More mortgage holders are falling behind on their debt repayments and businesses are struggling with falling demand as the cost of living weighs on the Australian economy, according to Westpac's latest quarterly results. In a third-quarter update to the ASX on Monday, Westpac chief executive Peter King said financial headwinds were tough.
The Australian share market closed higher, boosted by rising share prices in the healthcare, IT and property sectors, although investors were left embarrassed after the corporate regulator's shock announcement of legal action over alleged misleading statements. The ASX200 closed on Wednesday with an increase of 0.3 percent or 23.9 points at 7850.7 points.
The illicit affair of Anthony Heraghty, the head of the Super Retail Group, with the retailer's former human resources chief, Jane Kelly, led to a toxic work culture at the publicly traded $3 billion company, court documents say. Federal Court documents seen by The West Australian newspaper say an “unhealthy culture” has developed as a … Read more