Westpac CEO’s Upbeat Tone on Consumers Shows Tough Job for RBA

Westpac Banking Corp. Chief Executive Officer Anthony Miller struck an upbeat tone on the state of Australian consumers and businesses, in comments that underscore why the Reserve Bank is likely to remain cautious about lowering interest rates further.

Fewer households have delinquent mortgages and stress levels in the bank’s mortgage book continue to come down, Miller told the Bloomberg Australia Podcast on Monday. Around 85% of customers with home loans are ahead on their payment plans, he said, while credit card spending is picking up.