The Business Times
business-time-50

Westpac repossessions up 10% on downturn in mining states

Published Mon, Aug 21, 2017 · 09:50 PM

    Sydney

    RISING mortgage delinquencies and repossessions in outback mining towns are starting to bite Australia's banks, with Westpac Banking Corp the latest to report an increase on Monday.

    In a third-quarter update, Australia's second biggest bank by market value said that repossessions jumped 10 per cent mainly due to weak conditions in resource-rich states Queensland and Western Australia, a development likely to worry rivals with greater exposure to such areas.

    TRENDING NOW

    About 60 per cent of the job cuts are coming within support functions, including among developers.

    Barclays to cut 5,000 jobs in AI-fuelled push to lower costs

    OCBC is still the best performing constituent of the STI this year; DBS and UOB are in third and eighth place respectively.

    DBS, OCBC, UOB face rate hike reality check

    While most businesses say higher costs are eroding their profits, the impact is more keenly felt among companies from Malaysia, Indonesia and Singapore.

    Cost over climate: Most Asean firms scaling back decarbonisation plans as higher energy prices bite

    The freeze applies to VietJet’s assets worth up to US$251.6 million.

    VietJet hit with global asset freeze in FitzWalter dispute

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More