## Author's Summary
Westpac is launching an Australian-first app feature next year to help customers track and cancel subscriptions like Netflix and Spotify, addressing Aussies' oversight of $6.7 billion in annual spending where many waste money on unused services. (148 characters)
## New Feature Overview
Westpac, a major Australian bank, will introduce a pioneering tool in its app early next year. This feature lets users view all subscriptions in one place and cancel them directly, developed with Mastercard. It tackles the hassle of managing services like Netflix, Disney+, Spotify, Amazon, Stan, and more.
## Common Spending Issues
Aussies face rising 'streamflation' costs, with households averaging 3.4 subscriptions that drain hundreds yearly. Bank research shows 31% waste cash on duplicates or forgotten ones, and users spend 20% more than they realize. Recently, Netflix and Spotify hiked prices—Netflix standard ad-free to $20/month, Spotify Premium to $15.99 individual.
> "Managing subscriptions can be quite cumbersome. With numerous on auto-renew, it's easy to lose track of your payments." – Carolyn McCann, Westpac Chief Executive of Consumer
## Executive Insights
Carolyn McCann noted the tool simplifies oversight and cancellation in a few taps. She emphasized empowering customers for smarter finance control. Westpac data reveals $6.7 billion total annual subscription spend nationwide.
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Yahoo Finance Australia on MSN — 2025-11-28