Westpac CEO Warns Recession, Higher Rates
Sydney News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Westpacs CEO, Anthony Miller, warns of an impending recession due to persistent inflation and Middle East tensions. Inflation hit 3.7% in February, surpassing the Reserve Banks target, with more rate hikes expected, potentially pushing the cash rate to 4.35% by August. Miller acknowledges the strain on households but assures banks are prepared to assist struggling businesses. He attributes high housing prices to tax incentives and insufficient affordable housing, with median prices now at $933,000. Miller also addresses scams, emphasizing the new government framework that mandates collaboration between banks, telcos, and social media to combat fraud, with potential fines of up to $50 million for non-compliance.
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