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WESTPAC BANKING CORPORATION

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Delayed Australian Stock Exchange  -  05/20 02:10:07 am EDT
23.57 AUD   +0.51%
05/19WESTPAC BANKING CORPORATION : Ex-dividend day for interim dividend
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05/17Australian banks enter tech arms race as rising rates squeeze profit
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Westpac economists tip first RBA rate hike as soon as August

01/19/2022 | 06:26pm EDT

SYDNEY, Jan 20 (Reuters) - Australia's central bank could raise interest rates as soon as August as a pick up in inflation and wage growth outweighs the drag on economic activity from a surge in coronavirus cases, analysts at Westpac Bank said on Thursday.

Westpac's chief economist Bill Evans said the Omicron outbreak would have its major impact on the economy in January but expected growth to bounce back strongly once the peak of cases had passed.

"Our forecast revisions reflect a much faster lift in inflation and wages growth than envisaged," said Evans. "We now expect one hike of 15 basis points in August to be followed by a further hike of 25 basis points in October."

Westpac had previously forecast a first rate hike would not come until February 2023. The Reserve Bank of Australia (RBA) has repeatedly said a rate rise was unlikely during 2022 given wages and inflation were lagging much of the developed world.

(Reporting by Wayne Cole Editing by Chris Reese)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ON SEMICONDUCTOR CORPORATION 0.70% 56.46 Delayed Quote.-16.87%
WESTPAC BANKING CORPORATION 0.51% 23.57 Delayed Quote.10.40%
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Financials
Sales 2022 19 302 M 13 564 M 13 564 M
Net income 2022 5 482 M 3 852 M 3 852 M
Net Debt 2022 - - -
P/E ratio 2022 15,6x
Yield 2022 5,16%
Capitalization 78 574 M 55 214 M 55 214 M
Capi. / Sales 2022 4,07x
Capi. / Sales 2023 3,86x
Nbr of Employees 34 637
Free-Float 99,5%
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Technical analysis trends WESTPAC BANKING CORPORATION
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 23,57 AUD
Average target price 25,61 AUD
Spread / Average Target 8,64%
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Managers and Directors
Peter Francis King Director
Michael Rowland Chief Financial Officer
John McFarlane Chairman
Scott Collary Chief Operating Officer
Peter Ralph Marriott Independent Non-Executive Director
Sector and Competitors