Westpac and CBA pass on cut after RBA reduces cash rate – as it happened

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• Relief for borrowers as Reserve Bank cuts cash rate to 3.6% - and flags potential for two or three more

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Seven West Media profits shrink amid declining ad revenue

Channel Seven's media company saw a $61m drop in revenue in the year to June as TV advertising slipped, with after-tax profit nearly 20 times smaller than it recorded in 2021.