{
  "id": 17741217,
  "title": "Westpac flags deepest housing downturn in nearly two decades",
  "url": "https://urgent.news/2026/11/02/westpac-flags-deepest-housing-downturn-in-nearly-two-decades",
  "topic": "world",
  "section": "World",
  "published": "2026-11-02T04:19:18.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/property/2026/11/1568890/westpac-flags-deepest-housing-downturn-nearly-two-decades"
  },
  "original_language": "en",
  "account": "Australian bank Westpac warned on Monday of an economic downturn in the housing market that is worse than any seen in nearly two decades. The lender reported a doubling of credit impairment charges and net profit excluding notable items of A$6.99 billion for the year ended September 30, meeting market expectations. Westpac projected a 10.9% decline in house prices in the year to March 2027, the sharpest drop since the 2008 housing crisis. Credit impairment charges for the year rose 104% to A$864 million, while provisions for potential loan losses increased 4.2% to A$5.2 billion. Mortgage and investor credit demand weakened after the government ended tax concessions for property investors earlier in the year. Applications for mortgages in the fourth quarter fell 15% year-over-year. Deposits and loans grew 6.0% and 5.0%, respectively. Westpac maintained its final dividend at 77 Australian cents per share. The bank's core net interest margin fell 5 basis points to 1.76%, and its CET1 ratio dropped 7 basis points to 12.46%. Westpac's shares rose 2.2% to A$37.61, while the broader ASX200 index declined 0.4%.",
  "summary": "AUSTRALIA: Australian lender Westpac on Monday warned of a housing market downturn steeper than any seen in nearly two decades and reported a twofold jump in credit impairment charges, while full-year adjusted profit met market expectations.",
  "key_points": [
    "Westpac predicts 10.9% house price decline to March 2027, worst since 2008",
    "Credit impairment charges doubled to A$864 million, 104% increase",
    "Mortgage applications fell 15% year-over-year after tax concessions ended"
  ],
  "editors_take": "The projected collapse in property values and weakening mortgage demand signal a significant shift in the credit landscape following the removal of tax concessions for property investors.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}