Westpac

It was a mixed bag for self-funded retirees this reporting season. The big banks continued to deliver those precious franked dividends, Charter Hall gave the office sector a much-needed fillip, while Dexus reminded everyone just how much financial pain some property groups are still experiencing.

A one-day conference will offer some concrete steps for those heading into or in retirement already about how they can enjoy their golden years – whether it be their health, well-being, relationships or social engagement.

With deteriorating economic conditions dampening the banking outlook, some trading momentum may be leaving the sector after a strong two-month run. Six in 10 trades of big-four banks on the Selfwealth platform in July were sell orders, and headwinds are only picking up from here.

The regulator said it wasn’t satisfied the deal would not substantially lessen competition in Australian banking, particularly in home loans and small-business banking. ANZ and Suncorp plan to challenge the decision.

Fronting a House economics committee inquiry into competition in the banking industry, the heads of CBA, ANZ, Westpac and NAB insisted they weren’t unfairly setting interest rates and that competition and customer engagement in the sector have never been stronger.

Bill Evans, who will step down next year after three decades as Westpac’s chief economist, says “deeply pessimistic” consumer sentiment despite the RBA’s recent pause is a sign of further hikes ahead.

Higher net interest margins helped drive a nearly 17 per cent increase in the banks’ combined cash profits from a year ago. But a 400 per cent increase in their interest expenses and stiffer lending competition are contributing to a weaker outlook going forward, analysts say.

Economists attributed the rebound partly to the market’s expectations that interest rates had peaked. But the other key driver – the drastic supply/demand imbalance – means higher prices, especially for rents, may be further complicating the central bank’s task.

For those planning to invest in offshore assets, the decision whether to hedge currency exposure is an important one as movements in the Australian dollar can either erode or add value to an investment.

The four majors along with AMP and Macquarie have paid or offered to pay a total of $4.7 million for charging fees for advice services they did not provide and for noncompliant advice, bringing to a close an eight-year review by ASIC and a key chapter of the advice industry shakeup led by the Hayne commission.