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Australian shares slip after Westpac forecast for housing credit growth

Westpac said investor housing credit growth would halve next year and flagged a 20% fall in mortgage applications.

Reported · Written up by our desk · Asia

Australian stocks fell on Monday, with weakness in Westpac outweighing gains in mining ahead of the Reserve Bank of Australia policy decision due Tuesday, according to Reuters via LiveMint Markets.

The S&P/ASX 200 index was down 0.5% at 9,220.3 points by 0057 GMT, after rising 3.2% last week, as risk sentiment turned choppier around fiscal 2027 earnings.

Westpac shares dropped more than 5% intraday after its quarterly update weighed on financials. The lender forecast investor housing credit growth would halve next year, reported a 20% fall in mortgage applications, and posted cash earnings of A$1.8 billion for the quarter ended June 30, down from A$1.9 billion a year earlier.

Financials dragged with the sub-index down 1.9%, as Commonwealth Bank of Australia, ANZ and National Australia Bank fell between 1.3% and 2.4%. Mining stocks such as BHP Group and Rio Tinto rose above 1%, gold was up more than 3% for the gold sub-index, and Treasury Wine Estates gained nearly 8% after announcing it would reduce the size of its U.S. North Coast vintages from 2026 and write down inventory, while forecasting FY26 unaudited EBITS of A$492.3 million.

Latest closeGold $4,292.00 ▲1.1%

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