Peter King

Outgoing CEO Peter King used his valedictory full-year earnings address to predict a brighter economic future for 2025, citing the expectation of lower interest rates, a resilient labour market and improving consumer sentiment as the reasons for his optimism.

Fronting a House economics committee inquiry into competition in the banking industry, the heads of CBA, ANZ, Westpac and NAB insisted they weren’t unfairly setting interest rates and that competition and customer engagement in the sector have never been stronger.

Bill Evans, who will step down next year after three decades as Westpac’s chief economist, says “deeply pessimistic” consumer sentiment despite the RBA’s recent pause is a sign of further hikes ahead.