Investor Presentaiton
Australian and New Zealand economic forecasts.
Economics
Key economic indicators (%)
2021
2022
2023
Calendar years
at November 2022
Q3
Q4
Q1
Q2
Q3F
Q4F
Q1F
Q2F
2020
2021
2022F
2023F
World
GDP1
-3.0
6.0
3.2
3.0
Australia
GDP2
4.1
4.5
3.3
3.6
6.7
3.4
3.0
2.2
-0.7
4.5
3.4
1.0
Unemployment - end period
4.6
4.7
4.0
3.8
3.5
3.3
3.4
3.8
6.8
4.7
3.3
4.5
CPI headline - year end
3.0
3.5
5.1
6.1
7.3
7.9
6.9
6.0
0.9
3.5
7.9
4.1
Interest rates - cash rate
0.10
0.10
0.10
0.85
2.35
3.10
3.60
3.85
0.10
0.10
3.10
3.85
New Zealand
GDP2
-0.4
3.0
1.0
0.4
5.0
2.5
3.3
2.0
0.3
3.0
2.5
1.6
Unemployment - end period
3.3
3.2
3.2
3.3
3.3
3.3
3.5
3.6
4.9
3.2
3.3
3.8
Consumer prices
4.9
5.9
6.9
7.3
7.2
6.2
5.7
4.9
1.4
5.9
6.2
4.1
Interest rates - official cash rate
0.25
0.75
1.00
2.00
3.00
4.25
4.75
5.00
0.25
0.75
4.25
5.00
Sources: IMF, RBA, Statistics NZ, Westpac Economics
Private sector credit growth (% ann)
Housing Australia
Total credit Australia
Business Australia
Total credit New Zealand
Key economic indicators (%)
2020
2021
2022F
2023F
at November 2022
% ann
Australia
Credit growth
25
Total year end
1.7
7.2
8.4
2.7
20
Housing-year end
3.5
7.4
6.5
3.6
15
Business year end
0.8
8.4
13.0
2.0
10
New Zealand Credit growth
5
0
-
Total year end
3.3
7.5
4.9
3.2
-5
Housing-year end
8.3
10.5
4.9
2.8
-10
Business-year end
-2.7
3.6
5.3
4.3
Sep-08
Sources: RBA, Statistics NZ, Westpac Economics
1 Year average growth rates. 2 Through the year growth rates.
109
Westpac Group 2022 Full Year Results Presentation & Investor Discussion Pack
Westpac
f'casts
Sep-10 Sep-12 Sep-14 Sep-16 Sep-18 Sep-20 Sep-22
Sources: RBA, Westpac Economics
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