Westpac profit tumbles, dividend cut, Brian Hartzer loses $4m bonus, annual report warns of "significant financial penalty" from financial intelligence agency AUSTRAC

Westpac's full year profit tumbles by 16 percent to $6.78 billion as Royal Commission remediation continues to bite. 

Chief executive Brian Hartzer has foregone a $4.03 million short term bonus as the bank announces a $2.5 billion capital raising. 

Westpac's annual report has flagged a "significant financial penalty" if the finance intelligence agency AUSTRAC proceeds with penalties for reporting breaches.

Here's my report from The World Today

Brian Hartzer's bonus "haircut" of $4.03m   source: Westpac Annual Report