Key facts
- Australian shares declined.
- Westpac reported a 20% drop in mortgage applications.
- Westpac forecasts halved investor housing credit growth.
- Financial stocks were weighed down by Westpac's update.
- Miners and gold miners gained.
- Investors are awaiting the Reserve Bank of Australia's policy decision.
Australian shares experienced a decline, largely influenced by Westpac's latest quarterly update. The update revealed a significant 20% drop in mortgage applications and forecast a halving of investor housing credit growth. This news put downward pressure on financial stocks across the market. In contrast, the mining and gold mining sectors saw an upward trend. This rise occurred as investors positioned themselves ahead of the Reserve Bank of Australia's (RBA) anticipated policy decision. The RBA's decision is a key event that could influence market direction.