Whitehaven Meets Guidance
Whitehaven Coal announced that it has met its production guidance for its New South Wales mine for the financial year 2024. Additionally, the company’s newly acquired mines in Queensland performed as expected. During the June quarter, the Queensland coal operations achieved an average price of $US271 per tonne, while the thermal coal produced in New South Wales fetched $US207 per tonne. This performance indicates strong operational management and market alignment for Whitehaven Coal across its key assets.

APRA to Reduce Westpac’s Risk Capital by $500 Million
The Australian Prudential Regulation Authority (APRA) has agreed to reduce Westpac’s required capital reserves by $500 million. This decision comes as a response to the bank’s improved risk management practices. Originally, APRA imposed a $500 million capital add-on in July 2019 due to identified higher operational risks. Banks must maintain capital reserves typically amounting to 12% or more of risk-weighted assets, primarily loans, to cover potential bad debts or operational issues. The reduction in capital reserves is expected to enhance Westpac’s return on equity by freeing up more capital for profitable activities.

Lifestyle Communities Pulls All Forward Guidance
Lifestyle Communities has withdrawn all forward guidance, citing media influence and uncertainties in its home-building business. The company pointed to high inflation, high interest rates, and ongoing insolvencies in the construction sector as contributing factors to this decision. Despite these challenges, Lifestyle Communities expects its operating profit for the financial year 2024 to be between $52.4 million and $53.4 million. The company’s cautious approach reflects the current volatile economic environment and its impact on the housing market and construction industry.