The steepest housing downturn in 40 years is buffeting the revenue of the major banks, forcing them to cut costs to maintain profits as the souring economy casts a shadow over upcoming full-year result briefings.
Westpac will kick off bank earnings updates on Monday with an expected flat annual cash profit of $7 billion, as property investors and first home buyers sit on the sidelines after tax changes in the May federal budget triggered a housing market rout.
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