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Australian banks report record profit but outlook dim

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Westpac was the first lender to push home loan rates higher to protect profits and shareholder value. Other banks followed suit, sparking anger from borrowers and prompting Prime Minister Malcolm Turnbull to warn that banks had "overdone it".

Wellington

WESTPAC Banking Corp rounded off a sixth straight year of record profits for Australia's major banks, although rising bad debt charges and margin pressure are clouding the outlook for one of the world's most profitable banking sectors.

Australia's four big banks

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