Westpac has today announced a full-year profit of $10 billion before tax for the financial year ending on 30 September, 2025.
Westpac is one of Australia's "big four" banks, which together control 72% of all loans to Australian residents.
By market capitalisation, Westpac ranks as Australia's fifth largest listed company and third largest bank. Westpac alone holds 19% of all loans and 21% of all housing loans in the country.
Australia Institute research shows the big four banks make $213,480 profit over the 30-year life of an average size mortgage for a first-home buyer.
"Australia Institute figures don't even include the extra profit banks make on any other savings or credit card accounts, transaction fees, kickbacks on insurance they sell your or the ridiculous prices they charge to get a bank cheque," said Richard Denniss, co-CEO of The Australia Institute.
"The lack of competition among the big banks has come at the cost of home owners, and their massive profits from home loans far exceeds the level of risk the banks undertake.
"The Albanese Government has huge majority in Parliament, and huge opportunity to help take the burden off the people who need help the most.
"A small super profits tax, raising just over $1.7 billion in 2024-25, was imposed by the Coalition Government back in 2017 – that has clearly done little to dent the profits, or the market share of the big bank.
"Increasing it to $5 billion – or more – would take an extra few billion of the banks and give it to the battlers."
