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It is understood that Westpac’s new measures affect only a handful of clients and the bank’s total exposure to oil and gas is approximately $2.4 billion. Anthony Miller, Westpac’s head of institutional banking, said all of the bank’s clients were working through how they would achieve net zero emissions, pledging to work with them to achieve the transition. We have set our own target “Every client is involved in this, thinking about what their transition plans and targets should be. It will only get deeper and more substantive as we progress,” he said. “Just like if a client doesn’t meet their financial commitments, we don’t leave them, we don’t leave, we stay with them and help them. It’s just about partnerships, we’ve set our targets, we’ve shared them with clients, and we’ve set our own targets.” Announcing changes to bank lending policies in power, cement and oil and gas, including a commitment to cut oil and gas emissions by 23 percent at 2021 levels by 2030, Mr King said Westp

Australians are still spending big bucks, but surveys suggest that could change quickly as rising interest rates send consumer confidence to pandemic lows. Key points: Consumer confidence has fallen to the lows usually seen during a recession Soaring inflation and a sudden spike in interest rates to combat it weigh on households The slump in confidence has yet to feed through spending cuts, with various measures hitting record highs The latest consumer spending data from the Australian Bureau of Statistics showed household spending was 7.9 per cent higher in May than a year earlier. Much of the increase in spending is not because Australians have had to buy more, but reflects a spike in inflation, meaning people are paying more for most of the things they buy. Transportation spending rose nearly 15 percent, as people once again took to the skies, but also as fuel costs soared. Eating out and going out together has also seen a double-digit percentage increase in spending over the past y