Westpac Profit Rises

Westpac’s profit edged higher as pressure on margins eased and mortgage lending grew faster than the wider industry, offsetting a fragile outlook for the nation’s economy.

The RBA remains some way off easing monetary policy, Governor Michele Bullock told a parliamentary panel in Canberra on Friday, as inflation is proving persistent and will only return back to the target range late next year.

Iron ore hit the lowest level since 2022 on Friday, on concern that a steel-industry crisis rippling across China will sap demand, while supplies from miners remain robust.