Banks Sink as Other Sectors Soar | Australia News

Banks took a beating as Westpac plunged 5.88% after warning mortgage applications could drop 20%, dragging financials down 2%. Rising rates and new tax policies are blamed, with analysts calling banks the economy’s “lifeblood.” But while banking struggles, healthcare and mining surged — CSL, BHP, and gold miners all rose — showing market resilience. Surprises came from elsewhere too: Treasury Wine Estates soared 4% despite big write-downs, Tabcorp rallied on a tech acquisition plan, and Car Group jumped on strong profits. One sector stumbles, another steps up — the market’s always shifting. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/e9f746c29b93e7de