Westpac—Australia’s oldest bank—faces scrutiny after ASIC flags harms from offset accounts; policymakers weigh implications. Rate stance unaffected by inflation trend.
ASIC confirms banks have mismanaged offset accounts, prompting millions in compensations and exposing risks as millions more are affected. The watchdog warns that linking and monitoring issues persist post-refinancing.
Iran and Oman say negotiations to reopen the Strait of Hormuz are approaching final stages, but conditions and compensation demands keep a full reopening uncertain. Attacks persist in the waterway, smuggling disruption and global energy prices remain sensitive as the crisis widens across Gulf states.
The Reserve Bank of Australia has kept the cash rate unchanged amid easing inflation, with policymakers signaling vigilance on risks to inflation. Analysts expect further moves only if price pressures re-accelerate; housing market dynamics and superannuation could shape future policy.