Nov 7 (Reuters) - Westpac Banking Corp (WBC) : THIS YEAR,...

Nov 7 (Reuters) - Westpac Banking Corp (WBC) :

• THIS YEAR, EXPENSES ARE DOWN BY 7% EXCLUDING NOTABLE ITEMS
• STRESSED EXPOSURES TO TCE FALLING FROM 1.36% TO 1.07% OVER THE YEAR
• CONTINUING TO GET COSTS DOWN
• NOT YET SEEING INCREASES IN HARDSHIP OR STRESSED ASSETS
• INEVITABLE THAT IMPACT OF HIGHER RATES WILL BE FELT, INCLUDING WHEN BORROWERS' LOW FIXED-RATE LOANS ARE ROLLED OVER
• INCREASED ECONOMIC UNCERTAINTY AND VOLATILITY IN FINANCIAL MARKETS
• ALTHOUGH SUPPLY CHAIN CONSTRAINTS ARE EASING, SKILLED LABOUR REMAINS HARD TO FIND
• REVISED OUR ORIGINAL FY24 COST TARGET TO A$8.6BN
• PROGRESSED MAJOR CUSTOMER REMEDIATION MATTERS, CLOSING FURTHER 14 PROGRAMS
• OWN PORTFOLIO IS IN GOOD SHAPE GOING INTO 2023
• HOUSING PRICES HAVE FALLEN IN RECENT MONTHS AND THIS WILL CONTINUE INTO 2023
• CREDIT GROWTH IS EXPECTED TO EASE
• IN AUSTRALIA, CONSUMER SPENDING IS RESILIENT, EXPECT HEAT TO COME OUT OF ECONOMY AND INFLATION PRESSURES TO EASE AS HIGHER RATES BITE
• IN AUSTRALIA, GDP GROWTH WILL SLOW AND UNEMPLOYMENT WILL RISE

(([email protected];))