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WESTPAC IQ
ESG Impact: What you need to know - February 2023 #esg
ESG IMPACT: WHAT YOU NEED TO KNOW - FEBRUARY 2023
February 28 2023 • Clock 5 mins
Welcome to Westpac IQ’s first monthly round-up for 2023 of the latest standout
ESG developments making the headlines, from corporate highlights to policy
updates. What's happening globally? Why does it matter? What does it mean for
you?
By Michael Chen , Tim Parker , Jeffrey Lau &2 more , Liam McElduff & Joshua
Finfer
Australian dwelling prices: surprisingly steady #houseprices
AUSTRALIAN DWELLING PRICES: SURPRISINGLY STEADY
March 01 2023 •
Clock 4 mins
By Matthew Hassan
lock-open lock-close
#usd
FINANCEAM
March 02 2023 •
Clock 2mins
By Imre Speizer
Popular topics
* RBA RBA
* Housing Housing
* Currencies Currencies
* Sustainable finance Sustainable finance
* Commodities Commodities
* ESG ESG
* Consumer Sentiment Consumer Sentiment
* AUD AUD
Authors
* Bill Evans Bill Evans
* Michael Gordon Michael Gordon
* Robert Rennie Robert Rennie
* Elliot Clarke Elliot Clarke
* Andrew Hanlan Andrew Hanlan
* Matthew Hassan Matthew Hassan
* Justin Smirk Justin Smirk
* Damien McColough Damien McColough
* Sean Callow Sean Callow
* See all authors See all authors
ECONOMICS
Australian dwelling approvals: broad-spread weakness #dwellingapprovals
AUSTRALIAN DWELLING APPROVALS: BROAD-SPREAD WEAKNESS
March 2 2023 • Clock 4 mins
Jan –27.6%mth, –8.4%yr.Volatility makes for a cautious read but detail still
weak.
By Ryan Wells
#china
GEOPOLITICS AND THE GREEN TRANSITION: CHINA’S DOMINANCE UNLIKELY TO BE
CHALLENGED
March 2 2023 • Clock 4 mins
A short video update from the Westpac Economics team.
By Elliot Clarke
Australian Q4 GDP #gdp
AUSTRALIAN Q4 GDP
March 1 2023 • Clock 5 mins
Growth disappoints, as domestic demand stalls. High inflation and higher
interest rates are biting. Q4 domestic demand: 0.0%qtr, 3.3%yr. Q4 real GDP:
0.5%qtr, 2.7% yr.
By Bill Evans, Andrew Hanlan, Elliot Clarke & 3 more Matthew Hassan, Justin
Smirk & Ryan Wells
Jan Monthly CPI Indicator – soften than expected as holiday travel prices pull
back #inflation
JAN MONTHLY CPI INDICATOR – SOFTEN THAN EXPECTED AS HOLIDAY TRAVEL PRICES PULL
BACK
March 1 2023 • Clock 5 mins
January surprised to the downside with some sign the inflationary pulse may be
starting to ease.
By Justin Smirk
First Impressions: Australian Q4 GDP #gdp
FIRST IMPRESSIONS: AUSTRALIAN Q4 GDP
March 1 2023 • Clock 3 mins
Australia’s economy expanded by a modest 0.5%, which was softer than
anticipated. Conditions were soft in late 2022, with the adverse impacts of high
inflation and sharply higher interest rates becoming apparent. Consumer spending
grew by only 0.3%, while total domestic demand stalled. .
By Andrew Hanlan
#construction
FIRST IMPRESSIONS: NZ BUILDING CONSENTS, JANUARY 2023
February 28 2023 • Clock 2 mins
Consent issuance fell again in January, and we expect further weakness over the
year ahead.
By Satish Ranchhod
Australia, private sector credit, January #credit
AUSTRALIA, PRIVATE SECTOR CREDIT, JANUARY
February 28 2023 • Clock 5 mins
A sluggish start to 2023, in what will be a challenging year. January 0.4% mth,
8.0% yr.
By Andrew Hanlan
Australian retail sales: partial rebound #retail
AUSTRALIAN RETAIL SALES: PARTIAL REBOUND
February 28 2023 • Clock 3 mins
Jan sales: 1.9%mth, 7.5%yr.Better than expected start to 2023 but still a
slowing trend.
By Matthew Hassan
Australia, Q4 current account #australia
AUSTRALIA, Q4 CURRENT ACCOUNT
February 28 2023 • Clock 5 mins
Surplus widens to $14.1bn, 2.2% of GDP. Net exports a sizeable positive for
growth, adding 1.1ppts to Q4 GDP.
By Andrew Hanlan
Westpac Economic Calendar March 2023 #economiccalendar
WESTPAC ECONOMIC CALENDAR MARCH 2023
February 28 2023 • Clock 5 mins
A summary of events and data releases over the coming month including previous
results and forecasts for key data and central bank decisions.
By Westpac Australia Economics
Deeper insights on Australian wages #wages
DEEPER INSIGHTS ON AUSTRALIAN WAGES
February 28 2023 • Clock 7 mins
The rate of increase in hourly wage rates continues to dissappoint resulting in
a downward revision to our forecasts.
By Justin Smirk
Australia, Q4 net exports, public demand, public inventories, and GDP forecast,
first impressions #australia
AUSTRALIA, Q4 NET EXPORTS, PUBLIC DEMAND, PUBLIC INVENTORIES, AND GDP FORECAST,
FIRST IMPRESSIONS
February 28 2023 • Clock 5 mins
Net exports a sizeable positive for growth in Q4. Public demand is cresting at a
high level, as further confirmed in Q4. Public inventories to add to Q4 growth
By Andrew Hanlan
#businessconditions
NZ FIRST IMPRESSIONS: ANZ BUSINESS CONFIDENCE FEBRUARY 2023
February 28 2023 • Clock 2 mins
Business confidence in New Zealand has lifted, but we’re still left with a
subdued picture for economic activity.
By Satish Ranchhod
Westpac Housing Pulse Feburary 2023 #housing
WESTPAC HOUSING PULSE FEBURARY 2023
February 28 2023 • Clock 7 mins
The inside word on Australia’s residential property market drawing on detailed
insights from the Westpac Melbourne Institute Consumer Sentiment survey and
Westpac Economics’ macro views.
By Matthew Hassan
NZ Economic Overview February 2023 #newzealand
NZ ECONOMIC OVERVIEW FEBRUARY 2023
February 27 2023 • Clock 20 mins
The Westpac NZ Economics Team's flagship document covering the outlook for the
New Zealand economy, government debt, the global economy, financial markets and
the agricultural outlook.
By Westpac New Zealand Economics
Australian Q4 Business Indicators Survey: Inventories, Sales, and Company
Profits #australia
AUSTRALIAN Q4 BUSINESS INDICATORS SURVEY: INVENTORIES, SALES, AND COMPANY
PROFITS
February 27 2023 • Clock 5 mins
Inventories fall by -0.2% and will subtract a hefty 0.8ppts from Q4 growth,
broadly meeting our expectations. Sales stall in Q4, potentially pointing to
sluggish domestic demand. By contrast, profits rose strongly.
By Andrew Hanlan
Australian Q4 Business Indicators Survey: Inventories, Sales, and Company
Profits; first impressions #australia
AUSTRALIAN Q4 BUSINESS INDICATORS SURVEY: INVENTORIES, SALES, AND COMPANY
PROFITS; FIRST IMPRESSIONS
February 27 2023 • Clock 5 mins
Inventory levels decline, following a sharp run-up, confirming a large
subtraction from Q4 growth. Sales reportedly stalled, pointing to sluggish
conditions. Whereas profits rose strongly.
By Andrew Hanlan
#retail
NZ FIRST IMPRESSIONS: RETAIL TRADE DECEMBER QUARTER 2022
February 26 2023 • Clock 2 mins
Nominal spending levels are continuing to rise. However, increases in prices
mean we’re getting less for each dollar we spend.
By Satish Ranchhod
#newzealand
WEEKLY ECONOMIC COMMENTARY 27 FEBRUARY 2023
February 26 2023 • Clock 10 mins
Analysis and forecasts of the economy and markets, along with previews of data
for the week ahead.
By Westpac New Zealand Economics
Australia and NZ weekly 27 February 2023 #australia
AUSTRALIA AND NZ WEEKLY 27 FEBRUARY 2023
February 26 2023 • Clock 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases.
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
Australian Q4 GDP preview #gdp
AUSTRALIAN Q4 GDP PREVIEW
February 24 2023 • Clock 5 mins
Mixed conditions to end 2022, ahead of sharp slowdown in 2023. Q4 GDP forecast:
0.7%qtr, 2.7%yr.
By Andrew Hanlan
Cliff Notes: mixed signals to keep central banks on tightening path #cliffnotes
CLIFF NOTES: MIXED SIGNALS TO KEEP CENTRAL BANKS ON TIGHTENING PATH
February 23 2023 • Clock 5 mins
Key insights from the week that was.
By Elliot Clarke & Ryan Wells
We have lifted both the RBA cash rate forecast and the FOMC forecast #rba
WE HAVE LIFTED BOTH THE RBA CASH RATE FORECAST AND THE FOMC FORECAST
February 23 2023 • Clock 5 mins
The lift in the RBA’s terminal rate from 3.85% to 4.1% reflects an additional
hike in April, given the RBA’s current resistance to a mid-cycle pause.
By Bill Evans
#newzealand
NZ WEEKLY ECONOMIC INSIGHT 24 FEBRUARY 2023
February 23 2023 • Clock 2 mins
A two-minute round-up on the New Zealand economy and markets from Senior
Economist Satish Ranchhod.
By Satish Ranchhod
#agriculture
NZ AGRICULTURAL INSIGHT 24 FEBRUARY 2023
February 23 2023 • Clock 2 mins
The latest developments in New Zealand's agri markets from Senior Agri Economist
Nathan Penny.
By Nathan Penny
Australia Q4 business capex, and capex plans. #australia
AUSTRALIA Q4 BUSINESS CAPEX, AND CAPEX PLANS.
February 23 2023 • Clock 5 mins
Detail of Q4 capex spending mixed, with equipment up a sluggish 0.6%.
By Andrew Hanlan
Migration reopening boom: 2022 net inflow estimated at +400k #australia
MIGRATION REOPENING BOOM: 2022 NET INFLOW ESTIMATED AT +400K
February 23 2023 • Clock 5 mins
Westpac estimates net migration totalled +400k in 2022, reflecting a temporary
‘catch-up’ in migration flows. A gradual easing is then expected to emerge over
the course of 2023 and 2024, to +350k and +275k respectively.
By Ryan Wells
Australia Q4 business capex, and capex plans, first impressions #australia
AUSTRALIA Q4 BUSINESS CAPEX, AND CAPEX PLANS, FIRST IMPRESSIONS
February 23 2023 • Clock 3 mins
Total capex up a solid 2.2% in Q4, but equipment spending sluggish at +0.6%.
Estimate 1 of 2023/24 capex plans, lukewarm, the tone as anticipated.
By Andrew Hanlan
Review of RBNZ February 2023 Monetary Policy Statement #rbnz
REVIEW OF RBNZ FEBRUARY 2023 MONETARY POLICY STATEMENT
February 22 2023 • Clock 3 mins
The RBNZ’s determination to get ahead of inflation will likely see it deliver a
5.5% OCR peak by mid-year. The outlook beyond that is more uncertain, with
downside risks to activity emerging, notwithstanding the rebuild work from
Cyclone Gabrielle.
By Michael Gordon
#commodities
COMMODITIES IN TRANSITION: THE SAFEGUARD MECHANISM AND AUSTRALIA’S CARBON
MARKETS
February 22 2023 • Clock 8 mins
A short video update from the Westpac Economics team.
By Elliot Clarke & Justin Smirk
Aust. wage increases more modest than expected #wages
AUST. WAGE INCREASES MORE MODEST THAN EXPECTED
February 22 2023 • Clock 5 mins
Wages lifted 0.8% in December, less than market expectation for a 1.0% and
Westpac’s 1.1%. Wages continue to disappoint suggesting downside risk to our
forecast peak of 4.5%yr.
By Justin Smirk
First Impressions: RBNZ Monetary Policy Statement February 2023 #rbnz
FIRST IMPRESSIONS: RBNZ MONETARY POLICY STATEMENT FEBRUARY 2023
February 22 2023 • Clock 3 mins
The Reserve Bank raised the Official Cash Rate by 50 basis points to 4.75%, and
maintained its projection of a 5.5% peak in the coming months.
By Michael Gordon
Australian construction work Q4 #australia
AUSTRALIAN CONSTRUCTION WORK Q4
February 22 2023 • Clock 5 mins
A lack of follow through following Q3 rebound. Q4: -0.4%qtr, +1.0%yr. Previous:
+3.7% (upgraded from +2.2%).
By Andrew Hanlan
Australian construction work Q4, first impressions #australia
AUSTRALIAN CONSTRUCTION WORK Q4, FIRST IMPRESSIONS
February 22 2023 • Clock 5 mins
Another underwhelming performance, work dipped by 0.4%.
By Andrew Hanlan
Leading Index stuck in negative territory #leadingindex
LEADING INDEX STUCK IN NEGATIVE TERRITORY
February 21 2023 • Clock 8 mins
The six-month annualised growth rate in the Westpac-Melbourne Institute Leading
Index, which indicates the likely pace of economic activity relative to trend
three to nine months into the future, was –1.04% in January, largely unchanged
on the –1.09% read in December.
By Bill Evans
#dairy
NZ DAIRY UPDATE 22 FEBRUARY 2023
February 21 2023 • Clock 2 mins
The latest developments in the dairy sector.
By Nathan Penny
RBA Board Minutes confirms hawkish pivot #rba
RBA BOARD MINUTES CONFIRMS HAWKISH PIVOT
February 21 2023 • Clock 5 mins
The Minutes highlight insights into the Board’s more hawkish approach since the
release of the December quarter Inflation Report, including an interesting
comparison with other central banks.
By Bill Evans
#housing
AUSTRALIAN HOUSING: AUCTION START TO SET THE TONE FOR 2023
February 20 2023 • Clock 3 mins
A short video update from the Westpac Economics team.
By Matthew Hassan
Westpac commodity forecasts February 2023 #forecasts
WESTPAC COMMODITY FORECASTS FEBRUARY 2023
February 20 2023 • Clock 5 mins
Our latest forecasts for energy, metals, selected softs and our composite
indices.
By Justin Smirk
lock-open lock-close
RBNZ Ready Reckoner, February 2023 #rbnz
RBNZ READY RECKONER, FEBRUARY 2023
February 20 2023 • Clock 3 mins
The Ready Reckoner assesses how recent data will affect the RBNZ's OCR
projections.
By Michael Gordon
#newzealand
WEEKLY ECONOMIC COMMENTARY 20 FEBRUARY 2023
February 19 2023 • Clock 10 mins
Analysis and forecasts of the economy and markets, along with previews of data
for the week ahead.
By Westpac New Zealand Economics
Australia and NZ weekly 20 February 2023 #australia
AUSTRALIA AND NZ WEEKLY 20 FEBRUARY 2023
February 19 2023 • Clock 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases.
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
Australia's overseas arrivals and departures, January #australia
AUSTRALIA'S OVERSEAS ARRIVALS AND DEPARTURES, JANUARY
February 17 2023 • Clock 5 mins
Strength over summer. Arrivals: 1608.2k, +347.6kmth, +1342.9kyr. Departures:
1384.6k, -130.7kmth, +1196.4kyr
By Ryan Wells
Westpac Card Tracker, 17 February 2023 #retail
WESTPAC CARD TRACKER, 17 FEBRUARY 2023
February 17 2023 • Clock 5 mins
Card activity shows more tentative signs of softening
By Matthew Hassan
Cliff Notes: Consumers bearing the brunt of inflation’s cost #cliffnotes
CLIFF NOTES: CONSUMERS BEARING THE BRUNT OF INFLATION’S COST
February 17 2023 • Clock 5 mins
Key insights from the week that was.
By Elliot Clarke & Ryan Wells
#newzealand
NZ WEEKLY ECONOMIC INSIGHT 17 FEBRUARY 2023
February 16 2023 • Clock 2 mins
A two-minute round-up on the New Zealand economy and markets from Acting Chief
Economist Michael Gordon.
By Michael Gordon
January Labour Force; as illness fades more than usual go on holidays
#employment
JANUARY LABOUR FORCE; AS ILLNESS FADES MORE THAN USUAL GO ON HOLIDAYS
February 16 2023 • Clock 7 mins
Total employment: -11.5k from -20k (revised from -14.6k); unemployment rate:
3.7% from 3.5% (unrevised 3.5%); participation rate: 66.5% from 66.6% (unrevised
66.6%).
By Justin Smirk
Preview of RBNZ February 2023 Monetary Policy Statement #rbnz
PREVIEW OF RBNZ FEBRUARY 2023 MONETARY POLICY STATEMENT
February 16 2023 • Clock 5 mins
We expect the OCR to rise by 50 basis points to 4.75% next week. Inflation has
remained strong, but not quite to the degree that the Reserve Bank was bracing
for at its November policy review.
By Michael Gordon
Market Outlook in conversation podcast – February 2023 #marketoutlook
MARKET OUTLOOK IN CONVERSATION PODCAST – FEBRUARY 2023
February 15 2023 • Clock 35 mins
Inflation and the response function of policy makers remain front of mind for
market participants here and abroad. In the US, there are promising signs of
disinflation and softening wage momentum, but to call an end to the global rate
cycle, these trends must persist and broaden across the world.
By Elliot Clarke, Matthew Hassan, Justin Smirk & 1 more & Ryan Wells
Global FX: US dollar downtrend to gather momentum from mid-year #fomc
GLOBAL FX: US DOLLAR DOWNTREND TO GATHER MOMENTUM FROM MID-YEAR
February 14 2023 • Clock 5 mins
Slowly but surely, inflation and rate risks will recede for the US, putting the
focus on growth differentials.
By Elliot Clarke
Long-term financial forecasts 14 February 2023 #forecasts
LONG-TERM FINANCIAL FORECASTS 14 FEBRUARY 2023
February 14 2023 • Clock 5 mins
Key financial forecasts and projections to end-2025.
By Andrew Hanlan, Bill Evans, Elliot Clarke & 3 more Justin Smirk, Matthew
Hassan & Westpac Australia Economics
Westpac Market Outlook February 2023 #marketoutlook
WESTPAC MARKET OUTLOOK FEBRUARY 2023
February 14 2023 • Clock 15 mins
Our latest thinking on Australia, markets and the global economy.
By Andrew Hanlan, Bill Evans, Elliot Clarke & 5 more Justin Smirk, Matthew
Hassan, Michael Gordon, Ryan Wells & Satish Ranchhod
Australian business conditions & confidence, January 2023 #businessconditions
AUSTRALIAN BUSINESS CONDITIONS & CONFIDENCE, JANUARY 2023
February 14 2023 • Clock 5 mins
Conditions and confidence strengthen over summer. Business conditions: up 5pts
to +18. Business confidence: up 6pts to +6.
By Ryan Wells
#consumersentiment
CONSUMER SENTIMENT FALLS SHARPLY TO BE BACK AROUND RECESSIONARY LEVELS
February 14 2023 • Clock 3 mins
A short video update from the Westpac Economics team.
By Matthew Hassan
#inflation
NZ FIRST IMPRESSIONS: RBNZ SURVEY OF EXPECTATIONS, 2023 Q1
February 14 2023 • Clock 2 mins
The RBNZ’s latest survey showed that expectations for inflation remain strong,
but they are not pushing higher.
By Satish Ranchhod
Consumer sentiment falls back into deep pessimism #consumersentiment
CONSUMER SENTIMENT FALLS BACK INTO DEEP PESSIMISM
February 13 2023 • Clock 8 mins
The Westpac-Melbourne Institute Consumer Sentiment Index fell 6.9% from 84.3 in
January to 78.5 in February.
By Matthew Hassan
First Impressions: REINZ house sales and prices January 2023 #housing
FIRST IMPRESSIONS: REINZ HOUSE SALES AND PRICES JANUARY 2023
February 13 2023 • Clock 2 mins
A slightly more stable month for the New Zealand housing market, but we expect
further price declines in the coming months.
By Michael Gordon
Deeper insights on Australian inflation #consumer
DEEPER INSIGHTS ON AUSTRALIAN INFLATION
February 13 2023 • Clock 8 mins
As goods inflation peaks the strength of services inflation will define the
moderation in overall inflation.
By Justin Smirk
#newzealand
WEEKLY ECONOMIC COMMENTARY 13 FEBRUARY 2023
February 12 2023 • Clock 10 mins
Analysis and forecasts of the economy and markets, along with previews of data
for the week ahead.
By Westpac New Zealand Economics
Australia and NZ weekly 13 February 2023 #australia
AUSTRALIA AND NZ WEEKLY 13 FEBRUARY 2023
February 12 2023 • Clock 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases.
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
Australia and NZ weekly 13 February 2023 #australia
AUSTRALIA AND NZ WEEKLY 13 FEBRUARY 2023
February 10 2023 • Clock 10 mins
Friday edition: analysis and forecasts for this week's key releases.
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
RBA’s ‘narrow path to achieving a soft landing’ getting narrower #rba
RBA’S ‘NARROW PATH TO ACHIEVING A SOFT LANDING’ GETTING NARROWER
February 10 2023 • Clock 5 mins
RBA’s Statement on Monetary Policy points to rising concerns around domestic
inflation pressures.
By Matthew Hassan
Cliff Notes: the global fight against inflation not yet over #cliffnotes
CLIFF NOTES: THE GLOBAL FIGHT AGAINST INFLATION NOT YET OVER
February 10 2023 • Clock 5 mins
Key insights from the week that was.
By Elliot Clarke & Ryan Wells
#retail
NZ FIRST IMPRESSIONS: RETAIL CARD SPENDING JANUARY 2023
February 9 2023 • Clock 2 mins
Retail spending rebounded in January, with spending appetites remaining firm in
the face of high inflation.
By Satish Ranchhod
#agriculture
NZ AGRICULTURAL INSIGHT 10 FEBRUARY 2023
February 9 2023 • Clock 2 mins
The latest developments in New Zealand's agri markets from Senior Agri Economist
Nathan Penny.
By Nathan Penny
#newzealand
NZ WEEKLY ECONOMIC INSIGHT 10 FEBRUARY 2023
February 9 2023 • Clock 2 mins
A two-minute round-up on the New Zealand economy and markets from Acting Chief
Economist Michael Gordon.
By Michael Gordon
#housing
RBA SENDS HAWKISH SIGNAL
February 8 2023 • Clock 4 mins
A short video update from the Westpac Economics team.
By Matthew Hassan
#dairy
NZ DAIRY UPDATE 8 FEBRUARY 2023
February 7 2023 • Clock 2 mins
The latest developments in the dairy sector.
By Nathan Penny
RBA Board increases the cash rate by 0.25% to 3.35% #rba
RBA BOARD INCREASES THE CASH RATE BY 0.25% TO 3.35%
February 7 2023 • Clock 5 mins
Governor’s statement slightly more hawkish than in December. We confirm our
forecast for the cash rate to peak at 3.85% in May.
By Bill Evans
Australia's trade account December 2022 #trade
AUSTRALIA'S TRADE ACCOUNT DECEMBER 2022
February 7 2023 • Clock 5 mins
Year finishes with a sizeable surplus of $12.2bn. Exports -1.4%. Imports +1.0%.
By Ryan Wells
Westpac Card Tracker, 3 February 2023 #retail
WESTPAC CARD TRACKER, 3 FEBRUARY 2023
February 6 2023 • Clock 5 mins
In case you missed it: a re-send of recent economic research and commentary that
has been affected by disruptions to our email distribution system.Card activity:
retail slows, non retail surges
By Matthew Hassan
Australian housing finance slide continues #housing
AUSTRALIAN HOUSING FINANCE SLIDE CONTINUES
February 6 2023 • Clock 6 mins
In case you missed it: a re-send of recent economic research and commentary that
has been affected by disruptions to our email distribution system.Owner-occ.
4.2%mth, –29.8%yr; Investors: –4.4%mth, –28.3%yr Total value approvals:
–4.3%mth, –25.4%yr (all ex refi)
By Matthew Hassan
Australian real retail sales dip into year-end #retail
AUSTRALIAN REAL RETAIL SALES DIP INTO YEAR-END
February 6 2023 • Clock 6 mins
In case you missed it: a re-send of recent economic research and commentary that
has been affected by disruptions to our email distribution system.Q4 real retail
sales: –0.2%qtr, 1.8%yr. Retail stalls in H2 2022 but wider spending measures
firmer.
By Matthew Hassan
Australia and NZ weekly 6 February2023 #australia
AUSTRALIA AND NZ WEEKLY 6 FEBRUARY2023
February 6 2023 • Clock 10 mins
In case you missed it: a re-send of recent economic research and commentary that
has been affected by disruptions to our email distribution system.Monday's
re-issue edition: analysis and forecasts for this week's key releases.
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
#newzealand
WEEKLY ECONOMIC COMMENTARY 7 FEBRUARY 2023
February 6 2023 • Clock 10 mins
Analysis and forecasts of the economy and markets, along with previews of data
for the week ahead.
By Westpac New Zealand Economics
#commodities
JANUARY’S US PAYROLL SURPRISE A REASON FOR FOMC CAUTION NOT AGGRESSIVE ACTION
February 6 2023 • Clock 4 mins
A short video update from the Westpac Economics team.
By Elliot Clarke
Westpac Wave Fiji #australia
WESTPAC WAVE FIJI
February 6 2023 • Clock 7 mins
Quarterly update on the Fijian economy. Confidence boost for the Fijian
economypost General Election
By Justin Smirk
Cliff Notes: as global inflation risks recede, market expectations build
#cliffnotes
CLIFF NOTES: AS GLOBAL INFLATION RISKS RECEDE, MARKET EXPECTATIONS BUILD
February 3 2023 • Clock 5 mins
Key insights from the week that was.
By Elliot Clarke & Ryan Wells
#newzealand
NZ WEEKLY ECONOMIC INSIGHT 3 FEBRUARY 2023
February 2 2023 • Clock 2 mins
A two-minute round-up on the New Zealand economy and markets from Acting Chief
Economist Michael Gordon.
By Michael Gordon
Residential building in New Zealand: Simpler, better, faster #housing
RESIDENTIAL BUILDING IN NEW ZEALAND: SIMPLER, BETTER, FASTER
February 2 2023 • Clock 15 mins
The increased adoption of digital technologies is set to change how houses in
New Zealand will be built in the future. That change though is expected to be
evolutionary rather than revolutionary.
By Paul Clark
Australian dwelling approvals: high-rise-driven jump #dwellingapprovals
AUSTRALIAN DWELLING APPROVALS: HIGH-RISE-DRIVEN JUMP
February 2 2023 • Clock 4 mins
Dec 18.5%mth, -3.8%yr. High-rise approvals spike 90%; Non-high-rise down 2%.
By Matthew Hassan
#construction
FIRST IMPRESSIONS: NZ BUILDING CONSENTS, DECEMBER 2022
February 1 2023 • Clock 2 mins
Consent issuance remains elevated, but signs of softening have been developing.
By Satish Ranchhod
An end to the tightening cycle is on the FOMC’s horizon #fomc
AN END TO THE TIGHTENING CYCLE IS ON THE FOMC’S HORIZON
February 1 2023 • Clock 5 mins
While rates are likely to remain at peak to end-2023 to guard against inflation
risks, this FOMC hiking is nearing an end.
By Elliot Clarke
RBA to lift rates by 25bps in February; scope for another 25bp move in March
#rba
RBA TO LIFT RATES BY 25BPS IN FEBRUARY; SCOPE FOR ANOTHER 25BP MOVE IN MARCH
February 1 2023 • Clock 5 mins
The expected February and March moves will be in response high inflation and
rising wages growth; but even with a peak cash rate of 3.85% the economy is
likely to avoid recession.
By Bill Evans
Carbon market reforms set to drive prices higher #carbonpricing
CARBON MARKET REFORMS SET TO DRIVE PRICES HIGHER
February 1 2023 • Clock 7 mins
Carbon prices trading at a discount compared to a looming surge in demand for,
and restrictions in the supply of, Australian carbon credits.
By Justin Smirk
#labour
NZ LABOUR MARKET REVIEW, DECEMBER QUARTER 2022
February 1 2023 • Clock 5 mins
The December quarter labour market surveys were strong, if a touch softer than
expected. With higher interest rates now weighing on the economy, we think the
jobs market has reached a turning point.
By Michael Gordon
Australian dwelling prices: more weakness #houseprices
AUSTRALIAN DWELLING PRICES: MORE WEAKNESS
February 1 2023 • Clock 4 mins
Jan CoreLogic home value index: –1.1%mth; –8.7%yr. Over 80% of detailed
sub-markets record price falls.
By Matthew Hassan
#consumersentiment
INFLATION, INTEREST RATES AND RECESSION
January 31 2023 • Clock 8 mins
A short video from Westpac's Chief Economist, Bill Evans.
By Bill Evans
#labour
FIRST IMPRESSIONS: NZ LABOUR MARKET DECEMBER QUARTER 2022
January 31 2023 • Clock 2 mins
December quarter labour market surveys were close to expectations, with the
unemployment rate ticking up slightly to 3.4% and wage growth remaining strong.
By Michael Gordon
The Red Book January 2023 #theredbook
THE RED BOOK JANUARY 2023
January 31 2023 • Clock 10 mins
An in-depth assessment of the current state of the Australian consumer.
By Matthew Hassan
Westpac Economic Calendar February 2023 #economiccalendar
WESTPAC ECONOMIC CALENDAR FEBRUARY 2023
January 31 2023 • Clock 5 mins
A summary of events and data releases over the coming month including previous
results and forecasts for key data and central bank decisions.
By Westpac Australia Economics
Australian private sector credit, December: +0.3%, 8.3%yr #credit
AUSTRALIAN PRIVATE SECTOR CREDIT, DECEMBER: +0.3%, 8.3%YR
January 31 2023 • Clock 5 mins
The business credit growth slowdown is emerging as rapid rate rises impact.
By Ryan Wells
Australian retail sales post big monthly fall #retail
AUSTRALIAN RETAIL SALES POST BIG MONTHLY FALL
January 31 2023 • Clock 3 mins
Dec sales: –3.9%mth, 7.5%yr.A not-so-merry Christmas after all.
By Matthew Hassan
#newzealand
WEEKLY ECONOMIC COMMENTARY 31 JANUARY 2023
January 30 2023 • Clock 10 mins
Analysis and forecasts of the economy and markets, along with previews of data
for the week ahead.
By Westpac New Zealand Economics
Australia and NZ weekly 30 January 2023 #australia
AUSTRALIA AND NZ WEEKLY 30 JANUARY 2023
January 29 2023 • Clock 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
Inflation picture supports higher rates #rba
INFLATION PICTURE SUPPORTS HIGHER RATES
January 27 2023 • Clock 5 mins
The latest inflation report has further supported our view that the Reserve Bank
has more work to do as services inflation highlights excess demand pressures.
By Bill Evans
Cliff Notes: global service sector inflation looks to be peaking #cliffnotes
CLIFF NOTES: GLOBAL SERVICE SECTOR INFLATION LOOKS TO BE PEAKING
January 27 2023 • Clock 5 mins
Key insights from the week that was.
By Elliot Clarke
#businessconditions
NZ FIRST IMPRESSIONS: ANZ BUSINESS CONFIDENCE JANUARY 2023
January 27 2023 • Clock 2 mins
Confidence has picked up, but businesses are still pretty gloomy.
By Satish Ranchhod
#labour
NZ LABOUR MARKET PREVIEW, DECEMBER QUARTER 2022
January 26 2023 • Clock 3 mins
We expect the unemployment rate to hold steady at 3.3%. With the economy running
up against capacity constraints, demand pressures are increasingly being
channelled into wage inflation.
By Michael Gordon
#newzealand
NZ WEEKLY ECONOMIC INSIGHT 27 JANUARY 2023
January 26 2023 • Clock 2 mins
A two-minute round-up on the New Zealand economy and markets from Acting Chief
Economist Michael Gordon.
By Michael Gordon
#inflation
NZ CPI REVIEW, DECEMBER QUARTER 2022 AND CHANGE OF OCR FORECAST
January 25 2023 • Clock 3 mins
While inflation remained strong in December, it has fallen short of the RBNZ’s
expectations. As a result, we now expect a lower peak in the Official Cash Rate.
By Michael Gordon & Satish Ranchhod
December CPI - hospitality prices surge while dwelling price inflation eases
back. #inflation
DECEMBER CPI - HOSPITALITY PRICES SURGE WHILE DWELLING PRICE INFLATION EASES
BACK.
January 25 2023 • Clock 7 mins
Headline CPI 1.9%qtr/7.8%yr; Trimmed Mean 1.7%qtr/6.9%yr; Weighted Median
1.6%qtr/5.8%yr. Hospitality services most important factor in the upside
surprise in the December quarter but with the Trimmed Mean coming in broadly as
expected this suggests the pace of core inflation is generally unfolding as we
expected.
By Justin Smirk
Leading Index continues to signal weak growth #leadingindex
LEADING INDEX CONTINUES TO SIGNAL WEAK GROWTH
January 24 2023 • Clock 8 mins
The six-month annualised growth rate in the Westpac-Melbourne Institute Leading
Index, which indicates the likely pace of economic activity relative to trend
three to nine months into the future, was –0.97% in December, largely unchanged
on the –0.96% read in November.
By Bill Evans
#inflation
NZ FIRST IMPRESSIONS: CONSUMERS PRICE INDEX, DECEMBER QUARTER 2022
January 24 2023 • Clock 3 mins
Consumer prices rose 1.4% in the December quarter and are up 7.2% over the past
year. The result was close to market expectations, but lower than the RBNZ’s
forecast.
By Satish Ranchhod
Australian business conditions & confidence, December 2022 #businessconditions
AUSTRALIAN BUSINESS CONDITIONS & CONFIDENCE, DECEMBER 2022
January 24 2023 • Clock 5 mins
Conditions continue to ease, confidence remains subdued. Business conditions:
down 8pts to +12. Business confidence: up 3pts to -1.
By Ryan Wells
#confidence
WESTPAC MCDERMOTT MILLER REGIONAL CONFIDENCE, Q4 2022
January 23 2023 • Clock 4 mins
The December quarter Westpac McDermott Miller Regional Economic Confidence
Survey showed a widespread side in confidence, with every region now dipping
into negative territory.
By Nathan Penny
#newzealand
WEEKLY ECONOMIC COMMENTARY 23 JANUARY 2023
January 22 2023 • Clock 10 mins
Analysis and forecasts of the economy and markets, along with previews of data
for the week ahead.
By Westpac New Zealand Economics
Australia and NZ weekly 23 January 2023 #australia
AUSTRALIA AND NZ WEEKLY 23 JANUARY 2023
January 22 2023 • Clock 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
Inflation dynamics point to RBA’s tightening cycle peaking after the FOMC #rba
INFLATION DYNAMICS POINT TO RBA’S TIGHTENING CYCLE PEAKING AFTER THE FOMC
January 22 2023 • Clock 5 mins
Inflation is set to fall in both Australia and the US in 2023 as supply chain
pressures ease further. But the key services inflation which is linked to wages
growth is more resilient in Australia. That should see the cash rate peak after
the peak in the federal funds rate.
By Bill Evans
Cliff Notes: The new year brings optimism over inflation #cliffnotes
CLIFF NOTES: THE NEW YEAR BRINGS OPTIMISM OVER INFLATION
January 20 2023 • Clock 5 mins
Key insights from the week that was.
By Ryan Wells & Elliot Clarke
#china
RESILIENT THROUGH COVID ZERO, CHINA IS NOW POSITIONED TO GROW ITS ADVANTAGE
January 19 2023 • Clock 9 mins
A short video update from the Westpac Economics team.
By Elliot Clarke
#agriculture
NZ AGRICULTURAL INSIGHT 20 JANUARY 2023
January 19 2023 • Clock 2 mins
The latest developments in New Zealand's agri markets from Senior Agri Economist
Nathan Penny.
By Nathan Penny
#newzealand
NZ WEEKLY ECONOMIC INSIGHT 20 JANUARY 2023
January 19 2023 • Clock 2 mins
A two-minute round-up on the New Zealand economy and markets from Acting Chief
Economist Michael Gordon.
By Michael Gordon
December Labour Force; disrupted by greater than usual illness #employment
DECEMBER LABOUR FORCE; DISRUPTED BY GREATER THAN USUAL ILLNESS
January 19 2023 • Clock 7 mins
Total employment: -14.6k from 58.3k (revised from 64.0k). Unemployment rate:
3.5% from 3.5% (revised 3.4%). Participation rate: 66.6% from 66.8% (unrevised
66.8%). We suspect we have now past the low in unemployment.
By Justin Smirk
#inflation
NZ CPI PREVIEW, DECEMBER QUARTER 2022
January 19 2023 • Clock 2 mins
We estimate that consumer prices rose by 1.1% in the December quarter, leaving
them up 6.9% over the past year. Our estimate is lower than the RBNZ’s last
published forecast.
By Satish Ranchhod
December Quarter CPI Preview #consumer
DECEMBER QUARTER CPI PREVIEW
January 18 2023 • Clock 8 mins
Electricity, food & holiday travel boosting prices but dwelling price inflation
is moderating far faster than we anticipated.
By Justin Smirk
Westpac McDermott Miller Employment Confidence Index, December 2022 #employment
WESTPAC MCDERMOTT MILLER EMPLOYMENT CONFIDENCE INDEX, DECEMBER 2022
January 18 2023 • Clock 3 mins
Employment confidence fell in the December quarter, particularly on the outlook
for the year ahead as households have taken notice of the warnings of recession.
By Michael Gordon
#dairy
NZ DAIRY UPDATE 18 JANUARY 2023
January 17 2023 • Clock 2 mins
The latest developments in the dairy sector.
By Nathan Penny
#retail
NZ FIRST IMPRESSIONS: RETAIL CARD SPENDING DECEMBER 2022
January 17 2023 • Clock 2 mins
Retail spending was softer than expected in December, adding to signs that the
domestic economy is turning down.
By Satish Ranchhod
First Impressions: REINZ house sales and prices December 2022 #housing
FIRST IMPRESSIONS: REINZ HOUSE SALES AND PRICES DECEMBER 2022
January 17 2023 • Clock 2 mins
New Zealand house prices and sales retreated again in December in the face of
another wave of mortgage rate hikes.
By Michael Gordon
From ‘squeeze’ to ‘crush’ – Households’ finances and rising interest rates
#housing
FROM ‘SQUEEZE’ TO ‘CRUSH’ – HOUSEHOLDS’ FINANCES AND RISING INTEREST RATES
January 17 2023 • Clock 10 mins
With a sharp rise in mortgage rates over the past year, increasing numbers of
households will find their finances being squeezed, house prices will continue
to fall, and growth is set to slow.
By Satish Ranchhod
Australia's overseas arrivals and departures, December #australia
AUSTRALIA'S OVERSEAS ARRIVALS AND DEPARTURES, DECEMBER
January 17 2023 • Clock 5 mins
Year-end holiday travel kicks off.
By Ryan Wells
China’s economy resilient amid COVID-zero turmoil #china
CHINA’S ECONOMY RESILIENT AMID COVID-ZERO TURMOIL
January 17 2023 • Clock 5 mins
Precautionary buying by consumers clearly aided GDP in Q4; but underlying detail
is consistent with robust and sustainable growth through 2023 and 2024.
By Elliot Clarke
#consumersentiment
CONSUMER SENTIMENTCONSUMER SENTIMENT LIFTS BY 5%
January 17 2023 • Clock 8 mins
A short video from Westpac's Chief Economist, Bill Evans.
By Bill Evans
Consumer sentiment rises for a second consecutive month #consumersentiment
CONSUMER SENTIMENT RISES FOR A SECOND CONSECUTIVE MONTH
January 16 2023 • Clock 8 mins
The Westpac Melbourne Institute Consumer Sentiment Index increased by 5%, from
80.3 in December to 84.3 in January. This is the largest increase in the Index
since April 2021, and prior to that, since October 2020 when consumers were
responding to positive news around the pandemic.
By Bill Evans
#businessconditions
NZ FIRST IMPRESSIONS NZIER QUARTERLY SURVEY OF BUSINESS OPINION, DECEMBER
QUARTER 2022
January 16 2023 • Clock 2 mins
Today’s update on business conditions pointed to an easing in activity, but no
respite in terms of inflation.
By Satish Ranchhod
Australian housing finance: downturn deepens #housing
AUSTRALIAN HOUSING FINANCE: DOWNTURN DEEPENS
January 13 2023 • Clock 6 mins
Owner-occ. –4.3%mth,–24.3%yr; Investors: –3.8%mth,–22.6%yr. Total value
approvals: –4.1%mth, –23.8%yr (all ex refi)
By Matthew Hassan
Australia and NZ weekly calendar for week beginning 16 January 2023 #australia
AUSTRALIA AND NZ WEEKLY CALENDAR FOR WEEK BEGINNING 16 JANUARY 2023
January 13 2023 • Clock 10 mins
Weekly calendar edition: analysis and forecasts for key releases for week
beginning 16 January 2023.
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
Westpac Card Tracker, 13 January 2023 #retail
WESTPAC CARD TRACKER, 13 JANUARY 2023
January 13 2023 • Clock 5 mins
Card activity shows strong Christmas results
By Matthew Hassan
Australia's trade account November 2022 #trade
AUSTRALIA'S TRADE ACCOUNT NOVEMBER 2022
January 12 2023 • Clock 5 mins
Surplus widens by $0.5bn to $13.2bn despite lower commodity prices. Exports
-0.4%. Imports -1.5%.
By Andrew Hanlan
Australian retail sales: pre-Christmas bump #retail
AUSTRALIAN RETAIL SALES: PRE-CHRISTMAS BUMP
January 11 2023 • Clock 3 mins
Nov sales: +1.4%mth, 7.7%yr. Bumper Black Friday/Cyber-week result & big upward
revisions.
By Matthew Hassan
Australian dwelling approvals: downturn gathers momentum #dwellingapprovals
AUSTRALIAN DWELLING APPROVALS: DOWNTURN GATHERS MOMENTUM
January 11 2023 • Clock 4 mins
Nov -9.0%mth, -15.1%yr. High-rise ‘noise’ conceals sharp weakening in other
segments
By Matthew Hassan
Aus dwelling prices: weak finish to 2022 #houseprices
AUS DWELLING PRICES: WEAK FINISH TO 2022
January 11 2023 • Clock 4 mins
Dec CoreLogic home value index: –1.2%mth; –6.9%yr. Correction still looking
firmly entrenched.
By Matthew Hassan
Australian Monthly CPI Indicator #inflation
AUSTRALIAN MONTHLY CPI INDICATOR
January 11 2023 • Clock 5 mins
The Monthly CPI Indicator rose 7.3% in the year to November splitting Westpac’s
7.4%yr forecast and the market’s 7.2%yr.
By Justin Smirk
Australian private sector credit, November: +0.5%, 8.9%yr #credit
AUSTRALIAN PRIVATE SECTOR CREDIT, NOVEMBER: +0.5%, 8.9%YR
December 23 2022 • Clock 5 mins
The slowdown in credit growth is well underway as rising interest rates impact.
By Andrew Hanlan
Westpac Coast-to-Coast December 2022 #nsw
WESTPAC COAST-TO-COAST DECEMBER 2022
December 22 2022 • Clock 10 mins
An assessment of current trends across the state economies and the prospects for
2023 as headwinds intensify.
By Andrew Hanlan, Matthew Hassan, Ryan Wells & 1 more & Bill Evans
Westpac Card Tracker, 22 December 2022 #retail
WESTPAC CARD TRACKER, 22 DECEMBER 2022
December 22 2022 • Clock 5 mins
Card activity cools after strong start to Christmas sales
By Matthew Hassan
Australia and NZ weekly calendars 26 December 2022 to 9 January 2023 #australia
AUSTRALIA AND NZ WEEKLY CALENDARS 26 DECEMBER 2022 TO 9 JANUARY 2023
December 22 2022 • Clock 10 mins
Weekly calendar end of year edition: analysis and forecasts for key releases
over the coming weeks.
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
Commodities Update December 2022 #commodities
COMMODITIES UPDATE DECEMBER 2022
December 21 2022 • Clock 7 mins
Fortunes have been mixed but the broad trend is positive with iron ore rallying
34%, base metals up 14% and thermal coal gaining 13% more than offsetting the
22% fall in met coal and 18% fall in crude oil. A recovery in behind the
forecast correction in iron ore and coal prices while LNG prices will be
supported by limited supply and growing demand. Australian gas prices fall back
to $12/gigajoule on the announcement of price caps then fell to $10 as we went
to press.
By Justin Smirk
#dairy
NZ DAIRY UPDATE 21 DECEMBER 2022
December 20 2022 • Clock 3 mins
The latest developments in the dairy sector.
By Nathan Penny
Leading Index signals weak growth outlook #leadingindex
LEADING INDEX SIGNALS WEAK GROWTH OUTLOOK
December 20 2022 • Clock 8 mins
The six-month annualised growth rate in the Westpac-Melbourne Institute Leading
Index, which indicates the likely pace of economic activity relative to trend
three to nine months into the future, fell from –0.84% in October to –0.92% in
November.
By Bill Evans
Westpac Economic Calendar January 2023 #economiccalendar
WESTPAC ECONOMIC CALENDAR JANUARY 2023
December 20 2022 • Clock 5 mins
A summary of events and data releases over the coming month including previous
results and forecasts for key data and central bank decisions.
By Westpac Australia Economics
RBA Board considered pause in December #rba
RBA BOARD CONSIDERED PAUSE IN DECEMBER
December 20 2022 • Clock 5 mins
Despite the pause consideration the case was weak – expect another hike of 25 in
February.
By Bill Evans
#businessconditions
NZ FIRST IMPRESSIONS: ANZ BUSINESS CONFIDENCE DECEMBER 2022
December 20 2022 • Clock 2 mins
Businesses are feeling particularly gloomy this holiday season.
By Satish Ranchhod
Australian Chamber–Westpac Business Survey 2022 Q4 #manufacturing
AUSTRALIAN CHAMBER–WESTPAC BUSINESS SURVEY 2022 Q4
December 19 2022 • Clock 10 mins
The Actual Composite index moderated sharply, down from 64.6 to 49.0. The tone
of the survey has shifted dramatically, from an upbeat note three months ago, to
a sobering end to the year for the manufacturing sector and a challenging
outlook.
By Westpac Australia Economics
Deeper insights on moderating inflationary pressures. #inflation
DEEPER INSIGHTS ON MODERATING INFLATIONARY PRESSURES.
December 19 2022 • Clock 5 mins
Price caps will ease inflationary pressures adding to moderating dwelling, food
and durable goods inflation.
By Justin Smirk
Australia and NZ weekly 19 December 2022 #australia
AUSTRALIA AND NZ WEEKLY 19 DECEMBER 2022
December 18 2022 • Clock 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
#newzealand
WEEKLY ECONOMIC COMMENTARY 19 DECEMBER 2022
December 18 2022 • Clock 10 mins
Analysis and forecasts of the economy and markets, along with previews of data
for the week ahead.
By Westpac New Zealand Economics
Westpac McDermott Miller Consumer Confidence, Q4 2022 #nzconsumerconfidence
WESTPAC MCDERMOTT MILLER CONSUMER CONFIDENCE, Q4 2022
December 18 2022 • Clock 5 mins
As 2022 draws to a close, confidence among New Zealand households has tumbled,
dropping to its lowest levels since we began surveying back in 1988.
By Satish Ranchhod
Australia and NZ weekly 19 December 2022 #australia
AUSTRALIA AND NZ WEEKLY 19 DECEMBER 2022
December 16 2022 • Clock 10 mins
Friday edition: analysis and forecasts for this week's key releases
By Bill Evans, Andrew Hanlan, Elliot Clarke & 6 more Justin Smirk, Matthew
Hassan, Ryan Wells, Michael Gordon, Satish Ranchhod & Nathan Penny
Show more articles Search for more articles
MARKETS
lock-open lock-close
ForeX Focus: March madness? #fx
FOREX FOCUS: MARCH MADNESS?
March 2 2023 • Clock 15 mins
The US dollar rally has paused in recent days, despite the upward grind in
yields. US payrolls data has plenty of potential to rattle FX markets again. The
Aussie has been undermined by soft data but the RBA looks set to deliver another
rate hike, helping limit the damage to the currency.
By Sean Callow, Imre Speizer, Robert Rennie & 2 more Richard Franulovich & Tim
Riddell
Markets Daily #aud
MARKETS DAILY
March 1 2023 • Clock 6 mins
Bond yields rose in the wake of stronger economic data in the US and Europe, and
hawkish Fedspeak. The USD fell during Asia’s equity rally, then trimmed losses
somewhat, AUD steadying around 0.6750. Today’s data includes Australia January
dwelling approvals and Eurozone February CPI.
By Sean Callow, Robert Rennie, Tim Riddell & 4 more Westpac Australia Economics,
Imre Speizer, Brendon Cooper & Jessica Ren
lock-open lock-close
#credit
AROUND THE GROUNDS
March 1 2023 • Clock 3 mins
Today's note includes comments on Downer, La Trobe, Mortgage House, and Think
Tank.
By Brendon Cooper, Duncan Chellew & Martin Jacques
lock-open lock-close
#westpacwrap
WESTPAC WRAP 01 MARCH 2023
March 1 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
lock-open lock-close
What's Priced In #whatspricedin
WHAT'S PRICED IN
March 1 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
lock-open lock-close
QTC Mar 2033 Green Bond - Fair Value Analysis #fairvalue
QTC MAR 2033 GREEN BOND - FAIR VALUE ANALYSIS
March 1 2023 • Clock 5 mins
We present our fair value estimates for the QTC 09-Mar-2033 New Green Bond
By Jessica Ren
lock-open lock-close
#bonds
NZGB TENDER PREVIEW
March 1 2023 • Clock 5mins
A preview of the forthcoming weekly NZGB tender, as well as observations on the
NZGB market.
By Imre Speizer
lock-open lock-close
G10 FX Model Weekly: G10 to follow sticky inflation stories #model
G10 FX MODEL WEEKLY: G10 TO FOLLOW STICKY INFLATION STORIES
February 28 2023 • Clock 5 mins
G10 FX Model Weekly: G10 to follow sticky inflation stories
By Richard Franulovich
Markets Daily #aud
MARKETS DAILY
February 28 2023 • Clock 6 mins
Markets mostly saw little net movement, with price action reportedly muddied by
month-end flows. AUD slipped to 0.6730. Today’s busy data calendar includes
Australia Q4 GDP and January CPI, China February PMIs and US February
manufacturing ISM.
By Sean Callow, Robert Rennie, Tim Riddell & 3 more Westpac Australia Economics,
Imre Speizer & Brendon Cooper
lock-open lock-close
#credit
AROUND THE GROUNDS
February 28 2023 • Clock 3 mins
Today's note includes comments on APRA ADI Statistics, Eclipx, and Mortgage
House.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 28 2023 • Clock 2mins
The AUD and NZD were supported by slightly positive risk sentiment (S&P500
+0.3%), while bond yields saw little net change.
By Imre Speizer
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#westpacwrap
WESTPAC WRAP FEBRUARY 2023
February 28 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 28 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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#bonds
LGFA TENDER PREVIEW
February 28 2023 • Clock 2mins
A preview of the forthcoming LGFA tender.
By Imre Speizer
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NBN 1H23: Earnings in line with plan, Government support in place #credit
NBN 1H23: EARNINGS IN LINE WITH PLAN, GOVERNMENT SUPPORT IN PLACE
February 28 2023 • Clock 3 mins
NBN released 1H23 results that demonstrated continued growth in subscribers and
ARPU that has underpinned revenue which has been supported by lower operating
costs and the wind down of subscriber costs, resulting in 20.3% growth in
EBITDA.
By Brendon Cooper
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AUD/CAD Outlook #aud
AUD/CAD OUTLOOK
February 28 2023 • Clock 4 min
Chart pack on our multi-week views on AUD/CAD.
By Sean Callow & Richard Franulovich
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AOFM issued $1.8bn of ACGB last week- Semi Issuance Summary #semigovernment
AOFM ISSUED $1.8BN OF ACGB LAST WEEK- SEMI ISSUANCE SUMMARY
February 28 2023 • Clock 10 mins
Weekly summary of Semi Issuance and Progress
By Jessica Ren
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#nzd
NZD FX WEEKLY
February 27 2023 • Clock 5mins
A weekly update on the market for NZD crosses, including outlooks.
By Imre Speizer
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 27 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 2 more Robert Rennie &
Jessica Ren
Markets Daily #aud
MARKETS DAILY
February 27 2023 • Clock 6 mins
Sterling outperformed on the UK-EU agreement on the Irish border. Bonds were
mixed but equities rallied, helping AUD return to 0.6740. Today’s crowded
Australian data calendar includes January retail sales and Q4 balance of
payments and public demand.
By Sean Callow, Robert Rennie, Tim Riddell & 3 more Westpac Australia Economics,
Imre Speizer & Brendon Cooper
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#credit
AROUND THE GROUNDS
February 27 2023 • Clock 3 mins
Today's note includes comments on APRA, Downer EDI, Woodside Energy, Waypoint
REIT, Liberty, Think Tank, and Eclipx.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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Woodside Energy FY22: Increased Scale & Realised Pricing #credit
WOODSIDE ENERGY FY22: INCREASED SCALE & REALISED PRICING
February 27 2023 • Clock 3 mins
Woodside reported a strong FY22 result, benefitting from increased scale
subsequent to the completion of the BHP Petroleum merger and a positive
operational performance, along with the presence of supportive oil and gas
prices.
By Duncan Chellew
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FinanceAM #usd
FINANCEAM
February 27 2023 • Clock 2mins
US bond yields fell amid month-end rebalancing, and risk sentiment rebounded
(S&P500 +0.7%). These two factors weighed on the USD.
By Imre Speizer
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Waypoint FY22: Income sound, cautious on transactions #credit
WAYPOINT FY22: INCOME SOUND, CAUTIOUS ON TRANSACTIONS
February 27 2023 • Clock 3 mins
Waypoint REIT reported a 5.3% decline in FY22 distributable earnings to
AUD116.1M (down 6.5M) that reflected a 3.4% fall in property rental income post
asset divestments, a marginal increase in net financing costs on higher debt
levels rather than any significant move in cost of debt, and a 3% increase in
management and admin expenses.
By Brendon Cooper
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#westpacwrap
WESTPAC WRAP 27 FEBRUARY 2023
February 27 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
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Longer yields set to rise further in coming weeks. - A$ & NZ$ Rates Weekly
#rates
LONGER YIELDS SET TO RISE FURTHER IN COMING WEEKS. - A$ & NZ$ RATES WEEKLY
February 27 2023 • Clock 10 mins
We present our weekly outlook for the AU and NZ rates markets.
By Damien McColough, Imre Speizer & Jessica Ren
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 27 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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Downer EDI 1H23: Utilities Segment & Weather Impacts Result, Guidance Lowered
#credit
DOWNER EDI 1H23: UTILITIES SEGMENT & WEATHER IMPACTS RESULT, GUIDANCE LOWERED
February 27 2023 • Clock 3 mins
Downer’s 1H23 result illustrated the headwinds faced during the half, with the
company’s performance impacted by adverse weather, labour availability,
productivity and contract/project losses in the utilities segment.
By Duncan Chellew
Aussie faces domestic data deluge #aud
AUSSIE FACES DOMESTIC DATA DELUGE
February 27 2023 • Clock 6 mins
The Australian dollar fell against both a strong greenback and most other major
currencies last week. This week’s local data calendar is crowded, including Q4
GDP and January retail sales and CPI.
By Sean Callow
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 26 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 1 more & Robert Rennie
Markets Daily #aud
MARKETS DAILY
February 26 2023 • Clock 6 mins
US yields and the US dollar jumped on Friday as US inflation printed well above
expectations. Equities fell sharply. AUD slipped to 0.6730. Today’s calendar
includes Australia Q4 company profits and inventories.
By Sean Callow, Robert Rennie, Tim Riddell & 4 more Jessica Ren, Westpac
Australia Economics, Imre Speizer & Brendon Cooper
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#credit
AROUND THE GROUNDS
February 26 2023 • Clock 3 mins
Today's note includes comments on Pacific National, Resimac, Mortgage House, and
the week ahead.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 26 2023 • Clock 2mins
US inflation data was stronger than expected, boosting bond yields and the USD
and hurting risk sentiment. The S&P500 closed down 1.1%.
By Imre Speizer
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FinanceAM #usd
FINANCEAM
February 26 2023 • Clock 2mins
US inflation data was stronger than expected, boosting bond yields and the USD
and hurting risk sentiment. The S&P500 closed down 1.1%.
By Imre Speizer
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#westpacwrap
WESTPAC WRAP 24 FEBRUARY 2023
February 24 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 24 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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AUD/NZD Snapshot #aud
AUD/NZD SNAPSHOT
February 24 2023 • Clock 4 min
One-page snapshot of our AUD/NZD views
By Sean Callow
Markets Daily #aud
MARKETS DAILY
February 23 2023 • Clock 6 mins
US economic data was mixed, while US equities snapped a 4-day losing streak. AUD
was net little changed at 0.6810. Today’s calendar features testimony by BoJ
governor nominee Ueda, Japan January CPI and in the US, personal income and
spending.
By Westpac Australia Economics, Imre Speizer, Brendon Cooper & 4 more Sean
Callow, Robert Rennie, Tim Riddell & Jessica Ren
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 23 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 2 more Robert Rennie &
Jessica Ren
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#credit
AROUND THE GROUNDS
February 23 2023 • Clock 3 mins
Today's note includes comments on Qantas, APA, Pepper, and Zip.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 23 2023 • Clock 2mins
*This is a resend with a correction to the AUD/USD outlook. US economic data was
mixed, weighing on risk sentiment and supporting the defensive USD. The S&P500
is down 0.3%.
By Imre Speizer
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#westpacwrap
WESTPAC WRAP 23 FEBRUARY 2023
February 23 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
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Qantas 1H23: Demand & Capacity Aid Recovery #credit
QANTAS 1H23: DEMAND & CAPACITY AID RECOVERY
February 23 2023 • Clock 3 mins
Qantas reported a strong 1H23 result as its recovery from covid progressed and
strong demand more than offset the impact of elevated fuel costs.
By Duncan Chellew
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ForeX Focus: Aussie nervous in tricky conditions #fx
FOREX FOCUS: AUSSIE NERVOUS IN TRICKY CONDITIONS
February 23 2023 • Clock 15 mins
The US dollar is on track for a fourth straight weekly gain, backed by a
resilient economy and hawkish Fedspeak. The firm US$ and soft wages data leave
the Aussie probing 7-week lows. There is no obvious relief in sight near term
but multi-month upside potential remains.
By Sean Callow, Imre Speizer, Robert Rennie & 2 more Richard Franulovich & Tim
Riddell
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APA 1H23: Stable, with a focus on transition #credit
APA 1H23: STABLE, WITH A FOCUS ON TRANSITION
February 23 2023 • Clock 3 mins
APA reported a 1H23 statutory NPAT of AUD190.7bn, 23.8% up on the pcp, while
underlying EBITDA growth was driven by a 6.1% lift in revenue (before
pass-through) led by consistent growth across the regulated and contracted asset
base within Energy Infrastructure.
By Brendon Cooper
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#bonds
NZGB 2030 THOUGHTS
February 23 2023 • Clock 5mins
Thoughts on the forthcoming NZGB 2030 syndication, including fair value.
By Imre Speizer
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 22 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 1 more & Robert Rennie
Markets Daily #aud
MARKETS DAILY
February 22 2023 • Clock 6 mins
A hawkish lean to FOMC minutes sent US equities into the red and boosted US bond
yields and the US dollar. AUD slipped to 0.6800. Today’s calendar includes
Australia Q4 capex and investment intentions, with global data low key.
By Westpac Australia Economics, Imre Speizer, Brendon Cooper & 4 more Sean
Callow, Robert Rennie, Tim Riddell & Jessica Ren
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#credit
AROUND THE GROUNDS
February 22 2023 • Clock 3 mins
Today's note includes comments on Scentre, Woolworths, Santos, Origin, Downer,
and Eclipx.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 22 2023 • Clock 2mins
Markets were contained ahead of the FOMC minutes, with the USD and equities
slightly higher, bond yields slightly lower. Following the minutes (just
released), bond yields and the USD have risen.
By Imre Speizer
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#westpacwrap
WESTPAC WRAP 22 FEBRUARY 2023
February 22 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
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Woolworths 1H23: Emerging from COVID, could we see funding? #credit
WOOLWORTHS 1H23: EMERGING FROM COVID, COULD WE SEE FUNDING?
February 22 2023 • Clock 3 mins
Woolworths recorded a positive 1H23 performance as operating conditions
normalised somewhat post a heavily COVID impacted prior period, supporting both
sales and margins.
By Brendon Cooper
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 22 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 22 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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Macro Bites #macro
MACRO BITES
February 22 2023 • Clock 5
Macro Insights From Westpac's Market Strategists
By Richard Franulovich, Robert Rennie, Jessica Ren & 2 more Imre Speizer & Tim
Riddell
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Scentre Group FY22: Underlying momentum strong, but cash better #credit
SCENTRE GROUP FY22: UNDERLYING MOMENTUM STRONG, BUT CASH BETTER
February 22 2023 • Clock 3 mins
Scentre Group recorded a positive FY22 result as underlying growth in property
income supported strong FFO and cashflow as collections continued to normalize,
strong occupancy and rent escalations provided momentum, visitation continued to
recover and ECL provisions declined significantly.
By Brendon Cooper
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#nzd
NZD FX WEEKLY
February 22 2023 • Clock 5mins
A weekly update on the market for NZD crosses, including outlooks.
By Imre Speizer
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#securitisation
ABSOLUTE COVERAGE SECURITISATION & COVERED BOND WEEKLY UPDATE 22ND FEBRUARY 2023
February 22 2023 • Clock 4.0 mins
An update on the Australian Securitisation and Covered Bond Markets. This
edition includes pricing details on a non-conforming RMBS from Pepper and an
auto ABS from Wisr, as well as new mandates from Angle Finance, Eclipx and
Latitude joining other planned deals from Resimac & Mortgage House. In NZ MTF
has launched their latest ABS offering.
By Martin Jacques
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#bonds
MARKET REACTION TO RBNZ OCR DECISION
February 22 2023 • Clock 3mins
Thoughts on the market's initial reaction to today's RBNZ OCR decicion.
By Imre Speizer
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#bonds
NZGB TENDER PREVIEW
February 22 2023 • Clock 5mins
A preview of the forthcoming weekly NZGB tender, as well as observations on the
NZGB market.
By Imre Speizer
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 21 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 1 more & Robert Rennie
Markets Daily #aud
MARKETS DAILY
February 21 2023 • Clock 6 mins
Strong rebounds in PMIs in Europe and the US drove bond yields higher and caused
sharp declines in equities. AUD slipped to 0.6855. Today’s busy calendar
includes Australia Q4 wages and construction data, the RBNZ policy decision,
Germany Feb IFO survey and FOMC meeting minutes.
By Westpac Australia Economics, Imre Speizer, Brendon Cooper & 4 more Sean
Callow, Robert Rennie, Tim Riddell & Jessica Ren
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#credit
AROUND THE GROUNDS
February 21 2023 • Clock 3 mins
Today's note includes comments on BHP, Coles, Stockland, Sydney & Melbourne
Airport Traffic, Judo, MTF, and Latitude.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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#westpacwrap
WESTPAC WRAP 21 FEBRUARY 2023
February 21 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
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Coles 1H23: Inflation & supply chain pressure and a new CEO #credit
COLES 1H23: INFLATION & SUPPLY CHAIN PRESSURE AND A NEW CEO
February 21 2023 • Clock 3 mins
Coles reported 1H23 sales growth from continuing operations (Express now
reported as discontinued) of 3.9% to AUD20.8bn in another period that saw the
group cycling strong COVID-19 led sales in the prior period and flood related
challenges impacting supply chain and product availability this half.
By Brendon Cooper
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 21 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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BHP 1H23: Realised Pricing & Inflation Impact Result #credit
BHP 1H23: REALISED PRICING & INFLATION IMPACT RESULT
February 21 2023 • Clock 3 mins
BHP reported a 1H23 result that was impacted by lower realised iron ore and
copper prices, along with the impacts of inflation on unit costs, with
underlying EBITDA from continuing operations decreasing 28% to USD13,230m.
By Duncan Chellew
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Stockland 1H23: MPC sales on watch for 2H23 #credit
STOCKLAND 1H23: MPC SALES ON WATCH FOR 2H23
February 21 2023 • Clock 3 mins
SGP recorded FFO of AUD353M which was relatively flat on the pcp (+0.9%). The
result was driven by the Commercial Property business where both the Retail Town
Centres and Logistics portfolios recorded strong FFO growth (+5.0% and +4.4%
respectively) with positive momentum in collections and leasing, while Logistics
also realised the benefit of development completions.
By Brendon Cooper
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Where to for the 3yr swap rate?- A$ Rates Snapshot #rates
WHERE TO FOR THE 3YR SWAP RATE?- A$ RATES SNAPSHOT
February 21 2023 • Clock 5 mins
A snapshot on a topic of interest within rates markets.
By Jessica Ren
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#bonds
RBNZ SCENARIOS FOR MARKETS
February 21 2023 • Clock 3mins
A preview of possible market reactions to various outcomes from the forthcoming
RBNZ monetary policy meeting.
By Imre Speizer
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G10 FX Model Weekly: USD’s low key grind higher #model
G10 FX MODEL WEEKLY: USD’S LOW KEY GRIND HIGHER
February 20 2023 • Clock 5 mins
G10 FX Model Weekly: USD’s low key grind higher
By Richard Franulovich
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 20 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 1 more & Robert Rennie
Markets Daily #aud
MARKETS DAILY
February 20 2023 • Clock 6 mins
Markets were subdued during the liquidity-thinned US holiday. Bond yields rose
slightly, as did AUD, up to 0.6910. Today we see RBA February meeting minutes
and flash February PMIs across the globe, notably the Eurozone.
By Westpac Australia Economics, Imre Speizer, Brendon Cooper & 3 more Sean
Callow, Robert Rennie & Tim Riddell
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#credit
AROUND THE GROUNDS
February 20 2023 • Clock 3 mins
Today's note includes the Credit Fan and comments on Bendigo & Adelaide Bank,
GPT, Ampol, Angle, and MTF.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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GPT FY22: Retail & Logistics Drive Result #credit
GPT FY22: RETAIL & LOGISTICS DRIVE RESULT
February 20 2023 • Clock 3 mins
GPT reported a 12% increase in FFO to AUD620.6m, led by the performance of the
retail and logistics sectors and with all business segments reporting income
growth.
By Duncan Chellew
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FinanceAM #usd
FINANCEAM
February 20 2023 • Clock 2mins
Markets were subdued during the liquidity-thinned US holiday. Bond yields rose
slightly, as did the AUD and NZD.
By Imre Speizer
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#westpacwrap
WESTPAC WRAP 20 FEBRUARY 2023
February 20 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
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Still testing the upper end of the 10yr yield range. - A$ & NZ$ Rates Weekly
#rates
STILL TESTING THE UPPER END OF THE 10YR YIELD RANGE. - A$ & NZ$ RATES WEEKLY
February 20 2023 • Clock 10 mins
We present our weekly outlook for the AU and NZ rates markets.
By Damien McColough, Imre Speizer & Jessica Ren
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 20 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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BEN 1H23: Margins drive top line growth #credit
BEN 1H23: MARGINS DRIVE TOP LINE GROWTH
February 20 2023 • Clock 3 mins
Bendigo & Adelaide Bank (BEN) reported 1H23 statutory earnings of AUD249M, 22.5%
below the pcp which reflected the non cash swings in Homesafe valuations,
however cash earnings of AUD294.7M were 13% up on the pcp.
By Brendon Cooper
Hawkish Fed keeps Aussie on the back foot #aud
HAWKISH FED KEEPS AUSSIE ON THE BACK FOOT
February 20 2023 • Clock 6 mins
The Aussie wobbled last week on firm US inflation data and the soft Australian
jobs report, but optimism over China’s growth prospects is lending some support.
This week’s busy calendar includes Australia Q4 wages and capex data.
By Sean Callow
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TCorp & ACT issued a total of $3.75bn via syndication this week - Semi Issuance
Summary #semigovernment
TCORP & ACT ISSUED A TOTAL OF $3.75BN VIA SYNDICATION THIS WEEK - SEMI ISSUANCE
SUMMARY
February 20 2023 • Clock 10 mins
Weekly summary of Semi Issuance and Progress
By Jessica Ren
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US dollar’s resilience to be tested in 2023 #usd
US DOLLAR’S RESILIENCE TO BE TESTED IN 2023
February 19 2023 • Clock 9 min
In 2022, the US dollar received unwavering support. However, as global inflation
risks began to recede, the tide turned. - Video
By Elliot Clarke, Richard Franulovich & Sean Callow
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 19 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 1 more & Robert Rennie
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The Funding Task - February 2023 #credit
THE FUNDING TASK - FEBRUARY 2023
February 19 2023 • Clock 3 mins
We provide a brief look at the funding task across the major and regional banks
post recent earnings and trading updates for the December quarter.
By Brendon Cooper
Markets Daily #aud
MARKETS DAILY
February 19 2023 • Clock 6 mins
Markets were choppy Friday but mostly little changed overall, with limited news
and data. AUD printed 6-week lows, then trimmed losses to 0.6865. Today’s
calendar is quiet, with US markets closed for Presidents Day.
By Westpac Australia Economics, Imre Speizer, Jessica Ren & 3 more Brendon
Cooper, Sean Callow & Robert Rennie
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#credit
AROUND THE GROUNDS
February 19 2023 • Clock 3 mins
Today's note includes comments on the week ahead and QBE.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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QBE FY22: Strengthening the COR #credit
QBE FY22: STRENGTHENING THE COR
February 19 2023 • Clock 3 mins
QBE saw a strong 2H recovery in earnings that produced a FY22 cash profit of
USD770M (up 2.7% on pcp) or USD842M on an adjusted basis.
By Brendon Cooper
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FinanceAM #usd
FINANCEAM
February 19 2023 • Clock 2mins
Amid little major news flow, the US dollar and bond yields fell, and the S&P500
closed down 0.3%.
By Imre Speizer
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 17 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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Sustainable Finance Q4 2022 Market Update #sustainablefinance
SUSTAINABLE FINANCE Q4 2022 MARKET UPDATE
February 16 2023 • Clock 5 mins
In this quarterly update Westpac’s Sustainable Finance team summarises movements
in the Sustainable Finance market, key issuances, recent developments and
important news across both Sustainable Finance and ESG.
By Jeremy Sweeney, Eliza Mathews, Kirsty McCartney & 3 more Meaghan van der
Bergh, Linh Quach & Charlotte Plaisant Millecamps
Markets Daily #aud
MARKETS DAILY
February 16 2023 • Clock 6 mins
Strong US producer prices data and hawkish Fedspeak pushed bond yields higher
and equities lower. AUD fell slightly to 0.6880. Today’s calendar includes RBA
Governor Lowe’s testimony, UK January retail sales and more from the Fed.
By Westpac Australia Economics, Imre Speizer, Jessica Ren & 3 more Brendon
Cooper, Sean Callow & Robert Rennie
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#credit
AROUND THE GROUNDS
February 16 2023 • Clock 3 mins
Today's note includes comments on Telstra, AMP, NAB, Origin, Pepper, Eclipx,
Wisr and links to corporate earnings commentary thus far.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 16 2023 • Clock 2mins
Strong US PPI data and hawkish Fedspeak pushed bond yields slightly higher and
equities slightly lower, the S&P500 down 0.4%. Currencies pared losses for
little net change.
By Imre Speizer
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Telstra Group 1H23: Strong momentum, focus on monetisation #credit
TELSTRA GROUP 1H23: STRONG MOMENTUM, FOCUS ON MONETISATION
February 16 2023 • Clock 3 mins
TLS reported a statutory NPAT of AUD934M, up 25.7% on the pcp in what was the
first reporting period under the group’s new Hold Co structure, albeit the
transition is an internal reorganisation at this point with no impact on
reported results.
By Brendon Cooper
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ForeX Focus: Fresh Lowe for the Aussie? #fx
FOREX FOCUS: FRESH LOWE FOR THE AUSSIE?
February 16 2023 • Clock 15 mins
US CPI wasn’t a game-changer for the Aussie, which is showing some resilience
against a solid US dollar. Both have more solid yield support but medium term we
still see AUD/USD ranges breaking higher, supported by Australia’s promising
export outlook.
By Sean Callow, Imre Speizer, Robert Rennie & 1 more & Richard Franulovich
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Origin Energy 1H23: APLNG Drives Result, Energy Markets Outlook Improving
#credit
ORIGIN ENERGY 1H23: APLNG DRIVES RESULT, ENERGY MARKETS OUTLOOK IMPROVING
February 16 2023 • Clock 3 mins
Origin reported a mixed 1H23 result, with APLNG’s strong performance continuing
on the back of a supportive price and demand environment, though Energy Markets
earnings fell as challenging conditions remained.
By Duncan Chellew
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AMP FY22: Capital strong, looking for traction in banking & wealth #credit
AMP FY22: CAPITAL STRONG, LOOKING FOR TRACTION IN BANKING & WEALTH
February 16 2023 • Clock 3 mins
AMP reported a FY22 statutory profit of AUD387M that continued to reflected
ongoing transactions as the group streamlines its position in banking and
wealth.
By Brendon Cooper
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 15 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 2 more Robert Rennie &
Jessica Ren
Markets Daily #aud
MARKETS DAILY
February 15 2023 • Clock 6 mins
Strong US retail sales data supported bond yields and the US dollar, AUD
slipping to 0.69 despite resilient equities. Today’s calendar highlight is
Australia’s January employment report.
By Westpac Australia Economics, Imre Speizer, Tim Riddell & 4 more Jessica Ren,
Brendon Cooper, Sean Callow & Robert Rennie
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#securitisation
ABSOLUTE COVERAGE SECURITISATION & COVERED BOND WEEKLY UPDATE 16TH FEBRUARY 2023
February 15 2023 • Clock 5.2 mins
An update on the Australian Securitisation and Covered Bond Markets. This
edition includes pricing details on transactions from Columbus Capital, Plenti &
Liberty; the release of a new mandate from Mortgage House that joins existing
deals from Pepper, Resimac & MTF; and December mortgage delinquency data from
S&P.
By Martin Jacques
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#credit
AROUND THE GROUNDS
February 15 2023 • Clock 3 mins
Today's note includes comments on CBA, Wesfarmers, Vicinity, FMG, Columbus,
Liberty, and Pepper.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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Vicinity 1H23: Retail performance supports collections #credit
VICINITY 1H23: RETAIL PERFORMANCE SUPPORTS COLLECTIONS
February 15 2023 • Clock 3 mins
Vicinity Centres (VCX) reported a 1H23 result that reflected a full period with
no mandated COVID lockdowns, strong underlying retail sales and traffic,
continued improvement in collections, an increase in leasing activity and
improved leasing spreads.
By Brendon Cooper
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FinanceAM #usd
FINANCEAM
February 15 2023 • Clock 2mins
Strong US retail sales data pushed bond yields and the US dollar higher.
Equities were only briefly ruffled, the S&P500 currently unchanged.
By Imre Speizer
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CBA 1H23: Upbeat results “driven by timing” #credit
CBA 1H23: UPBEAT RESULTS “DRIVEN BY TIMING”
February 15 2023 • Clock 3 mins
CBA reported 1H cash earnings of AUD5.15bn, 8.6% up on the pcp and broadly in
line with consensus expectations of ~AUD5.17bn. The result was driven by strong
top line growth as net interest income increased 19% to AUD11.64bn with upside
driven by continued strong asset growth (home lending +5.3%, business lending
+14.3%) together with a sharply higher NIM of 210bp (up 23bp in the last half).
By Brendon Cooper
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 15 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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Wesfarmers 1H23: Core Segments Drive Performance #credit
WESFARMERS 1H23: CORE SEGMENTS DRIVE PERFORMANCE
February 15 2023 • Clock 3 mins
Wesfarmers reported a 14% increase in NPAT to AUD1,384m and a 13% increase in
EBITDA to AUD3,004m as all core segments recorded improved earnings during the
half despite the challenging cost environment.
By Duncan Chellew
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Macro Bites #macro
MACRO BITES
February 15 2023 • Clock 5
Macro Insights From Westpac's Market Strategists
By Richard Franulovich, Robert Rennie, Jessica Ren & 1 more & Damien McColough
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#bonds
NZGB TENDER PREVIEW
February 15 2023 • Clock 5mins
A preview of the forthcoming weekly NZGB tender, as well as observations on the
NZGB market.
By Imre Speizer
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AUD/JPY Snapshot #aud
AUD/JPY SNAPSHOT
February 15 2023 • Clock 4 min
One-page snapshot of our AUD/JPY views
By Sean Callow
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 15 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 2 more Robert Rennie &
Jessica Ren
Markets Daily #aud
MARKETS DAILY
February 14 2023 • Clock 6 mins
US bond yields jumped in response to CPI data, but equities recovered losses,
helped by mixed Fed comments. FX markets were volatile but AUD proved resilient,
up slightly to 0.6985. Today’s calendar includes testimony by RBA Governor Lowe,
UK Jan CPI and US Jan retail sales.
By Westpac Australia Economics, Imre Speizer, Tim Riddell & 4 more Jessica Ren,
Brendon Cooper, Sean Callow & Robert Rennie
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#credit
AROUND THE GROUNDS
February 14 2023 • Clock 3 mins
Today's note includes comments on Dexus, Woodside, Santos, Challenger and SPIN.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 14 2023 • Clock 2mins
Markets reacted to the US CPI inflation data by pushing bond yields higher.
Currencies were less sensitive, and equities weren’t too ruffled, the S&P500
down 0.1%.
By Imre Speizer
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 14 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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Dexus 1H23: Strategy Refined, Portfolio Quality Remains #credit
DEXUS 1H23: STRATEGY REFINED, PORTFOLIO QUALITY REMAINS
February 14 2023 • Clock 3 mins
Dexus reported a result which reflected the underlying quality of its office and
industrial portfolio’s, along with the positive performance of its funds
management and trading segments, and its strong financial position.
By Duncan Chellew
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#nzd
NZD FX WEEKLY
February 14 2023 • Clock 5mins
A weekly update on the market for NZD crosses, including outlooks.
By Imre Speizer
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 14 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 2 more Robert Rennie &
Jessica Ren
Markets Daily #aud
MARKETS DAILY
February 13 2023 • Clock 6 mins
Equity sentiment improved in Europe and the US, helping AUD rise to 0.6965.
Today’s data calendar includes Australia Feb consumer sentiment and Jan business
confidence, Japan Q4 GDP, UK Dec unemployment and the global focus, US Jan CPI.
Japan announces its nomination for BoJ governor.
By Westpac Australia Economics, Imre Speizer, Tim Riddell & 4 more Jessica Ren,
Brendon Cooper, Sean Callow & Robert Rennie
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#credit
AROUND THE GROUNDS
February 13 2023 • Clock 3 mins
Today's note includes the Credit Fan and comments on Aurizon, Lendlease, IAG,
Columbus, Liberty, Pepper, and Mortgage House.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 13 2023 • Clock 2mins
Ahead of key US inflation data, equities rose (S&P500 up 1.1%) and the US dollar
fell slightly. Bond yields were little changed.
By Imre Speizer
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“Higher / Tighter for longer” = flatter AU curve. A$ & NZ$ Rates Weekly #rates
“HIGHER / TIGHTER FOR LONGER” = FLATTER AU CURVE. A$ & NZ$ RATES WEEKLY
February 13 2023 • Clock 10 mins
We present our weekly outlook for the AU and NZ rates markets.
By Damien McColough, Imre Speizer & Jessica Ren
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IAG 1H23: Premiums, storms and inflation in play #credit
IAG 1H23: PREMIUMS, STORMS AND INFLATION IN PLAY
February 13 2023 • Clock 3 mins
As previously disclosed, IAG reported a 1H23 NPAT of AUD468M (1H22: AUD173M,
2H22: AUD174M) which includes the post tax benefit of AUD252M from the reduction
of its Business Interruption provision.
By Brendon Cooper
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 13 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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Aurizon 1H23: A Weather Impacted Result #credit
AURIZON 1H23: A WEATHER IMPACTED RESULT
February 13 2023 • Clock 3 mins
Aurizon reported a weather impacted half, with lower network and coal volumes
the major driver of a 7% decrease in EBITDA to AUD673m.
By Duncan Chellew
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Lendlease 1H23: Moving to the Create phase, but one-offs still in play #credit
LENDLEASE 1H23: MOVING TO THE CREATE PHASE, BUT ONE-OFFS STILL IN PLAY
February 13 2023 • Clock 3 mins
Lendlease reported a 1H23 statutory loss of AUD141M with one offs featuring
again as the group recorded a AUD200M provision in relation to potential
liability at its UK residential assets (refer below), with core operating income
of AUD105M well up on the 1H22 result and more reflective of the underlying
performance.
By Brendon Cooper
Aussie still vulnerable ahead of US inflation report #aud
AUSSIE STILL VULNERABLE AHEAD OF US INFLATION REPORT
February 13 2023 • Clock 6 mins
AUD/USD was net almost unchanged last week around 69 cents, as the RBA’s hawkish
tone helped shore up the Aussie against a strong US dollar. This week’s crowded
calendar includes US CPI, Australia’s employment report and two appearances by
RBA Governor Lowe.
By Sean Callow
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SAFA leads in issuance this week with new May 38 syndication - Semi Issuance
Summary #semigovernment
SAFA LEADS IN ISSUANCE THIS WEEK WITH NEW MAY 38 SYNDICATION - SEMI ISSUANCE
SUMMARY
February 13 2023 • Clock 10 mins
Weekly summary of Semi Issuance and Progress
By Jessica Ren
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 12 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Damien McColough, Richard Franulovich, Imre Speizer & 1 more & Robert Rennie
Markets Daily #aud
MARKETS DAILY
February 12 2023 • Clock 6 mins
Fed tightening expectations helped push bond yields and the USD higher, AUD
edging down to 0.6925. US equities were somewhat resilient. USD/JPY gyrated on
headlines regarding the next BoJ governor. Today’s global calendar is very
light.
By Westpac Australia Economics, Imre Speizer, Tim Riddell & 4 more Jessica Ren,
Brendon Cooper, Sean Callow & Robert Rennie
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#credit
AROUND THE GROUNDS
February 12 2023 • Clock 3 mins
Today's note includes comments on the week ahead, Liberty, Humm, Plenti, and
corporate reporting so far.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 12 2023 • Clock 2mins
Fed tightening expectations helped push bond yields and the USD higher. US
inflation expectations remained elevated.
By Imre Speizer
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#westpacwrap
WESTPAC WRAP 10 FEBRUARY 2023
February 10 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 10 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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AUD/GBP Snapshot #aud
AUD/GBP SNAPSHOT
February 10 2023 • Clock 4 min
One-page snapshot of our AUD/GBP views
By Sean Callow
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 9 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Richard Franulovich, Imre Speizer, Robert Rennie & 1 more & Jessica Ren
Markets Daily #aud
MARKETS DAILY
February 9 2023 • Clock 6 mins
US bond yields rose again after a poor 30-year auction, helping the US$ rebound.
AUD slid to 0.6930. Today’s calendar includes the RBA quarterly statement, China
January CPI, UK Q4 GDP and US February consumer sentiment.
By Westpac Australia Economics, Imre Speizer, Tim Riddell & 4 more Jessica Ren,
Brendon Cooper, Sean Callow & Robert Rennie
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#credit
AROUND THE GROUNDS
February 9 2023 • Clock 3 mins
Today's note includes comments on ANZ, Mirvac, Charter Hall LWR, AGL, and
Liberty.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 9 2023 • Clock 2mins
Previous strong US jobs data and hawkish Fedspeak continued to resonate, pushing
bond yields higher. The S&P500 is down 0.5%, while currencies were mixed.
Sweden’s central bank delivered a hawkish hike.
By Imre Speizer
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#westpacwrap
WESTPAC WRAP 09 FEBRUARY 2023
February 9 2023 • Clock 3 mins
Key Westapc publications and market updaate.
By Tim Riddell
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What's Priced In #whatspricedin
WHAT'S PRICED IN
February 9 2023 • Clock 3 mins
Monetary Policy Watch
By Damien McColough & Jessica Ren
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ForeX Focus: Turnaround Tuesday? #fx
FOREX FOCUS: TURNAROUND TUESDAY?
February 9 2023 • Clock 15 mins
The biggest surprise on US payrolls in years provided the US dollar with a
much-needed spark, knocking the Aussie back below 70 cents. The RBA’s hawkish
turn helped the A$ stabilise but in the week ahead, it’s likely to be US data
that again proves pivotal, with all eyes on Tuesday’s January CPI.
By Sean Callow, Imre Speizer, Robert Rennie & 2 more Tim Riddell & Richard
Franulovich
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Charter Hall LWR 1H23: Portfolio Fundamentals Remain Strong #credit
CHARTER HALL LWR 1H23: PORTFOLIO FUNDAMENTALS REMAIN STRONG
February 9 2023 • Clock 3 mins
Charter Hall Long WALE REIT reported an increase in property income for 1H23,
with the result benefitting from CPI linked leases and fixed rental increases,
however rental growth was largely offset by increased finance costs and an
uplift in opex.
By Duncan Chellew
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Mirvac 1H23: Lower development earnings, lower cash #credit
MIRVAC 1H23: LOWER DEVELOPMENT EARNINGS, LOWER CASH
February 9 2023 • Clock 3 mins
Mirvac reported a 1H23 statutory profit of AUD215M that was well down on the pcp
(-61.9%) which largely reflected the lack of the significant revaluations gains
seen in 1H22. FFO was up 3.3% to AUD316M driven by a combination of sound NOI
growth (-18.9%), and increased Funds under Management offset by weaker
Development income.
By Brendon Cooper
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#securitisation
ABSOLUTE COVERAGE SECURITISATION & COVERED BOND WEEKLY UPDATE 9TH FEBRUARY 2023
February 9 2023 • Clock 5.1 mins
An update on the Australian Securitisation and Covered Bond Markets. This
edition includes the release of new mandates from Columbus Capital for a prime
RMBS, non-conforming RMBS transactions from Liberty, Pepper & Resimac, and a New
Zealand ABS from Motor Trade Finance. These transactions join a previous mandate
from Plenti for a PL & Green ABS that has now launched
By Martin Jacques
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Strategy Views on a Page #macro
STRATEGY VIEWS ON A PAGE
February 8 2023 • Clock 5 min
A quick summary of Westpac Strategy Group market views on a single page
By Richard Franulovich, Robert Rennie, Jessica Ren & 1 more & Imre Speizer
Markets Daily #aud
MARKETS DAILY
February 8 2023 • Clock 6 mins
Hawkish Fedspeak weighed on risk sentiment, US equities sliding and the Aussie
weakest in the G10, down to 0.6925. Today’s global calendar is very light.
By Westpac Australia Economics, Imre Speizer, Tim Riddell & 4 more Jessica Ren,
Brendon Cooper, Sean Callow & Robert Rennie
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#credit
AROUND THE GROUNDS
February 8 2023 • Clock 3 mins
Today's note includes comments on Suncorp, BWP Trust, Telstra, Plenti, Columbus,
Pepper, and VW.
By Brendon Cooper, Duncan Chellew & Martin Jacques
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FinanceAM #usd
FINANCEAM
February 8 2023 • Clock 2mins
Hawkish Fedspeak weighed on risk sentiment, the S&P500 down 0.8%, and the AUD
slightly lower.
By Imre Speizer
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#westpacwrap
WESTPAC WRAP 08 FEBRUARY 2023
February 8 2023 • Clock 3 mins
Key Westpac publications and market update.
By Tim Riddell
Show more articles Search for more articles
THOUGHT LEADERSHIP
How digital innovation is transforming supply chains #technology
HOW DIGITAL INNOVATION IS TRANSFORMING SUPPLY CHAINS
February 20 2023 • Clock 5 mins
As businesses prepare for 2023 and beyond, innovation in supply chains is not
only changing the way they operate but potentially revolutionising entire
sectors.
By Westpac Institutional Bank
The race to circularity: Can Australia meet the 2030 deadline?
#sustainablefinance
THE RACE TO CIRCULARITY: CAN AUSTRALIA MEET THE 2030 DEADLINE?
January 30 2023 • Clock 5 mins
A circular economy policy has been declared, but will Australia make the
transformation in the next eight years? An expert panel considers some of the
big strides and step changes in the race ahead.
By Westpac Institutional Bank
How to navigate 2023: Trends and tactics #cybersecurity
HOW TO NAVIGATE 2023: TRENDS AND TACTICS
December 12 2022 • Clock 5 mins
Experts at the Westpac Sustainable Future Forum delivered cues for action for
Australian business leaders as they prepare for a new year dealing with a range
of highly dynamic issues.
By Westpac Institutional Bank
Fast-tracking sustainability: ‘Acknowledge that it’s hard’ #sustainablefinance
FAST-TRACKING SUSTAINABILITY: ‘ACKNOWLEDGE THAT IT’S HARD’
December 7 2022 • Clock 7 mins
Australia’s financial system is reshaping towards a resilient and inclusive
future, but there’s still much to do, industry experts agreed at the launch of
ASFI’s latest Progress Tracker.
By Westpac Institutional Bank
ESG Impact: What you need to know - November 2022 #esg
ESG IMPACT: WHAT YOU NEED TO KNOW - NOVEMBER 2022
November 30 2022 • Clock 7
Your round-up of the latest standout ESG developments making the headlines, from
corporate highlights to policy updates. What’s happening globally? Why does it
matter? What does it mean for you?
By Michael Chen, Jeffrey Lau, Tim Parker & 2 more Liam McElduff & Joshua Finfer
Sibos 2022: New global priorities for payments #payments
SIBOS 2022: NEW GLOBAL PRIORITIES FOR PAYMENTS
November 22 2022 • Clock 5 mins
This year’s Sibos conference flagged the need for banks and their customers to
get ready for the new world of instant global payments. Westpac’s Jeff Byrne and
Nish Dharmaratne explain what’s on the way.
By Westpac Institutional Bank
Federal Budget 2022: The impact by sector #federalbudget
FEDERAL BUDGET 2022: THE IMPACT BY SECTOR
November 6 2022 • Clock 10 mins
The first Federal Budget by the Albanese government presented many potential
positives, but in this sector-by-sector analysis Westpac experts ask how
deliverable some will be due to ongoing workforce shortages.
By Westpac Institutional Bank
ESG Impact: What you need to know - October 2022 #esg
ESG IMPACT: WHAT YOU NEED TO KNOW - OCTOBER 2022
October 31 2022 • Clock 7 mins
Welcome to this month’s round-up of the standout ESG developmentsmaking the
headlines, from corporate highlights to policy updates.What’s happening
globally? Why does it matter? What does it mean foryou?
By Michael Chen, Tim Parker, Jeffrey Lau & 1 more & Liam McElduff
Momentum behind sustainable finance innovation #sustainablefinance
MOMENTUM BEHIND SUSTAINABLE FINANCE INNOVATION
October 25 2022 • Clock 10 mins
The size and breadth of the sustainable finance market has grown and with it the
ambition of its participants. In September, KangaNews Sustainable Finance and
Westpac Institutional Bank hosted a group of borrowers, each of which has
expanded the boundaries of what is achievable in the Australian market, to
discuss their motivations, aspirations and challenges.
By KangaNews
ESG Impact: What you need to know - September 2022 #esg
ESG IMPACT: WHAT YOU NEED TO KNOW - SEPTEMBER 2022
September 28 2022 • Clock 7 mins
In Westpac IQ’s September wrap of the latest ESG developments making the
headlines, Westpac Institutional Bank’s team of ESG experts explain what’s
happening globally, why it matters and what it means for you.
By Michael Chen, Tim Parker, Jeffrey Lau & 1 more & Liam McElduff
Scaling hurdles in the race to net-zero #esg
SCALING HURDLES IN THE RACE TO NET-ZERO
September 9 2022 • Clock 5 mins
As one of the major roadblocks to sustainable finance looks set to shift, more
than a third of companies say they will be issuing or utilising green or social
funding for the first time in the next year
By Economist Impact & Westpac Institutional Bank
Cheat sheet: Carbon trading in Australia and beyond #carbonpricing
CHEAT SHEET: CARBON TRADING IN AUSTRALIA AND BEYOND
September 5 2022 • Clock 10 mins
Westpac IQ asks three experts to explain how carbon markets work and unpack the
reasons for the rapidly rising demand in Australia for high-integrity carbon
offset schemes.
By Westpac Institutional Bank
ESG Impact: What you need to know - August 2022 #esg
ESG IMPACT: WHAT YOU NEED TO KNOW - AUGUST 2022
August 31 2022 • Clock 7 mins
In Westpac IQ’s August wrap of the latest ESG developments making the headlines,
Westpac Institutional Bank’s team of ESG experts explain what’s happening
globally, why it matters and what it means for you.
By Michael Chen, Tim Parker, Jeffrey Lau & 1 more & Liam McElduff
Hydrogen’s central role in decarbonising Australia’s economy #hydrogen
HYDROGEN’S CENTRAL ROLE IN DECARBONISING AUSTRALIA’S ECONOMY
August 25 2022 • Clock 7 mins
Touting benefits of lower costs and greater energy security, Australia’s gas
distributors explain their transition plans for a green hydrogen future and what
needs to change to make it happen.
By Westpac Institutional Bank
How decarbonisation is reshaping business #sustainablefinance
HOW DECARBONISATION IS RESHAPING BUSINESS
August 17 2022 • Clock 7 mins
From disruption to shifting priorities, three Australian business leaders
explain how decarbonisation is changing their organisations.
By Economist Impact & Westpac Institutional Bank
Foundations for success in the new data era #data
FOUNDATIONS FOR SUCCESS IN THE NEW DATA ERA
August 2 2022 • Clock 5 mins
To extract maximum value from data, organisations are reshaping their data
strategies. Westpac’s DataX offering is helping Australia’s top businesses and
Government embrace the change.
By Anthony Miller & Jade Clarke
ESG Impact: What you need to know - July 2022 #esg
ESG IMPACT: WHAT YOU NEED TO KNOW - JULY 2022
July 29 2022 • Clock 10 mins
In our July wrap of the latest ESG developments, Westpac Institutional Bank’s
team of ESG experts explain what’s happening domestically and locally, why it
matters, and what it means for you.
By Michael Chen, Tim Parker, Jeffrey Lau & 1 more & Liam McElduff
Rising to the transition challenge #esg
RISING TO THE TRANSITION CHALLENGE
July 26 2022 • Clock 7 mins
To mark Westpac joining the global UN-convened Net-Zero Banking Alliance, two of
the bank’s ESG thought leaders outline how it’s leaning into the transition of
hard-to-abate industries – and why.
By Michael Chen & Tim Parker
Inside Asia-Pacific’s sustainable finance surge #sustainablefinance
INSIDE ASIA-PACIFIC’S SUSTAINABLE FINANCE SURGE
July 4 2022 • Clock 5 mins
Two Australian corporate leaders explain what’s changing for companies and
investors as uptake of sustainable finance opportunities rapidly surges across
the Asia-Pacific.
By Economist Impact & Westpac Institutional Bank
ESG Impact: What you need to know – June 2022 #esg
ESG IMPACT: WHAT YOU NEED TO KNOW – JUNE 2022
June 28 2022 • Clock 5 mins
In our June wrap of the latest ESG developments, Westpac Institutional Bank’s
team of ESG experts explain what’s happening domestically and locally, why it
matters, and what it means for you.
By Michael Chen, Tim Parker, Jeffrey Lau & 1 more & Liam McElduff
Data insights: a new currency for strategic growth #data
DATA INSIGHTS: A NEW CURRENCY FOR STRATEGIC GROWTH
June 9 2022 • Clock 7 mins
Westpac DataX gives business and government access to powerful data insights to
inform decision-making and achieve growth through sophisticated data analytics.
By Westpac Institutional Bank
Navigating the digital highway #data
NAVIGATING THE DIGITAL HIGHWAY
June 8 2022 • Clock 7 mins
Digital connectivity and data have transformed the way organisations operate.
Keeping pace with accelerating digital evolution is essential for long-term
success.
By Westpac Institutional Bank
Hydrogen: Steps towards Australia’s powerhouse plan #hydrogen
HYDROGEN: STEPS TOWARDS AUSTRALIA’S POWERHOUSE PLAN
June 7 2022 • Clock 7 mins
CSIRO Hydrogen Industry Mission Leader Patrick Hartley outlines some of the key
moves required for Australia to realise its plans to become a major hydrogen
exporter in this Q+A for Westpac IQ.
By Westpac Institutional Bank
Valuing Nature - Seeing the Ecological Assets through the Trees #agriculture
VALUING NATURE - SEEING THE ECOLOGICAL ASSETS THROUGH THE TREES
May 29 2022 • Clock 15 mins
Is it possible to attach a monetary value to something as seemingly priceless as
Nature? For Tasmanian forestry management and timber plantation company Forico,
the answer is yes.
By Westpac Institutional Bank
ESG Impact: What you need to know - May 2022 #esg
ESG IMPACT: WHAT YOU NEED TO KNOW - MAY 2022
May 23 2022 • Clock 10 mins
In our May wrap of the latest ESG developments, Westpac Institutional Bank’s
team of ESG experts explain what’s happening domestically and locally, why it
matters, and what it means for you.
By Michael Chen, Tim Parker & Jeffrey Lau
Realising Australia’s rare earths’ potential #esg
REALISING AUSTRALIA’S RARE EARTHS’ POTENTIAL
May 5 2022 • Clock 10 mins
Massive growth potential is anticipated for rare earths, the crucial raw
materials for wind turbines and electric vehicle motors, which will play a
central role in global decarbonisation efforts.
By Westpac Institutional Bank
Budget 2022: Analysis sector by sector #federalbudget
BUDGET 2022: ANALYSIS SECTOR BY SECTOR
April 11 2022 • Clock 20 mins
One-off payments to ease Australians’ cost-of-living pressures were this year’s
Budget scene-stealers, but who will be the longer-term beneficiaries? Westpac
Institutional Bank analysts reveal its impact by sector.
By Westpac Institutional Bank
Green lights for lithium producers #energy
GREEN LIGHTS FOR LITHIUM PRODUCERS
April 6 2022 • Clock 10 mins
Massive growth in the electric vehicle market has spurred global interest in
Australia as a source of sustainably produced lithium. Two industry leaders
share their insights with Westpac IQ on how the sector is powering ahead.
By Westpac Institutional Bank
Payments Innovation: Trends to watch in 2022 #payments
PAYMENTS INNOVATION: TRENDS TO WATCH IN 2022
March 23 2022 • Clock 15 mins
Reform of Australia’s A$650 billion-a-day payments industry is long overdue, but
will the changes come at the cost of creativity across this rapidly changing
landscape?
By Susan Muldowney
Next Phase for Corporate Debt #sustainablefinance
NEXT PHASE FOR CORPORATE DEBT
March 16 2022 • Clock 5 mins
Financial markets are at the heart of era-defining changes happening in today’s
world. How adequately the Australian market rises to the challenge will help
define its own future and that of the whole economy.
By Westpac Institutional Bank
Sustainable finance hits fast forward #sustainablefinance
SUSTAINABLE FINANCE HITS FAST FORWARD
March 10 2022 • Clock 1 mins
A new survey by Economist Impact for Westpac Institutional Bank shows how
sustainable finance is forging ahead as a core strategy for issuers and
investors across the Asia Pacific, and what’s holding it back.
By Westpac Institutional Bank
How corporate treasurers are taking the lead on ESG #esg
HOW CORPORATE TREASURERS ARE TAKING THE LEAD ON ESG
February 23 2022 • Clock 7 mins
Corporate treasurers are increasingly engaging with the ESG goals of their
organisations and turning to green finance products to help achieve their
treasury objectives.
By Westpac Institutional Bank
The rapid rise of sustainable finance #sustainablefinance
THE RAPID RISE OF SUSTAINABLE FINANCE
December 12 2021 • Clock 7 mins
2021 has been a massive year for sustainability broadly, and the ever-sharpening
global focus can be clearly gauged by the rapid evolution and upward trajectory
of sustainable finance.
By Michael Chen
Holding businesses accountable for sustainability #sustainablefinance
HOLDING BUSINESSES ACCOUNTABLE FOR SUSTAINABILITY
December 6 2021 • Clock 15 mins
Sustainability is indisputably now a top agenda item for all businesses and,
while it presents many challenges for organisations, the welcome news is that
greater clarity is looming around one of the persistent uncertainties: how to
report?
By Michael Chen
SIBOS 2021: Key trends and themes #payments
SIBOS 2021: KEY TRENDS AND THEMES
November 29 2021 • Clock 7 mins
From innovative payments methods to new standards for interoperability, global
financial leaders explored how banks are disrupting themselves and fast evolving
at Sibos 2021. Here Westpac IQ talks to the key trends and themes to come out of
the conference.
By Westpac Institutional Bank
Reforming Australia’s energy future #renewables
REFORMING AUSTRALIA’S ENERGY FUTURE
November 28 2021 • Clock 10 mins
Renewables sector concerns around a “fit-for-purpose” grid are expected to be
tempered by the latest recommendations of the Energy Security Board, its
Chairman Kerry Schott tells the AFR as part of Westpac Institutional Bank’s
Reforming the Grid discussion.
Cyber safety: New insights for countering threats #cybersecurity
CYBER SAFETY: NEW INSIGHTS FOR COUNTERING THREATS
October 14 2021 • Clock 5 mins
To maximise their cyber safety, businesses must learn to “drive defensively” in
the face of ever mounting and evolving risks. Westpac experts highlighted
critical actions to counter the most prevalent threats in a recent virtual
forum.
By Cameron Cooper
Addressing social issues with sustainable finance #sustainablefinance
ADDRESSING SOCIAL ISSUES WITH SUSTAINABLE FINANCE
October 7 2021 • Clock 10 mins
A surge in socially driven sustainable finance brought on by COVID-19 looks set
to endure. In this third report by Bloomberg Media Studios for Westpac IQ, we
examine some of the key developments underway globally likely to accelerate
further uptake.
By Michael Chen
Building muscle memory to tackle cyber risk #cybersecurity
BUILDING MUSCLE MEMORY TO TACKLE CYBER RISK
October 6 2021 • Clock 7 mins
Mature organisations must recognise today’s complex kaleidoscope of cybercrime
is a business risk that will inevitably be realised – and plan accordingly,
leading Australian cyber expert Alastair MacGibbon told a recent Westpac
webcast.
By Susan Muldowney
Cybercrime’s rising scale of deceit #cybersecurity
CYBERCRIME’S RISING SCALE OF DECEIT
October 5 2021 • Clock 3 mins
Deception on the internet continues to grow by the day. One of the most
intriguing forms of cyber deceit is the rapidly evolving field of fake people -
better known as deepfakes.
By Westpac Institutional Bank
Wesfarmers' trailblazing Sustainability-Linked Bond #sustainabilitylinkedloans
WESFARMERS' TRAILBLAZING SUSTAINABILITY-LINKED BOND
September 15 2021 • Clock 7 mins
In a trailblazing issuance for the local market, Wesfarmers launched the first
Australian dollar denominated sustainability-linked bond (SLB) in June this
year, raising AUD 1 billion in a transaction that was enthusiastically
over-subscribed by approximately 2.5 times.
By Westpac Institutional Bank
Closing the loop: Rethinking digital supply chains #data
CLOSING THE LOOP: RETHINKING DIGITAL SUPPLY CHAINS
September 7 2021 • Clock 7 mins
The transformative potential of data generated through digital supply chains is
now capturing the attention of senior executive teams and boards as companies
position themselves for greater resilience and growth in a post-pandemic world.
By Georgia McCafferty
Western Sydney: From growth dynamic to new dynamic #westernsydney
WESTERN SYDNEY: FROM GROWTH DYNAMIC TO NEW DYNAMIC
September 2 2021 • Clock 7 mins
The pandemic coincided with the end of a prolonged growth surge in Western
Sydney, according to a new report that analyses the region’s past prosperity and
explores what needs to change to boost its economic prospects in the
post-pandemic future.
By Westpac Institutional Bank
Rebooting manufacturing will buoy the economy #manufacturing
REBOOTING MANUFACTURING WILL BUOY THE ECONOMY
August 29 2021 • Clock 5 mins
The outlook for Australian manufacturing is looking bright – from consumers
turning their attention to locally-made goods and the onshoring of supply
chains, to the economic boost for specific sectors from the Australian
Government’s AUD1.5 billion Modern Manufacturing Strategy. However, in a recent
Rebooting Manufacturing roundtable leading manufacturers identified key
challenges to be addressed before the sector can be fully revitalised.
2021 trends to watch: BNPL on the money #payments
2021 TRENDS TO WATCH: BNPL ON THE MONEY
July 28 2021 • Clock 10 mins
In a fast-changing payments landscape, buy-now-pay-later services are an
increasingly powerful tool for businesses seeking to drive up revenue and
deliver a superior payments customer experience. Here’s why.
By Cameron Cooper
Data and AI: The next revolution #data
DATA AND AI: THE NEXT REVOLUTION
July 26 2021 • Clock 5 mins
From honing competitive edge to solving complex social problems, adoption of
data analytics and artificial intelligence is transforming the way businesses
operate and informing government policymaking.
By Westpac Institutional Bank
Sustainable finance for a world in transition #sustainablefinance
SUSTAINABLE FINANCE FOR A WORLD IN TRANSITION
July 7 2021 • Clock 7 mins
In its second report on the fast-evolving field of sustainable finance for
Westpac IQ, Bloomberg interviews leading international experts on the latest in
transition finance and how the market is maturing.
By Michael Chen
How to develop a winning hybrid cloud strategy #cybersecurity
HOW TO DEVELOP A WINNING HYBRID CLOUD STRATEGY
July 5 2021 • Clock 7 mins
Migration of workloads to the cloud was one of the digital trends rapidly
escalated by pandemic lockdowns. We explain what makes a hybrid cloud strategy
fly.
By Westpac Institutional Bank
Cybercrime: Countering the latest threats #cybersecurity
CYBERCRIME: COUNTERING THE LATEST THREATS
June 1 2021 • Clock 7 mins
Cyber attacks on public sector organisations are on the rise, both in volume and
levels of sophistication. Westpac experts deliver insights on the latest rouses
of cyber criminals and how to counter them.
By Cameron Cooper
Western Sydney Aerotropolis: Next steps for lift-off #infrastructure
WESTERN SYDNEY AEROTROPOLIS: NEXT STEPS FOR LIFT-OFF
May 27 2021 • Clock 7 mins
Extensive rezoning of land has cleared the way for the fast-tracking of the
Aerotropolis development in Western Sydney. Guests at a Westpac-sponsored event
were given an update on progress.
By Christopher Niesche & Westpac Institutional Bank
Federal Budget 2021: Analysis by sector #federalbudget
FEDERAL BUDGET 2021: ANALYSIS BY SECTOR
May 25 2021 • Clock 7 mins
Widespread job creation is the attention-grabber in this year’s Federal Budget,
Westpac Institutional Bank analysts explain its likely impacts, sector by
sector.
By Christopher Niesche & Westpac Institutional Bank
Thinking like a hacker keeps organisations safe #cybersecurity
THINKING LIKE A HACKER KEEPS ORGANISATIONS SAFE
May 21 2021 • Clock 7 mins
The mass shift to digital, accelerated by the pandemic, has exposed networks and
data to new cyber security risks. Ethical hacking is a vital resource in the
first line of defence.
By Westpac Institutional Bank
Big opportunities in the RCEP trade deal #trade
BIG OPPORTUNITIES IN THE RCEP TRADE DEAL
May 11 2021 • Clock 7 mins
Australian businesses can look forward to massive potential opportunities
predicted to come from the Regional Comprehensive Economic Partnership
agreement.
By Lachlan Colqhoun & Westpac Institutional Bank
A clear-cut path for defining sustainable investments #sustainablefinance
A CLEAR-CUT PATH FOR DEFINING SUSTAINABLE INVESTMENTS
May 7 2021 • Clock 7 mins
Westpac IQ has partnered with Bloomberg Media Studios to examine the EU taxonomy
and its likely impact on Australian businesses.
By Michael Chen
Digital game-changers in financial markets #digitisation
DIGITAL GAME-CHANGERS IN FINANCIAL MARKETS
March 30 2021 • Clock 7 mins
Digitisation is driving competitive edge in financial markets globally. Giulio
Katis, Head of Financial Markets eCommerce at Westpac Institutional Bank,
explains what’s on the way.
By Westpac Institutional Bank
KangaNews - The big renewal #renewables
KANGANEWS - THE BIG RENEWAL
March 29 2021 • Clock 7 mins
Westpac Institutional Bank is taking a lead position in Australia’s
renewable-energy space – a key sector for investment growth.
By Westpac Institutional Bank
IWD 2021: The female changemakers in financial leadership #diversity
IWD 2021: THE FEMALE CHANGEMAKERS IN FINANCIAL LEADERSHIP
March 9 2021 • Clock 7 mins
In the final video in our series we discover how our four women executives chose
to challenge to make it into top roles in finance. What were their game-changing
experiences?
By Westpac Institutional Bank
IWD 2021: Four women in finance on their greatest career challenge #diversity
IWD 2021: FOUR WOMEN IN FINANCE ON THEIR GREATEST CAREER CHALLENGE
March 8 2021 • Clock 7 mins
Four months into her role as Group Chief Financial Officer at Qantas, Vanessa
Hudson faced her greatest career challenge when she realised Australia’s
national airline would lose all its forward revenue.
By Westpac Institutional Bank
IWD 2021: How does diversity bring on change? #diversity
IWD 2021: HOW DOES DIVERSITY BRING ON CHANGE?
March 7 2021 • Clock 7 mins
Four trailblazing women who ‘chose to challenge’ to make it into senior
executive roles in finance share their compelling insights with Westpac IQ for
International Women’s Day 2021.
By Westpac Institutional Bank
The emerging threat of deepfake technology #cybersecurity
THE EMERGING THREAT OF DEEPFAKE TECHNOLOGY
February 16 2021 • Clock 7 mins
Deepfake technology has mainly targeted individuals – particularly women – but
there is now a growing expectation that the increased availability of
technologies will, inevitably, be used by organised crime against businesses.
By Westpac Institutional Bank
2021 trends: What’s next for payments? #payments
2021 TRENDS: WHAT’S NEXT FOR PAYMENTS?
February 10 2021 • Clock 7 mins
The ever-dynamic payments space gained further momentum in 2020. Nish
Dharmaratne, Global Head of Product, provides an insider view on some of the key
payments trends to watch in 2021.
By Christopher Niesche & Westpac Institutional Bank
New directions for Australia's green bond market #esg
NEW DIRECTIONS FOR AUSTRALIA'S GREEN BOND MARKET
February 4 2021 • Clock 7 mins
Increasing emphasis on ESG in the wake of the pandemic looks set to power growth
for green bonds and provide lift-off for further sustainability-focused bonds.
By Susan Muldowney & Westpac Institutional Bank
A burning issue: Turning waste into energy #infrastructure
A BURNING ISSUE: TURNING WASTE INTO ENERGY
December 10 2020 • Clock 7 mins
As Australia plays catch-up on turning waste into energy, this Westpac IQ cheat
sheet explains how it works.
By Cameron Cooper & Westpac Institutional Bank
Leading the way on sustainable and renewables finance #sustainablefinance
LEADING THE WAY ON SUSTAINABLE AND RENEWABLES FINANCE
November 24 2020 • Clock 5 mins
As Australia’s economy recalibrates, the transition to clean, green energy will
gain further momentum, predict experts at Westpac, the country’s leading lender
to greenfield renewable energy, and the bank is ready to support the next phase.
Here’s how.
By Westpac Institutional Bank
Transurban: The quiet revolution in roads #infrastructure
TRANSURBAN: THE QUIET REVOLUTION IN ROADS
October 20 2020 • Clock 5 mins
After a year of video-conferencing and remote technologies, we’re entering a new
era of innovation in mobility, transportation and physical connectivity,
explains Transurban CFO Adam Watson in this Q+A for Westpac IQ by Reuters Plus.
By Westpac Institutional Bank
Paving the way for a smarter motoring future #transport
PAVING THE WAY FOR A SMARTER MOTORING FUTURE
September 30 2020 • Clock 5 mins
As the uptake of electric vehicles in Australia starts to surge, Charles
Griplas, Managing Director of Melbourne tollway operator ConnectEast, gives
Westpac IQ the steer on what’s driving consumer preferences towards a more
sustainable motoring future.
By Westpac Institutional Bank
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