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Banks Brace for Earnings Hit as Steepest Housing Downturn in 40 Years Bites
Nov 1, 2026 – 4.42pm The steepest housing downturn in 40 years is buffeting the revenue of the major banks, forcing them to cut costs to
Nov 1, 2026 – 4.42pm The steepest housing downturn in 40 years is buffeting the revenue of the major banks, forcing them to cut costs to maintain profits as the souring economy casts a shadow over upcoming full-year result briefings. Westpac will kick off bank earnings updates on Monday with an expected flat annual cash profit of $7 billion, as property investors and first home buyers sit on the sidelines after tax changes in the May federal budget triggered a housing market rout.
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Banks Brace for Earnings Hit as Steepest Housing Downturn in 40 Years Bites
The steepest housing downturn in 40 years is affecting the revenue of Australia's major banks. Banks are cutting costs to protect profits as the weakening economy overshadows upcoming full-year result briefings. Westpac will open the bank earnings season on Monday, with an expected flat annual cash profit of $7 billion. Pressure in the mortgage market, including from property investors and first-home buyers, is expected to show in the results. The reports were published on November 1, 2026.