Reports are suggesting that Australian banking major Westpac is embarking on a cost cutting program and is likely to announce cuts to its head count as soon as today. According to the Sydney Morning Herald, Westpac is set to announce the cuts on Thursday afternoon, though the number of people that are affected is still not known, though other sources are speculating that the cuts could number in the hundreds.

Mortgage holders who borrowed from Australian banking major ANZ can breathe a sigh of relief as the lender said it would hold its variable mortgage rate, however employees of the bank are not so lucky as they await news over a possible cut in jobs. Last week, the Finance Sector Union confirmed that the lender has plans on axing hundreds of positions over the following six moths.

Australia’s biggest lenders are likely to cut thousands of jobs nationally as they seek to consolidate record earnings from last year. Amidst a backdrop of soaring funding costs and slower growth in mortgage lending, ANZ, Westpac and CBA have devised plans to reduce expenses according to the Daily Telegraph.

According to the assistant governor of the Australian central bank, the big four lenders in the country are no longer depending so heavily on wholesale funding markets for their needs, and have chosen instead to raise their finance using the more traditional method of retail deposits since. Guy Debelle RBA Assistant Governor says that the major lenders have experienced an annual 11 per cent growth rate in their retail deposits, which is in excess of the growth in credit, which has remained flat at 5 per cent.

Choice, the consumer group is advising consumers who live in places that are prone to flooding from taking out insurance in an irresponsible manner, whilst at the same time heavily criticizing the industry according to the insurance council. Recently the advisory group held its annual Shonky Awards, where the group awarded lemon trophies for dubious dodgy and deceitful goods and services. Choice singled out the insurance industry, following this summer’s flooding in Victoria, Queensland and New South Wales.