1. Westpac will take a $1.6bn hit to its full-year profit after slashing the value of its institutional bank goodwill to zero and topping up its provisions for customer refunds and litigation costs as it braces for further regulatory action.

  2. Will Australia avoid the bout of higher inflation sweeping the world? It looks increasingly unlikely after the key inflation measure for the US recorded its biggest annual increase in more than 30 years.

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