Westpac forecasts 10.9% house price fall, posts $6.8 billion profit

Westpac, Australia's second-largest bank, forecasts house prices will fall 10.9 percent by March 2027 and expects interest rates to remain elevated, while reporting a $6.8 billion annual profit. The bank said the Australian economy is holding up "relatively well" due to strong business investment, but inflation remains above the Reserve Bank's target, creating uneven challenges for households and businesses. The RBA is widely expected to raise rates for the fifth time this year on Tuesday. Westpac's profit for the year to September fell 1 percent from the previous year. It will pay a final dividend of 77 cents per share, bringing the full-year dividend to $1.54, up 1 percent.