Westpac’s CEO thinks Australia is emerging from its cost of living difficulties, according to Westpac.

Australia’s cost-of-living crisis may be easing, according to Westpac’s CEO Anthony Miller, who welcomes the re-election of the Albanese government as a positive for the nation. While there was a 1% drop in Westpac’s net profit for the six months ended March, the bank’s report suggests customers are facing fewer cost-of-living difficulties. Despite this, the likelihood of Australia experiencing a recession has increased, Westpac predicts, due to trade tensions involving Donald Trump. Westpac’s results show a drop in the share of customers struggling to repay loans, signaling a possible light at the end of the tunnel. The re-election of Labor is seen as offering stability in an uncertain economic climate, and Westpac’s CFO, Michael Rowland, maintains that forward-looking indicators do not foresee a downturn in the future.

Source: https://www.theguardian.com/australia-news/2025/may/05/westpac-ceo-believes-australia-now-pulling-out-of-cost-of-living-crisis