Westpac has reported a $6.8 billion profit for the year to September, down 1 per cent on the year before.
The bank expects interest rates to stay “elevated” into 2027. It also forecasts house prices will have fallen 10.9 per cent between March 2026 and March 2027.
Westpac says the economy is holding up relatively well thanks to strong business investment, but price growth is still above the Reserve Bank’s target. It says that is creating challenges for many households and businesses, though the impact is uneven.
Shareholders get a final dividend of 77 cents a share, bringing the full-year payout to $1.54, up 1 per cent. The update came ahead of Tuesday’s RBA decision, where another rate rise, the fifth this year, is widely tipped.
What it means for your money
If you have a mortgage, plan for repayments staying high for a while and don’t bank on quick relief. If you’re thinking of buying or selling, a falling market makes a buffer and a clear budget more important than ever.
Source: SMH Business