Chief Market Strategist at InvestSMART Evan Lucas says Westpac shares are down 21 per cent after a second investigation into the financial institution was announced on Tuesday. The big bank is facing another investigation over the money laundering scandal, with the banking regulator launching an investigation into possible breaches of the Banking Act.
is immediately increasing Westpac's capital requirements by $500 million, due to Westpac's "heightened operation risk profile". Image: Getty
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APRA to investigate Westpac for possible Banking Act breachesThe banking regulator launches an investigation into whether Westpac's alleged failures to conduct adequate money laundering checks also breached the Banking Act and accountability rules. Like peeling on onion ... every layer brings more tears They should be investigated for not offering Apple Pay 🤬 yawn....nothing happens...
Source: abcnews - 🏆 5. / 83 Read more »
Govt reveals major revenue write-downs | Sky News AustraliaConservative consumers, stagnant wage growth and a slowdown in housing construction has led to a major write-down in government revenue. \n\nSpeaking with Sky News following the delivery of the mid-year fiscal and economic outlook, Deloitte Access Economics Partner Chris Richardson said the smaller revenue take was the major cause of the budget write-downs. \n\n“As the economy weakens, the amount of tax we are otherwise going to pay is coming off as well – for example, less personal tax, is one of the more notable revisions,” Mr Richardson said. \n\n“Not just less spending by consumers but less housing, apartments being built affects the GST take as well.” When is this government going to realize that the way they are handling things is just not working, put the country into a controlled recession and bring back manufacturing. But the treasurer said we're going gung ho.Somebody is fibbing. How good are liberal recessions 😂 😂 😂
Source: SkyNewsAust - 🏆 7. / 78 Read more »