Westpac falls as Australia’s budget rewrites the mortgage-stock trade
Westpac closed down 1.37% at A$36.61 Tuesday as bank stocks fell ahead of Australia’s federal budget. The budget will limit negative gearing to new builds and replace the 50% capital gains tax discount with inflation-based treatment and a 30% minimum tax from July 2027. Financials dropped 1.6% as investors reacted to concerns over mortgage demand and earnings.