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A new report finds competition in the mortgage sector is dwindling but home buyers will benefit from a mortgage price war between big banks next year.
Westpac overhauls management structure and hires a potential chief executive successor as it pushes to be the country's leading financial company.
ANZ chief executive Mike Smith is to succeed Commonwealth Bank chief executive Ralph Norris as chairman of the Australian Bankers' Association.
The US Federal Reserve says it will test 31 major US banks in 2012 to see if they can deal with a severe economic shock.
Australia's central bank will provide a facility to ensure commercial banks have enough cash in times of financial crisis.
Mortgage lending increased in October, but it was too early to say if it was because of the Melbourne Cup day rate cut, Commonwealth Bank's boss says.
