Westpac Weighs on Australian Shares as Miners Gain Ahead of RBA Decision

Australian shares experienced a dip on Monday due to losses in lender Westpac after its quarterly update weighed on financials.

The S&P/ASX 200 index fell by 0.5% to 9,220.30 points as of 0057 GMT, offsetting gains in miners ahead of the Reserve Bank of Australia's policy decision.

Risk sentiment became rougher with shares of Westpac sliding more than 5%, their biggest intraday drop since March 30, after forecasting a halving of investor housing credit growth next year and reporting a 20% fall in mortgage applications.

The Australian lender reported cash earnings of A$1.8 billion for the quarter ended June 30, down from A$1.9 billion a year earlier.