Westpac Warns of Deep Housing Downturn
Westpac flagged a steep housing market downturn and reported a twofold jump in credit impairment charges. Full-year adjusted profit met market expectations as the lender posted solid revenue growth despite rising economic uncertainty.
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WESTPAC BANKING CORP warned on Monday of a housing downturn steeper than any seen in nearly two decades while reporting a twofold jump in credit impairment charges to A$864 million ($607 million). The full-year adjusted profit met market expectations at A$6.99 billion ($4.91 billion) for the year ended September 30. Investors face mounting headwinds as property demand cools across Australia following recent tax policy changes.
