More rate rises. A possible recession. And fresh pressure on households and business.
So how is one of Australia’s biggest banks preparing for what comes next?
Anthony Miller took over Westpac after a bruising era for the bank, following a two-decade investment banking career with major institutions including Goldman Sachs and Deutsche Bank.
He joins Alan Kohler on That’s Business to talk mortgage stress, recession risk, cyber threats, AI, housing affordability, and how Westpac is trying to move on from years of scandal.
Video chapters
00:00 – Intro to Westpac’s Anthony Miller
03:00 – Reflections on Royal Commission into Banking
04:20 – Is banking a good business in Australia?
05:40 – Bank branches
07:30 – Money laundering regulations
08:57 – Cybersecurity in the banking industry
10:00 – How banks manager scams
11:50 – Interest rates and mortgage stress
13:08 – Chances of recession
14:00 – Iran war and supply chain disruption
16:00 – Westpac transformation project
18:06 – AI at Westpac and staffing levels
22:08 – Intergenerational wealth and housing affordability
23:00 – Bank’s role in housing affordability
25:30 – Supply of houses
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