Westpac reports mortgage drop after Australia scraps tax breaks

On August 10, 2026, Westpac reported a 20% drop in mortgage applications following Australia's decision to scrap certain tax breaks. The decline weighed on the bank's shares, which contributed to a dip in the Australian stock market ahead of a Reserve Bank of Australia decision. The tax break removal is seen as a factor dampening housing demand. No other major stories were covered in this cluster.