Australia's Westpac falls on mortgage applications fall after tax changes

Westpac Banking

11/06/2026 04:34

** Shares of Australia's Westpac WBC.AX falls as much as 2.4% to A$34.56, its biggest intraday pct drop since May 20
** The country's second-largest lender says it had seen a 10% decline in mortgage applications since the government announced major tax changes in its May budget
** WBC says the biggest decline had been in investor loan applications which fell 20% during the period
** The tax change measures are expected to deepen a slowdown in Australia's property market
** Stock is the top loser among the 'big four' lenders; broader financials sub-index .AXFJ down 1.4% 
** YTD, stock down 10.2%, including day's moves, AXFJ down 3.7%

 (Reporting by Aamir Sheik Khalid in Bengaluru)
 ((Aamir.SheikKhalid@thomsonreuters.com))