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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Australia and New Zealand Banking Group Limited    ANZ   AU000000ANZ3

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED

(ANZ)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 01/18
24.28 AUD   -1.54%
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Australia and New Zealand Banking : economy rebounds sharply in Q3 from COVID-19 recession

12/01/2020 | 10:54pm EST
Office workers cross a street in Sydney

(Repeats to more subscribers)

* Q3 GDP +3.3% q/q vs +2.6% consensus

* Annual pace still negative at -3.8%

* RBA Gov expects Q4 growth to be "solidly positive"

* Trade dispute with China "very serious" matter - Treasurer

SYDNEY, Dec 2 (Reuters) - Australia's economy rebounded sharply in the third quarter from a coronavirus-induced recession as consumer spending surged, though the country's top central banker signaled monetary policy will stay accommodative for a while.

Data out earlier showed the A$2 trillion ($1.5 trillion) economy expanded by a bigger than expected 3.3% in the September quarter, following a 7% contraction in June, as the country largely got COVID-19 under control.

The rebound was led by household spending, which rose 7.9%, driven by massive fiscal and monetary stimulus since March.

The Australian dollar briefly hit a day's high of $0.7389.

Economic growth is expected to be "solidly positive" in the December quarter as well, Reserve Bank of Australia (RBA) Governor Philip Lowe said, underscoring the country's success in curbing the pandemic.

The optimism is underlined by card spending data by the country's biggest banks which showed consumers splurged in the last week of November during Black Friday and Cyber Monday sales.

Top lender Commonwealth Bank reported a 12% jump in spending on cards for the week-ending Nov. 23 from last year while ANZ saw a 28% surge.

Australia is not yet out of the woods, as escalating tensions with top trading partner China hang heavily on the outlook.

Australian Treasurer Josh Frydenberg said on Wednesday the deteriorating trade relationship with China was a "very serious" matter though domestic consumption was key to Australia's post-pandemic recovery.

China has so far curtailed Australia's exports of lobsters, beef, timber, coal and wine though the broader economic hit is expected to be minimal as long as iron ore is spared, analysts said.

Agriculture exports account for just 0.02% of Australia’s annual output, while iron ore exports account for 7.5% of GDP.

"We expect some softening in tensions, especially given China's multi-decade need to source key bulk commodities and metals from Australia," said Paul Xiradis, chief investment officer at Ausbil.

RECESSION OVER?

Despite the brisk pace of quarterly growth, economic output is still down 3.8% over the year after Australia entered its first recession in three decades in the first half of 2020 due to coronavirus-driven lockdowns.

Lowe said the third-quarter GDP result was "good" but warned an economic recovery from the pandemic will likely be "bumpy and uneven" going forward.

"There is still a high degree of uncertainty about the outlook," Lowe told lawmakers.

"We are prepared to do more, if that is required. Having said that, we are still of the view that a negative policy interest rate in Australia is extraordinarily unlikely."

On Tuesday, the bank left its cash rate at a record low 0.1% and maintained its A$100 billion quantitative easing program.

Despite the measures, unemployment is still hovering above 7%, from around 5% before the pandemic, while inflation and wage pressure are weak.

"Make no mistake, Australia is still functionally in a recession," said Callam Pickering, economist at global job site Indeed.

"Both fiscal and monetary support measures will need to remain in place throughout 2021 and beyond to ensure that the recovery remains on track." ($1 = 1.3541 Australian dollars) (Reporting by Swati Pandey; Editing by Ana Nicolaci da Costa)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED -1.54% 24.28 End-of-day quote.6.96%
COMMONWEALTH BANK OF AUSTRALIA -0.83% 84.67 End-of-day quote.3.12%
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Financials
Sales 2021 17 683 M 13 639 M 13 639 M
Net income 2021 4 938 M 3 808 M 3 808 M
Net Debt 2021 - - -
P/E ratio 2021 14,2x
Yield 2021 4,12%
Capitalization 68 593 M 52 707 M 52 906 M
Capi. / Sales 2021 3,88x
Capi. / Sales 2022 3,85x
Nbr of Employees 37 506
Free-Float 99,8%
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Number of Analysts 15
Average target price 24,53 AUD
Last Close Price 24,28 AUD
Spread / Highest target 15,3%
Spread / Average Target 1,05%
Spread / Lowest Target -18,9%
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Managers and Directors
NameTitle
Shayne Cary Elliott Chief Executive Officer & Executive Director
Paul Dominic O'Sullivan Chairman
Michelle Jablko Chief Financial Officer
Gerard Florian Group Executive-Technology
Paula Jane Dwyer Independent Non-Executive Director