Banks cash in on buoyant property and jobs market

National Australia Bank, Westpac and ANZ Bank have pulled off a better than expected financial year, after the property market and the unemployment rate both turned out to be surprisingly resilient despite steep interest rate rises.

and a report from UBS last month said markets were tipping full-year profits of about $7.5 billion for both ANZ and Westpac, and $7.8 billion for NAB. UBS banking analyst John Storey said that even though big bank profits were likely to decline in 2024 and 2026, this year had been better than expected for the banking giants’ bottom lines.

“I still think the biggest issue confronting our economy is rates will be higher longer because inflation will be stickier than people expect,” Wilson said. “And because rates will be higher for longer, that may cause a credit cycle.”

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