Business
Retiree incomes slashed after Westpac presses pause on dividends – The New Daily
As many as one million retirees could suffer a hit to their incomes after Westpac became the first major bank to scrap its first-half dividend payment.
Advocacy groups say up to one million retirees could suffer an income hit after Westpac became the first major bank to scrap its first-half dividend payment.
Australia’s second-largest bank told shareholders on Tuesday that despite enjoying $1.32 billion in unaudited cash earnings over the past quarter, it would press pause on dividends until at least November to account for lower profit margins and a forecast rise in bad debts.
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