Westpac annual profit hit by money laundering fine and recession

Westpac's annual profit has slumped by two-thirds after it was fined $1.3 billion for 23 million breaches of money laundering laws. 

The bank says full-year net profit fell by 66 per cent to nearly $2.3 billion for the year to the end of September because of writedowns and the pandemic-induced recession. 

ABC's Peter Ryan says the Reserve Bank is likely to cut interest rates to a new record low when the board holds its Melbourne Cup Day meeting.