier Daniel Andrews says Tuesday's budget will include funding to build 100 new trams, 100 metropolitan trains and a large expansion of the regional train fleet. The multibillion dollar investment will provide greater certainty to rolling stock manufacturers and suppliers, which employ up to 10,000 people in Victoria, Mr Andrews said. A steady stream of budget news has been announced in recent weeks, including $1.5 billion for the Melbourne Metro Rail tunnel and $1.3 billion for widening the Tullamarine freeway.

  • New trams and trams in Vic budget AAP - 1 hour 31 minutes ago
    New trams and trams in Vic budget

    The Victorian government will spend $2 billion on building new trains and trams. Premier Daniel Andrews says Tuesday's budget will include funding to build 100 new trams, 100 metropolitan trains and a large expansion of the regional train fleet. The multibillion dollar investment will provide greater certainty to rolling stock manufacturers and suppliers, which employ up to 10,000 people in Victoria, Mr Andrews said. A steady stream of budget news has been announced in recent weeks, including $1.5 billion for the Melbourne Metro Rail tunnel and $1.3 billion for widening the Tullamarine freeway.

  • NZ Dollar Outlook: Kiwi may decline amid dairy weakness, … BusinessDesk - 1 hour 32 minutes ago

    The New Zealand dollar may decline this week amid weaker prices for exported dairy products and as the greenback strengthens. The kiwi may trade between 73.80 US cents and 77 cents this week, according to a BusinessDesk survey of 10 currency advisers. The local currency has dropped 2 percent since New Zealand's Reserve Bank took interest rate hikes off the table at its review last Thursday. It may fall further this week, weighed down by weaker prices for New Zealand's largest export commodity, with prices expected to decline in Wednesday morning's GlobalDairyTrade auction.

  • No irregularities in dollar spike: ASIC AAP - 1 hour 37 minutes ago

    The corporate watchdog has been unable to uncover any irregularities surrounding a spike in the Australian dollar moments before the Reserve Bank's surprise interest rate cut in February. The Australian Securities & Investments Commission (ASIC) says preliminary findings from its investigation reveal that moves in the dollar before the rate cut announcement were a result of normal market operations. "Much of the trading reviewed to date was linked to position unwinds by automated trading accounts linked to risk management logic and not misconduct," ASIC said on Monday.

  • Stockland lifts earnings guidance AAP - 1 hour 40 minutes ago

    Property group Stockland has lifted its full year earnings guidance slightly thanks to strong retail sales growth from its shopping centres. Stockland now expects to record earnings per share growth of between 7.0 and 7.5 per cent for the 2014/15 financial year, which is a slight improvement on its previous guidance for 6.75 to 7.5 per cent growth. Specialty sales from across Stockland's retail arm were up 4.9 per cent during the three months to March 31, while deposits in its residential business were at a five year high for the year to date.

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