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Articles by Josh Wall
“Then I got angry” - Nurse was one click away from losing home to scammers
After spending sixty years as a nurse, Roslyn was good in a crisis. However, nothing could have prepared her for the near loss of hundreds of thousands of dollars after responding to what she believed was a legitimate email requesting payment to finalise the purchase of her new home. The Townsville grandmother had viewed numerous houses before finding one she fell in love with during a drive with her daughter.
Business balance sheets are looking healthier as economy recovers
“The overall improvement over the past six months is consistent with our view that economic growth has passed its nadir,” Westpac economists Sian Fenner and Pat Bustamante said in the report. “It appears businesses are looking to build liquidity while also using their balance sheets to invest,” they added. The Quarterly Business Snapshot, which draws on Westpac data from millions of daily transactions, showed credit growth picked up to 3.6 per cent, from 3.1 per cent in the September quarter.
SCAM SPOT: What’s trending?
Customer scam losses in January were the lowest for any month in five years, showing the impact of new safety features and growing public awareness around the risks. However, scam activity remains high and the bank continues to see customers proceed with payments to scammers even when informed that the transaction they’re about to make could present risk.
RBA delivers rate cut relief to squeezed households
The Reserve Bank of Australia has cut interest rates for the first time in four years, offering much-needed relief to households struggling with cost-of-living pressures, but sounded a cautious note on the prospect of further easing. The RBA lowered the cash rate by 25 basis points to 4.10 per cent at its February board meeting.
Westpac contract with NSW Government cements enduring partnership
Westpac will provide banking services to the government of New South Wales for a further five years under an expanded contract that cements a partnership that has endured for almost two centuries. Under the new agreement, the bank will continue to provide transaction banking, merchant acquiring and liquidity management services, alongside additional responsibilities including public transport payments and commercial cards.
Romance scammers are stealing hearts - and life savings
These days, more people find love online than by any other means. According to 2021 data from Statista, 3.2 million Australians are using dating apps such as Tinder, Grindr, Bumble and Hinge. But this modern-day meet-cute can swiftly morph into a nightmare thanks to a trend known as romance baiting scams. A hybrid of romance and investment fraud, these scams leave victims not only heartbroken but also financially devastated.
Cyberbullying: Why high school transitions are the danger zone
This time last year, 13-year-old Mia was starting high school full of anticipation – new teachers, new friends, and a growing sense of independence. However, within weeks, her exuberance turned to dread. A cruel comment during an exchange on a messaging app snowballed into an avalanche of online ridicule for Mia. Sadly, Mia’s story is not unique. At eSafety, we see this all too often.
“Goldilocks” consumer sentiment offers comfort for RBA
The pickup in consumer sentiment in the second half of 2024 has carried over into the new year, although the modest pace of improvement should give the Reserve Bank few grounds for concern on the inflation outlook. The Westpac-Melbourne Institute sentiment index rose 2.6 per cent over the three months to January to 92.1, having languished in the 80s for much of the past two years. However, it remains below the 100 level which points to there being more pessimists than optimists.
Westpac teams with Lawpath to help ease SME pain points
For many startups and small businesses, legal costs and business admin can be among the biggest drains on time and resources. Westpac is looking to help entrepreneurs better manage these pressures via a partnership with Lawpath, an online platform that provides businesses with access to affordable legal services, as well as accounting and compliance technology solutions.
SCAM SPOT: How to avoid the money mule trap
Imagine you’re a migrant recently landed in Australia. You’re excited about what opportunities this great country has in store for you. But it soon becomes clear that without local experience it’s not easy to find work, and it’s an expensive place to live too. Many new arrivals find themselves in this position – short of cash and needing to pay the bills - and that’s where scammers lie in wait ready to prey on the vulnerable.
Cooling inflation puts February rate cut back in focus
Inflation eased by more than expected in the December quarter prompting Westpac Economists to bring forward their forecast for an RBA rate cut to as soon as February. The headline consumer price index (CPI) cooled to an annual rate of 2.4 per cent, below the mid-point of the RBA’s 2-3 per cent target band, while the trimmed mean – closely watched by the RBA as a measure of underlying inflation – fell to 3.2 per cent. Both results were a shade below the forecasts of Westpac economists.
Strong lending growth points to regional business renaissance
From Coffs Harbour to Bendigo, Australia’s regions are seeing strong growth in business credit despite the prevailing economic headwinds, underlining their attraction as places to live and work. Westpac’s lending to businesses in regional areas has increased 12.4 per cent over the past two years, outpacing growth of 11.3 per cent in metro areas, according to the bank’s lending data.
FX BEAT: Why a weaker A$ is a useful “shock absorber”
The latest sell-off in the Aussie is more about the strength of the U.S. dollar rather than anything specific to Australia, she notes - the A$ has only declined by about 5 per cent against a trade-weighted basket of currencies since October.
An elaborate investment scam almost costs one man $300,000
When David* was looking for an investment opportunity, he turned to the internet. After researching bonds online and via Facebook, the 56-year-old came across a company that seemed promising. Despite his efforts to verify the legitimacy of the company, David unknowingly became the victim of an elaborate investment scam, transferring a total $300,0000. “It all looked legitimate. I thought I’d done my due diligence half a dozen times, but obviously not good enough,” David shared.
Australia outperforming global peers in scam prevention
Scam losses in Australia have declined in the past year, according to a report by BDO commissioned by Westpac, outperforming the UK, US and Canada which all saw losses continue to rise. Losses were down by 52 per cent in the six months to June 30, 2024 compared with the prior comparable period, with the improvement driven by an increased focus from banks and government on implementing preventative measures, the report found.
Consumer sentiment starts year on a downbeat note
As well as the ongoing unsettled global backdrop, it is possible that consumers were reacting to news around the Australian dollar’s sharp drop against the US dollar, which resulted in some negative headlines about the outlook for interest rates and the broader economy. The sub-index showing consumers’ assessment of their finances compared with a year ago reversed gains seen in December, falling 7.8 per cent in the month to 77.7. The decline was particularly marked for outright homeowners.
LUCI’S CALL: Rate cut is getting closer
A dovish shift in the RBA’s language following its December Board meeting suggests that a rate cut as soon as February cannot be ruled out. The Reserve Bank of Australia left the cash rate on hold at 4.35 per cent at its final meeting of the year, as expected, but said it’s gaining confidence that inflation is declining in line with its expectations.
Business cashflow is improving on disciplined cost control
That liquidity boost is supporting balance sheets: the Westpac business coverage gauge – which measures a business’s stock of cash relative to its financial liabilities - is still more than 25 per cent above pre-pandemic levels. Strong financial buffers have been a feature of the snapshot for several quarters and help to set Australian businesses apart in international comparisons.
Westpac plans business banker hiring spree
Westpac plans to hire 200 more business bankers over the next three years to boost its capability to support small and medium-sized enterprises in fast-growing industries. The employment drive has potential to increase Westpac’s business banker cohort by up to 40 per cent by the end of 2027 as the bank targets further growth in one of its strongest performing segments. The Business and Wealth division saw net profit grow by 13 per cent in FY24.
Westpac “in very good shape” as Peter King delivers final result as CEO
Peter King has delivered his last annual result as Westpac CEO and says the bank is in good shape for the future ahead of December’s change in leadership. Westpac posted a 3 per cent fall in net profit to $7 billion, while unveiling a final dividend of 76 cents for the half and a $1 billion increase to the existing share buyback programme. “Our disciplined performance in FY24 has set Westpac up for growth and success,” King said about the result.
Virescent fund aims to empower climate tech innovators
Australia’s clean energy transition will require the mobilisation of public and private capital on a giant scale, not just to build out renewable power capacity but also support innovative startups who are tackling some of the biggest challenges faced by the sector. That’s why climate tech-focused funds like Virescent Ventures play such a key role as enablers.
SME SECRETS: Your Space Oceania
Milham says securing financing was one of the biggest challenges to getting his business off the ground, a sentiment that will resonate with many early-stage entrepreneurs. Westpac research shows that 27 per cent of SME business leaders report cashflow as the biggest hurdle they had to overcome in the first two years of establishing a business. After a few knock backs on loan applications, Milham decided to try his local Westpac branch, where he already had his home loan.
Anthony Miller appointed Westpac CEO
Westpac has appointed an internal candidate to succeed CEO Peter King, with Anthony Miller tapped to step into the top job from December. The announcement caps a stellar rise for the 54-year-old. Miller joined Westpac in 2020, first running Westpac Institutional Bank, before taking over the Business & Wealth division last year. Chairman Steven Gregg, himself almost a year into his tenure at the bank, says Miller was the standout candidate.
Bright young minds bring fresh thinking to future tech challenges
Growth Labs, in collaboration with Westpac Institutional Bank (WIB), is running an experiment in quantum computing - a technology that has potential to revolutionise the financial industry and the wider world. To put it simply, today’s computers use bits – electrical pulses of 1s and 0s.
SCAM SPOT: Biller beware
Payment redirection scams - also known as business email compromise - happen when a recipient receives a legitimate looking email requesting a payment to new or updated account details. In many cases, it may be a payment that the target of the scam had expected to make, or came from a supplier they were familiar with. But the bank details had been altered to begin with – and that large sum has now gone to a scammer.
Businesses feeling more confident to invest for growth
This is a great thing for a growing economy like Australia. The resurgence in population growth after Australia’s international borders reopened means we need to invest in capital items such as infrastructure, commercial floorspace, IT systems, machines and emerging technologies. This investment will help boost productivity and support real income growth over the long term.
Westpac to roll out payee verification feature for businesses
A new Westpac safety feature is being rolled out to government and institutional clients adding an extra layer of defence against payment redirection scams. Westpac Verify will soon be available on the bank’s payables platform, PaymentsPlus, enabling businesses to run a check on payee details before initiating payments, alerting them to potential account number and name mismatches.
Patience and understanding key to supporting scam victims
If you have ever fallen for a scam, or know someone close to you that has, you’ll know that it can take a heavy emotional toll. We may like to think that we’re too smart to be fooled, but in reality scammers are sophisticated operators who catch out people from all walks of life.
“Nick off!” Mum catches out scammer, with Westpac’s help
When Westpac customer Eleanor* received a text from her 28-year-old daughter Cara saying she had a new phone number, she thought nothing of it. But after innocently texting with the person she thought was Cara, the mum almost found herself $1,000 worse off after falling victim to a common scam. “I regularly text with Cara. She lives out of home, and we check in with each other all the time.
OpShop project is empowering First Nations entrepreneurs
Tanya Egerton is driven by her belief that entrepreneurship can help bring about positive economic and social change for First Nations people. Egerton’s work with the Remote OpShop Project, which helps women in Aboriginal communities to set up their own enterprises selling donated clothing and household goods, has been recognised with her being named winner of this year’s AgriFutures Rural Women’s Award.
RBA rate cut seen unlikely in 2024 on inflation caution
Westpac economists are reviewing their forecast for the first Reserve Bank interest rate cut following a hawkish tone to the latest Board meeting. The RBA left the cash rate on hold at 4.35 per cent this week, as widely expected, while delivering a cautious message on the outlook for inflation. “What is a little puzzling is their view about how long they think they need to keep interest rates steady from here,” Westpac Chief Economist Luci Ellis told Sean Aylmer on the Fear & Greed podcast.
Westpac to disrupt scammers with in-app calling
Westpac is stepping up the fight against impersonation scams in a partnership with Optus that will enable customers to receive verified calls from the bank directly through the Westpac app. Westpac SafeCall will send customers an alert when a call is coming through via the app, showing the Optus verification along with the reason for the call. The feature will be available to all customers regardless of who their telco provider is.
GOOD PAIR: A bond that echoes across the miles
Noema Leituala knew she had a big challenge on her hands as soon as she landed at Cloncurry’s tiny airport. She was about to take on a new role at the local Westpac branch despite never having visited (or even image searched) the mining town in outback Queensland. “I got off the plane with just two suitcases and nothing else. The airport was a little warehouse with a tin roof, and I was like: ‘what have I done to myself!’” Noema says in an interview.
Westpac SaferPay saves Queensland couple from losing $350,000
Westpac’s SaferPay feature has saved couple Ricky and Elaine’s hard-earned savings after a sophisticated investment scam nearly cost them $350,000. The couple had been looking to invest in corporate bonds to help grow their savings. However, it was only after Ricky had transferred the large sum of money that he realised that the investment company he had been talking on the phone and emailing with for weeks was, in fact, fake.
Kids and money: From piggybanks to pocket money apps
From a small tin money box in the 1950s to a new pocket money feature in Westpac’s banking app, the way we encourage children to save and learn about money has evolved over the years. But the same basic principles of financial literacy remain, and the bank is rolling out a new suite of features to help parents teach their kids about managing their money safely.
Green bond lays platform for future success, says AOFM chief
The success of the Australian government’s first green bond lays a solid foundation to expand the program and support the country’s transition towards a net-zero economy, says Anna Hughes, CEO of the Australian Office of Financial Management. AOFM, which issues debt on behalf of the federal government, raised $7 billion with its debut green bond in June.
SCAM SPOT: How scammers are exploiting puppy love
The search for a new puppy can be a highly emotional experience. Unfortunately, it’s one that scammers are exploiting to get people to financially and emotionally invest in a puppy that doesn’t exist. I’d like to take you on a journey into how these scams work. A colleague was looking for a new puppy recently. Her heart was set on a particular rare breed and through her research she found a helpful Facebook page that marketed itself as a venue to bring dog buyers and sellers together.
New Zealand rate cut looms as inflation cools
Westpac economists expect the Reserve Bank of New Zealand to cut its official cash rate in November after June quarter inflation cooled at a quicker pace than expected. They’re now pencilling in a 25 basis point cut in the OCR before year-end, having previously forecast the first cut to come in February 2025.
A love story that led to a farming empire
“Mark is a diehard farmer, and we found we had quite complimentary skills,” says Felicity.
Inflation uncertainty keeps RBA on high alert
The Reserve Bank of Australia left the cash rate unchanged at 4.35 per cent at its June Board meeting, as expected. The Board continues to rule nothing in or out in terms of future policy action, but the tone of the statement and comments from Governor Michele Bullock suggested a step up in concerns about the upside risks to inflation. “Uncertainty” was a noticeable feature of the statement - the word cropping up more times than in any other statement of the past six months.
Back to basics budgeting in focus this EOFY
As end of financial year approaches, cost of living pressures are prompting many Australians to review their income needs and rein in expenses as part of their financial planning. BT’s Technical Services team fields over 8,000 queries from financial advisers each year. Based on the most popular advice themes advisers have raised with us recently, here are some EOFY tips for everyone from retirees to new parents, high-net-worth individuals, and those with self-managed super funds. 1.
Scam losses ease as Westpac unveils new security features
Enhanced security features on Westpac’s banking app and online banking are helping to reduce scam losses, as the bank unveils further measures to protect consumers and small business customers. Scam losses were down by almost a third in the first half of FY24 compared with the same period a year earlier, with the bank saving customers over $120 million in potential scam losses, according to internal data.
SME SECRETS: The One Six
Rennie has also built a successful career in marketing and communications, a skill-set which has stood her in good stead in the image-conscious fashion industry. Since starting the business 18 months ago, Rennie says an important early breakthrough was to get picked up by a wholesale agent, which allowed her to place her garments in boutiques and store networks around Australia and overseas.
HOME OPEN: Tight supply drives solid price gains
Westpac’s mid-year Housing Pulse report finds a continuation of the themes we saw at the start of the year: • Consumers remain torn between poor affordability, weighing heavily on assessments of whether now is a good time to buy, and positive price prospects. • Supply - both in terms of properties on the market and the physical stock of housing – remains almost universally tight. • Turnover dipped slightly over the last three months, unwinding some of last year's recovery.
Beef’s big week shines a spotlight on the industry
Beef Week, the triennial gathering of Australia’s cattle industry, is sometimes referred to as the Olympics of Beef. It's not hard to see why. Beef 2024 in Rockhampton, Queensland saw close to 120,000 people pass through the gates, with attendees ranging from farmers, technicians, and scientists, to chefs, students, and the general public.
Why relationships still matter in the global currency markets
For a bank to build a successful business in the US$7.5 trillion per day* global foreign exchange market it must combine cutting-edge technology with a personalised service to customers which recognises their unique requirements.
The Indigenous tea business that won Gordon Ramsay’s seal of approval
Beyond the teas, Indigenous ingredients offer distinct, flavoursome alternatives that are a reflection of the landscape on which they grow. No wonder some Australians are already looking for ways to incorporate them in everyday cooking. “I think when people catch on here and start using [these sorts of ingredients] in their cooking, it will start to replace the common herbs and spices because its way better for you,” Troy says.
Renewables giant has big plans in Australia
Westpac recently provided a $75 million loan for ACEN Australia to help progress its roster of projects, extending a relationship which began with the inception of the New England Solar project in 2017. “ACEN Australia is a key partner in helping us to deliver our strategy to finance more renewable energy projects,” says Jason Bowring, a relationship banker with Westpac who specialises in the infrastructure and energy sectors.
The Social Outfit seals “game-changer” contract win
The Social Outfit was founded in Sydney’s Inner West in 2014 with a dual mission to train and employ refugee women while utilising remnant and deadstock fabrics to save tons of material from going to landfill. Like most social enterprises which focus on offering jobs to people who face challenges entering the workforce, The Social Outfit has higher operating costs than for-profit businesses.
King sees disciplined growth in first half; dividend lifted
Westpac has “managed growth and margins in a disciplined way,” according to CEO Peter King, after the company reported its first half result. The bank posted a net profit of $3.3 billion, down on the same period last year, but up on the previous half, as the impact of competition on mortgage margins moderated. The bank’s Net Interest Margin was 1.89 per cent , down 5 basis points on the second half of 2023, but excluding notable items, the margin was unchanged.
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