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Westpac warns property slump is only halfway through as bad loans fall
Westpac warns property slump is only halfway through as bad loans fall
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Westpac warns property slump is only halfway through as bad loans fall
Westpac reported a full-year profit of $6.96 billion, with bad loans continuing to decline. The result came during a record run of interest rate increases by the Reserve Bank of Australia, with further rises widely expected. Chief executive Anthony Miller warned that the property market slump is only about halfway through. He said the bank's lending conditions are being closely monitored as borrowers face higher repayments. The results highlight the strain of tighter monetary policy on Australian households and lenders.