Looking forward
The economic environment and outlook in Australia remain robust. Capacity pressures, however, are evident in the economy with extremely healthy household income growth backed by a strong labour market. While the risks to the strong growth outlook have increased, the Australian economy confronts the current volatility in global credit markets from a position of strength.
The economic outlook in New Zealand is not as robust and is patchy by sector, but the economy is set to enjoy substantial stimulus in 2008.
Overall we see operating conditions in both Australia and New Zealand remaining broadly supportive, with Westpac well positioned in both markets.
The Board thanks our twenty eight thousand talented team members for their dedication and advocacy on behalf of our customers. We again thank them for their tireless contribution. We also thank our more than seven million customers for choosing Westpac and for their business.
As we travel towards the end of our 191st year, it is also important to recognise the support of the communities that we serve. The need for a strong community licence to operate is something that your bank has deeply understood and appreciated since our birth as part of the young penal colony of Sydney in 1817.
And finally, I would like to pass on our thanks to you our owners for your ongoing support and confidence in the Board and management. It’s been another great year for Westpac and your Board approaches the coming year with equal confidence.
Ted Evans AC
Chairman
The economic environment and outlook in Australia remain robust. Capacity pressures, however, are evident in the economy with extremely healthy household income growth backed by a strong labour market. While the risks to the strong growth outlook have increased, the Australian economy confronts the current volatility in global credit markets from a position of strength.
The economic outlook in New Zealand is not as robust and is patchy by sector, but the economy is set to enjoy substantial stimulus in 2008.
Overall we see operating conditions in both Australia and New Zealand remaining broadly supportive, with Westpac well positioned in both markets.
The Board thanks our twenty eight thousand talented team members for their dedication and advocacy on behalf of our customers. We again thank them for their tireless contribution. We also thank our more than seven million customers for choosing Westpac and for their business.
As we travel towards the end of our 191st year, it is also important to recognise the support of the communities that we serve. The need for a strong community licence to operate is something that your bank has deeply understood and appreciated since our birth as part of the young penal colony of Sydney in 1817.
And finally, I would like to pass on our thanks to you our owners for your ongoing support and confidence in the Board and management. It’s been another great year for Westpac and your Board approaches the coming year with equal confidence.
Ted Evans AC
Chairman