Crippling Economic Crisis Sees Poor Bank Only Post A $6.8 Billion Profit

WENDELL HUSSEY | Cadet | CONTACT

The well publicised tough times that are currently afflicting the country, have claimed another victim today.

In a devastating blow for the lauded Aussie battler, Westpac has revealed that it has only posted a $6.8 billion dollar profit this financial year.

The FY26 $6.9 billion dollar profit comes after a FY25 $6.9 billion profit and a $6.99 billion in FY24, with the poor bank really starting to feel the pinch of the 'inflation crisis.'

The announcement follows huge cuts in the banking sector, with NAB cutting 2500 hundred jobs just a couple of weeks ago - with the Big 4 set to offshore huge chunks of their workforce in the next little while.

It also follows the increasing news and social media outrage around the government fuelling the inflation crisis through rampant spending - despite sustained bumper profits rolling in for our favourite banks, supermarkets, petrol stations and energy providers.

However, the 100 million dollar drop in profits for the bank that's about to turn half it's workforce into AI, has been seen as a sign that things are tough across the board.

The devastating announcement was made a day ahead of the Reserve Bank's meeting, where it is widely tipped to raise interest rates again - in a move designed to punish working people to ensure the magic inflation numbers do the right thing (without having to impact any of our major corporations of course).

Thankfully for those who are going to get a little bit poorer yet again, they can rest assured that everyone else is suffering too, and the government is working around the clock to fix all of our problems.

More to come.