Australian shares slip on Westpac losses

Australian shares slipped on Monday as a sharp decline in Westpac after its quarterly update weighed on the financial sector, offsetting gains in miners ahead of the Australia — Reserve Bank of Australia's policy decision. The S&P/ASX 200 fell 0.5% to 9,220.30 points, giving back some momentum after gaining 3.2% last week. Westpac shares tumbled more than 5%, their biggest intraday drop since March 30, after the lender forecast investor housing credit growth would halve next year and reported a 20% fall in mortgage applications. Quarterly cash earnings came in at A$1.8 billion, down from A$1.9 billion a year earlier. The Westpac selloff pressured other banks, with Commonwealth Bank, ANZ (bank), and National Australia Bank falling between 1.3% and 2.4%, dragging the financials sub-index down 1.9%. Mining stocks provided support as stronger metal prices lifted the sector by 1.4%, with BHP and Rio Tinto (corporation) gaining over 1% and Fortescue adding 0.7%. Gold miners also rallied, pushing the gold sub-index up more than 3% to its highest level since mid-April, with Evolution Mining and St Barbara rising. Treasury Wine Estates surged nearly 8% after announcing plans to reduce U.S. North Coast vintages and write down inventory, while raising its FY26 earnings forecast. New Zealand's S&P/NZX 50 rose 0.5%.