Westpac IQ
Economics
Consumer sentiment posts positive month
March 12 2025 • 5 mins
A short video update from the Westpac Economics team.
NZ GDP preview, December quarter 2024
March 12 2025 • 2 mins
We expect a 0.5% rise in GDP for the December quarter, albeit largely driven by technical issues. High-frequency data has shown more genuine signs of momentum since the start of the year.
First Impressions: NZ retail card spending, February 2025
March 11 2025 • 2 mins
Retail spending rose 0.3% in February, in line with expectations. At this stage, the recovery has been gradual, but we expect it to strengthen over the coming months.
Australian Business Conditions and Confidence, February
March 11 2025 • 5 mins
Subdued business sentiment points to weaker investment outlook ahead. Conditions: up 1pt to +4. Confidence: down 6pts to -1.
Consumer sentiment recovery resumes
March 10 2025 • 6 mins
The Westpac–Melbourne Institute Consumer Sentiment Index posted a solid 4% rise in March, lifting to 95.9 from 92.2 in February.
Weekly Economic Commentary 10 March 2025
March 9 2025 • 10 mins
Analysis and forecasts of the economy and markets, along with previews of data for the week ahead.
Australia and NZ Weekly 10 March 2025
March 9 2025 • 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases.
Household spending indicator: fourth consecutive lift in household spending
March 7 2025 • 5 mins
January household spending indicator: 0.4%mth, 2.9%yr. Services drives rise in spending.
Australia and NZ Weekly 10 March 2025
March 7 2025 • 10 mins
Friday edition: analysis and forecasts for this week's key releases.
Ancient history rhyming
March 6 2025 • 4 mins
Parallels between the current situation and the late 2010s highlight the risks of undershooting the inflation target should a major global shock hit – something that is all too plausible now.
NZ Weekly Economic Insight 7 March 2025
March 6 2025 • 2 mins
A two-minute video update on the New Zealand economy and markets from Industry Economist Paul Clark.
Australia’s Trade in Goods Account, January
March 6 2025 • 5 mins
A large increase in goods outflow to the US together with a decline in goods imports led the improvement in Australia’s trade balance. Goods trade balance: $5.6bn. Exports: 1.3%mth. Imports: –0.3%mth.
Australian dwelling approvals: private houses lift for the first time in three months
#dwellingapprovals
Australian dwelling approvals: private houses lift for the first time in three months
March 6 2025 • 5 mins
Total dwelling approvals: +6.3%mth, +14.0%yr. Surprising result, underlying momentum unsteady.
First Impressions: NZ Building work put in place, December quarter 2024
March 5 2025 • 2 mins
Building activity fell 4.4% in the Dec quarter, with larger than expected falls in both residential and commercial activity. However, it looks like we’re now close to the bottom in the building cycle.
Australian national accounts, December quarter 2024
March 5 2025 • 5 mins
Slow recovery but productivity still a concern. Q4 GDP: 0.6%qtr, 1.3%yr. Q4 New Private Demand: 0.4%qtr, 0.8%yr.
First impressions: Australian national accounts, December quarter 2024
March 5 2025 • 5 mins
The Australian economy expanded by 0.6% in the December quarter, growth improving in line with expectations but still not particularly strong. Most of the detail in the update was also in line with expectations.
Australian retail sales: Modest retail lift, mixed detail
March 4 2025 • 5 mins
January retail sales: 0.3%mth, 3.8%yr.
Q4 GDP Partials & Forecast Update
March 4 2025 • 5 mins
We have upgraded our forecast of economic growth following the latest batch of partial activity indicators in the run-up to Q4 GDP, due tomorrow. We now expect the economy grew by 0.7% in Q4, up from our initial estimate of 0.4% in our preview last week. The upside surprise on business inventories was met with a lower than anticipated growth in imports, albeit with some of the latter pointing to slightly softer domestic demand.
First Impressions: NZ building consents, January 2025
March 3 2025 • 2 mins
The stabilisation in New Zealand’s home building sector is continuing, but commercial activity is looking more mixed.
Australian dwelling prices: rate cut boost
March 3 2025 • 4 mins
Feb CoreLogic home value index: +0.3%mth; 3.2%yr
Australian Business Indicators Survey, December Quarter
March 3 2025 • 5 mins
Today’s data points to some upside risk to our current forecast for Q4 GDP (due Wednesday) on the back of stronger-than-expected business inventories, which we expect will +0.3ppts to GDP growth. Increases in sales, profits and wages were also reported. We will receive more partial indicators tomorrow (net exports, public demand) which will help us hone our Q4 GDP nowcast.
Westpac Housing Pulse March 2025
March 3 2025 • 7 mins
The inside word on Australia's residential property market drawing on detailed insights from the Westpac Melbourne Institute Consumer Sentiment survey and Westpac Economics' macro views.
Australia and NZ Weekly 3 March 2025
March 2 2025 • 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases.
Westpac Economic Calendar March 2025
February 28 2025 • 5 mins
A summary of events and data releases over the coming month including previous results and forecasts for key data and central bank decisions.
Australia and NZ Weekly 3 March 2025
February 28 2025 • 10 mins
Friday edition: analysis and forecasts for this week's key releases.
Australian private credit, January
February 28 2025 • 5 mins
Private credit growth eases in January.
Australian GDP Q4: Private demand expected to record a modest lift in Q4
February 28 2025 • 6 mins
Growth expected to tick higher in Q4. Q4 GDP f/c: 0.4%qtr, 1.1%yr. Domestic demand: 0.6%qtr, 2.1%yr.
Cliff Notes: caution appropriate, but a risk to growth
February 28 2025 • 5 mins
Key insights from the week that was.
It matters that ChatGPT can’t build houses
February 28 2025 • 4 mins
Macroeconomics tends to treat the economy as a single thing. But most shocks and every new technology skews in some way towards particular industries or activities.
First Impressions: NZ Monthly Employment Indicator, January 2025
February 27 2025 • 2 mins
Employment is stabilising after a marked downturn through mid-2024.
NZ Weekly Economic Insight 28 February 2025
February 27 2025 • 2 mins
A two-minute video update on the New Zealand economy and markets from Senior Economist Satish Ranchhod.
NZ Agri Bites, 28 February 2025
February 27 2025 • 8 mins
This report focuses on current dynamics occurring within the agricultural sector and provides a forward view on where we see prices going for the main agricultural commodities.
Capex falls unexpectedly, higher uncertainty limits future growth
February 27 2025 • 5 mins
December quarter Capex spending -0.2%, with spending plans signalling more subdued investment backdrop. Capex: -0.2%qtr, 0.6%yr. Capex Plans: Adjusted Est 5 for 2024/25 at $188.0bn vs Adjusted Est 4 $189.9bn; Unadjusted Est 1 for 2025/26 at $148.0bn vs Expectation of $160.0bn
Business cashflow positions improve with tailwinds ahead
February 27 2025 • 6 mins
A short video update from the Westpac Economics team.
First Impressions: NZ business confidence, February 2025
February 27 2025 • 2 mins
Business confidence remains high, with only minor changes compared to last month.
Q4 Construction activity recovered over the second half of 2024
February 26 2025 • 5 mins
Construction activity grew 5.0% over the six months to the end of 2024 in annualised terms, a step up from the fall of 1.3%yr recorded over the first half of 2024 (also in annualised terms). Despite this, inflationary pressures continue to ease, pointing to improving capacity in the sector.
January Monthly CPI Indicator
February 26 2025 • 5 mins
Electricity bounces as rebates fade but dwelling prices surprise with a further fall. All up this presents a modest upside risk to our Q1 CPI estimate (0.5%) as well as our Trimmed Mean estimate (also 0.5%).
Westpac Quarterly Business Snapshot Q4 2024
February 25 2025 • 5 mins
Greenshoots taking root with businesses set to benefit from several tailwinds.
Westpac Wailis
February 24 2025 • 10 mins
PNG experienced better than expected growth in 2024 supported by robust exports for gold, copper, crude oil, and agricultural products and LNG and nickel exports rebounded in the last quarter. We are looking for a further modest pickup in growth as 2024 progresses even while a lack of FX remains a constraint and robust underlying inflation will see the Bank of PNG hold firm on the KFR.
First Impressions: NZ retail trade, December quarter 2024
February 23 2025 • 2 mins
Retail spending levels rose 0.9% in the December quarter. That was slightly ahead of forecast. The details of today’s report point to a firming in discretionary spending appetites.
Weekly Economic Commentary 24 February 2025
February 23 2025 • 10 mins
Analysis and forecasts of the economy and markets, along with previews of data for the week ahead.
Australia and NZ Weekly 24 February 2025
February 23 2025 • 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases.
Australia and NZ Weekly 24 February 2025
February 21 2025 • 10 mins
Friday edition: analysis and forecasts for this week's key releases.
Labour market starts the year on solid footing
February 21 2025 • 4 mins
A short video update from the Westpac Economics team.
Cliff Notes: not out of the inflation woods just yet
February 21 2025 • 5 mins
Key insights from the week that was.
Fine-tuning (is) the message
February 20 2025 • 4 mins
The RBA cut the cash rate 25bps to 4.1% this week as expected. But the tone in the forecasts and initial rhetoric was more hawkish than we expected, reflecting an apparent pivot to ‘fine-tuning’.
NZ Weekly Economic Insight 21 February 2025
February 20 2025 • 2 mins
A two-minute video update on the New Zealand economy and markets from Chief Economist Kelly Eckhold.
January Labour Force: a solid start with seasonal shifts
February 20 2025 • 5 mins
Employment: +44k (from +60k). Unemployment Rate: 4.1% (from 4.0%). Participation Rate: 67.3% (from 67.2%).
Wage inflation easing faster than the RBA anticipated
February 19 2025 • 5 mins
The WPI rose 0.7% in the December quarter, softer than Westpac, RBA and market consensus expectations. The market range was from 0.7% to 1.0%. Wage inflation continues to moderate with the annual pace down to 3.2%yr from 3.6%yr in September, 4.1%yr in June and the peak of 4.2%yr in December 2023.
Review of RBNZ February 2025 Monetary Policy Statement
February 19 2025 • 3 mins
The RBNZ cut the OCR by 50bp to 3.75% as expected. The RBNZ see scope for further interest rate cuts in coming months.
A hawkish cut from the RBA
February 19 2025 • 4 mins
A short video from Chief Economist Luci Ellis on the RBA Board decision and the economic outlook.
Leading Index shows economy gaining traction
February 18 2025 • 5 mins
The six-month annualised growth rate in the Westpac–Melbourne Institute Leading Index, which indicates the likely pace of economic activity relative to trend three to nine months into the future, lifted to 0.58% in January from 0.24% in December.
And so it begins... RBA cuts cash rate 25bp to 4.1%
February 18 2025 • 5 mins
As expected, RBA cuts cash rate 25bp to 4.1%. But a hawkish tone in the forecasts and rhetoric cements our view that RBA will move slowly from here.
Westpac commodity forecasts February 2025
February 18 2025 • 5 mins
Our latest forecasts for energy, metals, selected softs and our composite indices.
A sustainable marine sector - Why New Zealand needs to transition to a blue economy
#nzindustryinsights
A sustainable marine sector - Why New Zealand needs to transition to a blue economy
February 17 2025 • 20 mins
This report focuses on the economic potential of the blue economy and how New Zealand’s marine economy might transition to this end state.
Commodities Update February 2025
February 17 2025 • 7 mins
2024 was a broadly negative year for commodities, with our export price index falling more than 7%. It was not equal for all – met coal down 43%, iron ore lost 23%, while gold rallied 40% to new record highs. We doubt we will get much more clarity in 2025 with risks of trade wars, shifting priorities around the transition to a low carbon economy, while geopolitical uncertainties all at play.
Westpac New Zealand RBNZ pulse client survey
February 17 2025 • 5 mins
Our customer survey of views on the outlook for the RBNZ shows further easing is expected. Tariffs might upset the apple cart but by how much and when?
First Impressions: NZ net migration, December 2024
February 16 2025 • 2 mins
Net migration remains below average, but inflows are starting to pick up again.
Weekly Economic Commentary 17 February 2025
February 16 2025 • 10 mins
Analysis and forecasts of the economy and markets, along with previews of data for the week ahead.
Australia and NZ Weekly 17 February 2025
February 16 2025 • 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases.
Australia and NZ Weekly 17 February 2025
February 14 2025 • 10 mins
Friday edition: analysis and forecasts for this week's key releases.
Cliff Notes: resilience offers promise
February 14 2025 • 5 mins
Key insights from the week that was.
The flaw of averages
February 14 2025 • 4 mins
There will always be items in the CPI basket with price inflation a long way from the RBA’s 2–3% target. That is no reason to dismiss measures of underlying inflation, such as the trimmed mean, as an indicator of current inflation pressures.
NZ First Impressions: Monthly inflation update, January 2025
February 13 2025 • 2 mins
The January update on consumer prices was firmer than expected, but it’s not clear how long this will last. Meanwhile, it was a Valentine’s Day massacre for chocolate prices.
NZ Weekly Economic Insight 14 February 2025
February 13 2025 • 2 mins
A two-minute video update on the New Zealand economy and markets from Chief Economist Kelly Eckhold.
NZ First Impressions: RBNZ Survey of Expectations, Q1 2025
February 13 2025 • 2 mins
Despite some near-term upwards pressure on prices from the lower NZ dollar, inflation expectations remain close to 2% - well within the RBNZ’s comfort zone.
First Impressions: NZ retail card spending, January 2025
February 12 2025 • 2 mins
Retail spending dropped back in January following big gains in December. However, the underlying trend remains positive, as does the outlook for 2025.
Preview of RBNZ February 2025 Monetary Policy Statement
February 12 2025 • 3 mins
We forecast the RBNZ to cut the OCR by 50bp to 3.75 at next week’s Monetary Policy Statement and signal a slower pace of easing from then.
Australian dwelling finance: Owner occupiers drive loans higher in Q4
February 12 2025 • 5 mins
Q4 new dwelling finance: +1.4%qtr, 16.0%yr
Consumer sentiment steady on a mix of hopes and fears
February 12 2025 • 4 mins
A short video update from the Westpac Economics team.
NZ Economic Overview February 2025
February 11 2025 • 20 mins
The Westpac NZ Economics Team's flagship document covering the outlook for the New Zealand economy, fiscal policy, the global economy, financial markets, and the primary sector.
Australian Business Conditions and Confidence, January
February 11 2025 • 5 mins
Broad trends still in place, consistent with sluggish growth and an uncertain outlook. Conditions: down 3pts to +3. Confidence: up 6pts to +4.
Consumer sentiment holds at ‘cautiously pessimistic’ levels
February 10 2025 • 6 mins
The Westpac–Melbourne Institute Consumer Sentiment Index was basically unchanged in February, edging up 0.1% to 92.2 from 92.1 in January.
Westpac PNG February Update
February 10 2025 • 7 mins
The February PNG Economic Update reviews the overall economic situation in Papua New Guinea, the state of the local financial markets plus the outlook for cocoa and gold.
NZ Agri Update 11 February 2025
February 10 2025 • 2 mins
Resilience in world dairy prices and a lower NZD have nudged up our farmgate milk price for this season to $10.30/kg. Next season is also looking positive – our opening forecast is $10/kg.
US at risk of a lasting imbalance between growth and inflation
February 10 2025 • 5 mins
A short video update from the Westpac Economics team.
Weekly Economic Commentary 10 February 2025
February 9 2025 • 10 mins
Analysis and forecasts of the economy and markets, along with previews of data for the week ahead.
Australia and NZ Weekly 10 February 2025
February 9 2025 • 10 mins
Monday's re-issue edition: analysis and forecasts for this week's key releases.
Westpac Market Outlook February 2025
February 7 2025 • 10 mins
Our latest thinking on Australia, markets and the global economy.
Australia and NZ Weekly 10 February 2025
February 7 2025 • 10 mins
Friday edition: analysis and forecasts for this week's key releases.
Cliff Notes: some promising signs for the consumer
February 7 2025 • 5 mins
Key insights from the week that was.
Keeping your head when everyone else is losing theirs
February 7 2025 • 4 minutes
Market reaction to US tariff news has been intense, and volatile. It pays to keep your head in the face of such volatility, but some of the repricing could be helpful.
Australia’s inconspicuous position in the US trade war
February 7 2025 • 5 mins
Further escalation of the US trade war seems inevitable, but Australia is in a good position to avoid tariffs, or minimize their economic impact.
Hawks, doves, and kiwis, February 2025
February 6 2025 • 3 mins
We canvas a selection of some of the most compelling hawkish and dovish arguments that might sway the direction of the RBNZ OCR in coming months.
NZ Weekly Economic Insight 7 February 2025
February 6 2025 • 2 mins
A two-minute video update on the New Zealand economy and markets from Chief Economist Kelly Eckhold.
Australia’s Trade in Goods Account, December
February 6 2025 • 5 mins
A modest rise in exports was offset by a surge in capital goods imports to leave the goods trade surplus falling back to the levels seen before November. Goods trade balance: $5.1bn. Exports: 1.1%mth. Imports: 5.9%mth.
Australian consumers: not too hot, not too cold
February 4 2025 • 5 mins
A short video update from the Westpac Economics team.
First impressions: NZ labour market statistics, December quarter 2024
February 4 2025 • 3 mins
The unemployment rate rose to 5.1% in the December 2024 quarter, in line with market expectations. Wage growth is moderating broadly as expected.
The Red Book January 2025
February 4 2025 • 10 mins
An in-depth assessment of the current state of the Australian consumer.
Household spending indicator: more signs of a solid upturn
February 4 2025 • 5 mins
Solid end to 2024, slight upside risk to Q4 consumption.
First Impressions: NZ building consents, December 2024
February 3 2025 • 2 mins
Annual consent issuance has remained steady, but an upswing is still a way off.
Australian dwelling prices: another soft month for housing
February 3 2025 • 4 mins
Jan CoreLogic home value index: –0.2%mth; 3.8%yr
Australian real retail sales Q4 - Retail volumes post second consecutive lift
February 3 2025 • 5 mins
Solid rise in retail volumes
Australian dwelling approvals: uptrend precariously placed as units dominate gains
#dwellingapprovals
Australian dwelling approvals: uptrend precariously placed as units dominate gains
February 3 2025 • 5 mins
Total dwelling approvals: +0.7%mth, +12.2%yr. Uptrend persists, but composition grows more uneven.
Weekly Economic Commentary 3 February 2025
February 2 2025 • 10 mins
Analysis and forecasts of the economy and markets, along with previews of data for the week ahead.
Weekly Economic Commentary 3 March 2025
February 2 2025 • 10 mins
Analysis and forecasts of the economy and markets, along with previews of data for the week ahead.
Australia and NZ Weekly 3 February 2025
February 2 2025 • 10 mins
Friday edition: analysis and forecasts for this week's key releases.
Westpac Economic Calendar February 2025
January 31 2025 • 5 mins
A summary of events and data releases over the coming month including previous results and forecasts for key data and central bank decisions.
Australia and NZ Weekly 3 February 2025
January 31 2025 • 10 mins
Friday edition: analysis and forecasts for this week's key releases.
Australian private credit, December
January 31 2025 • 5 mins
Private credit increased 0.6%mth in December, exceeding our and consensus expectations of a 0.5%mth gain.
Westpac Wave - Quarterly update on Fiji economy
January 31 2025 • 8 minutes
Resilient Fijian Economy, migration slows, tourism buoyant and inflation falls. Updated to include Fiji Economic Bulettin email list.
NZ Agri Bites, 31 January 2025
January 30 2025 • 10 mins
This report focuses on current dynamics occurring within the agricultural sector and provides a forward view on where we see prices going for the main agricultural commodities.
NZ Weekly Economic Insight 31 January 2025
January 30 2025 • 2 mins
A two-minute video update on the New Zealand economy and markets from Chief Economist Kelly Eckhold.
RBA rate cut is on for February, more cuts later
January 30 2025 • 4 mins
A short video from Chief Economist Luci Ellis.
First Impressions: NZ business confidence, January 2025
January 30 2025 • 2 mins
Business confidence eased from its recent highs, and concerns about rising costs are emerging again.
100bps of easing delivered, the FOMC to now ‘wait and see’
January 29 2025 • 5 mins
Having moved swiftly to ease policy in late-2024, the FOMC is now taking stock on inflation and activity, but still believe disinflation is progressing and further rate cuts likely.
NZ labour market preview, December quarter 2024
January 29 2025 • 2 mins
We expect the unemployment rate to rise from 4.8% to 5.0% for the December quarter. Jobs appeared to be stabilising at the end of last year, but conditions were softer over the quarter as a whole.
December Quarter CPI
January 29 2025 • 7 mins
Surprises to the downside due to the housing downturn.. Headline CPI 0.2%qtr/2.4%yr; Trimmed Mean 0.5%qtr/3.2%yr; Weighted Median 0.5%qtr/3.4%yr.
RBA rate call: 0.2 beats 0.3, it’s on for February
January 29 2025 • 5 mins
It’s on: the better-than-expected inflation data tips the balance back to the February move we had previously expected. RBA’s view of the economy will need to pivot further.
First Impressions: RBNZ Chief Economist Webinar Beyond the cycle - Growth and interest rates in the long run
#rbnz
First Impressions: RBNZ Chief Economist Webinar Beyond the cycle - Growth and interest rates in the long run
January 28 2025 • 3 mins
RBNZ Chief Economist Paul Conway delivered a speech today looking at long-run trends in productivity and the neutral interest rate.
Westpac Card Tracker, 28 January 2025
January 28 2025 • 5 mins
Card activity drifts through summer doldrums
New Zealand household finances update, January 2025
January 28 2025 • 6 mins
2024 was a tough year for New Zealand households. However, there is better news on the horizon in 2025, with falls in inflation and borrowing costs.
Australian Business Conditions and Confidence, December
January 28 2025 • 5 mins
Business sentiment improves again, but broader trend remains consistent with sluggish outlook. Conditions: up 3pts to +6. Confidence: up 1pt to -2.
Australia and NZ Weekly 27 January 2025
January 27 2025 • 10 mins
Monday re-issue edition: analysis and forecasts for this week's key releases.
First Impressions: NZ Monthly Employment Indicator, December 2024
January 27 2025 • 2 mins
Employment picked up slightly in December, again led by tourism-related sectors.
Markets
Monthly Japanese bond flow- January
March 12 2025 • 5 mins
The MoF has released Japan’s capital flow data for the first month of the calendar year, a time which with recent market moves seems very dated. Our existing views are that the Japanese lifers, and the GPIF through its own allocation will stay at home for JGBs this year as well as buying some Treasuries for the purposes of liquidity. One change might be the recent move higher for European sovereign yields as defence spending ramps up.
NZGB Tender Preview
March 12 2025 • 3mins
A preview of the forthcoming weekly NZGB tender, as well as observations on the NZGB market.
Aluminium Update: Aluminium Tariff Time - Without Exemption!
March 12 2025 • 8 mins
A weekly summary of news, views, data and statistics from the aluminium market.
Strategy Views on a Page
March 12 2025 • 6 min
A summary of Westpac Strategy Group's key market views
AUD Rates Morning Chartpacks - 12 March 2025
March 11 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
March 11 2025 • 3 mins
Today’s note includes comments on BEN, Athena, Firstmac and Bluestone.
FinanceAM
March 11 2025 • 2mins
The US dollar is lower and bond yields are slightly higher amid moderation in the risk averse mood prevailing in equity markets. JOLTS labour data was better than expected. The US-Canada trade war intensified. A ceasefire in the Ukraine war was indicated.
NZD FX Weekly
March 11 2025 • 4mins
A weekly update on the market for NZD crosses, including outlooks.
Around the Grounds
March 10 2025 • 3 mins
Today’s note includes comments on the Feb25 Earnings Wrap, Credit Fans, Pepper, RedZed, Metro Finance.
FinanceAM
March 10 2025 • 2mins
US equities fell sharply amid concerns the Trump administration’s trade and fiscal policies could damage the economy. The S&P500 is down 3.2% to a six-month low, and the Nasdaq 100 is down 4.7%. The risk-averse mood helped push bond yields lower and the defensive US dollar slightly higher.
AU swap spreads to narrow further. - A$ & NZ$ Rates Strategy
March 10 2025 • 10 mins
Our updated views on A$ and NZ$ Rates markets.
Aussie straddles rapidly shifting global risks
March 10 2025 • 4 mins
AUD navigated another yet another challenging and news heavy week for global markets with composure, clocking a 1.6% gain Monday to Friday to close back above 0.6300.
ABSolute Coverage - Securitisation & Covered Bond Weekly Update 10th March 2025
March 10 2025 • 3.0 mins
An update on the Australian Securitisation and Covered Bond Markets. This edition includes pricing details on Columbus Capital’s Triton 2025-1, the launch of Pepper’s auto ABS, a new mandate from Metro Finance, additional information on transactions from Athena and Firstmac and we look at ESMA’s consultation on disclosure for private securitisations.
February 2025 earnings wrap and compendium
March 10 2025 • 3 mins
February 2025 earnings wrap: Contains an overview of the reporting season and the February earnings compendium.
Strategy Views on a Page
March 10 2025 • 6 min
A summary of Westpac Strategy Group's key market views
AUD Rates Morning Chartpacks - 10 March 2025
March 9 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
ACCU Weekly: Weighed down by un-CER-tainty?
March 7 2025 • 10 mins
ACCU Weekly: Weighed down by un-CER-tainty?
Investor & Liability Manager Flow Highlights- A$ Rates Spotlight
March 7 2025 • 5 mins
An analysis of our transacted flows.
Strategy Views on a Page
March 6 2025 • 6 min
A summary of Westpac Strategy Group's key market views
AUD-NZD Cross market trade- take profit. -A$ and NZ$ Rates Spotlight
March 6 2025 • 3 mins
We take profit on a swap and bond trade idea in Australian/NZ markets.
AUD Rates Morning Chartpacks - 7 March 2025
March 6 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
March 6 2025 • 3 mins
Today’s note includes comments on Rio Tinto, Columbus Capital and Bluestone.
AUD Rates Morning Chartpacks - 6 March 2025
March 5 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
March 5 2025 • 3 mins
Today’s note includes comments on MinRes, IAG, Athena, Firstmac and Pepper.
Macro FX Trade Ideas
March 5 2025 • 4 mins
Weekly tactical and medium term strategic trade ideas from Westpac's macro FX team.
AUD-cross snapshot and outlook
March 5 2025 • 4 min
A high level snapshot of our short term views on AUD-crosses.
Fair Value: TCORP [5.25]% 24-Feb-2038 New Benchmark - A$ Rates Spotlight
March 5 2025 • 10 mins
Our pricing model estimates fair value based on existing bonds, without adjusting for cheapness/dearness along the curve or other market nuances.
NZGB Tender Preview
March 5 2025 • 3mins
A preview of the forthcoming weekly NZGB tender, as well as observations on the NZGB market.
Strategy Views on a Page
March 5 2025 • 6 min
A summary of Westpac Strategy Group's key market views
AUD Rates Morning Chartpacks - 5 March 2025
March 4 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
March 4 2025 • 3 mins
Today’s note includes comments on Aurizon, Suncorp, Brighte and the Feb-25 Reporting Compendium.
FinanceAM
March 4 2025 • 2mins
US equities fell amid concerns the Trump administration’s trade policies could affect economic growth, the S&P500 down 1.3%. The US dollar also fell, mostly against European currencies, while long maturity bond yields are slightly higher on European defence spending plans.
February 2025 Reporting Compendium
March 4 2025 • 3 mins
Please find attached our February 2025 Reporting Compendium which contains previously published reports from February and a brief summary on funding thoughts from reporting companies.
ABSolute Coverage - Securitisation & Covered Bond Weekly Update 4th March 2025
March 4 2025 • 6.0 mins
An update on the Australian Securitisation and Covered Bond Markets. This edition includes pricing details on ORDE’s second public RMBS, the launch of Columbus Capital’s Triton 2025-1, the release of new mandates / ratings on transactions from Firstmac, Bluestone, Think Tank, Pepper Money, Now Finance, Latitude Financial & Brighte Capital, and we look at the February corporate reporting from listed non-banks and other issuers.
NZD FX Weekly
March 4 2025 • 4mins
A weekly update on the market for NZD crosses, including outlooks.
AUD Rates Morning Chartpacks - 4 March 2025
March 3 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
March 3 2025 • 3 mins
Today’s note includes comments on Columbus Capital, Resimac, BC Invest and the Credit Fans.
Aussie whacked by fresh tariff threats
March 3 2025 • 4 mins
Just as markets seemed increasingly inured to tariff threats President Trump emphatically put them back on the table last week. The week ahead is potentially a watershed for tariffs, alongside a large number of decisive data and global policy events - US payrolls, the ECB, an EU Summit and China's NPC.
How low can yields go? - A$ & NZ$ Rates Strategy
March 3 2025 • 10 mins
Our updated views on A$ and NZ$ Rates markets.
Strategy Views on a Page
March 3 2025 • 6 min
A summary of Westpac Strategy Group's key market views
AUD Rates Morning Chartpacks - 3 March 2025
March 2 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
APRA ADI Statistics - January 2025
March 2 2025 • 3 mins
APRA released its January ADI statistics which saw loan growth ease back from the levels seen in recent months across both home and business lending, however deposit growth remained robust.
Strategy Views on a Page
February 28 2025 • 6 min
A summary of Westpac Strategy Group's key market views
AUD Rates Morning Chartpacks - 28 February 2025
February 27 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
February 27 2025 • 3 mins
Today’s note includes comments on Qantas, Qatar/Virgin, Coles, Waypoint REIT, Pepper, MME, Bluestone, Think Tank and Now Finance.
Coles 1H25: Industrial action provides Coles comfort
February 27 2025 • 3 mins
Coles reported strong 1H25 EBITDA growth led by the Supermarkets business where improved availability, execution of key events, consumer preference (own brand) and increasing eComm penetration all provided support, with the business also demonstrating its ability to be nimble, benefitting from industrial action that its major rival.
Qantas 1H25: Fleet capex sees funding on the runway
February 27 2025 • 3 mins
Qantas saw momentum across its core passenger businesses drive strong cashflow and a return to paying franked dividends. Despite this, a lift in fleet capex in 2H25 will see QAN with a funding requirement, and the group expect net debt to lift from AUD4.1bn, to be “at or below the mid-point” of its net debt target range of AUD4.7-5.8bn at year end.
NZGB 2032 Thoughts
February 27 2025 • 3mins
A syndicated tap of the 2032 nominal NZGB is expected sometime before 30 April.
AUD Rates Morning Chartpacks - 27 February 2025
February 26 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
February 26 2025 • 3 mins
Today’s note includes comments on Woolworths, Scentre, Worley, BBC, WZR, Columbus Capital, ORDE, Angle Auto Finance and the Credit Fans.
Scentre Group FY24: Are you resi? (not just yet)
February 26 2025 • 3 mins
SCG produced another strong underlying result led by strong visitation, positive occupancy and leasing activity and ongoing demand for retail space. Resi planning was a discussion topic, but this appears some way off.
Woolworths 1H25: Can we put 2024 in the rear-view?
February 26 2025 • 3 mins
Woolworths reported a sharp decline in 1H25 earnings with weakness in the core Australian Food business led by industrial action, supply chain transition and customer preferences, together with another lower contribution from Big W.
Macro FX Trade Ideas
February 26 2025 • 4 mins
Weekly tactical and medium term strategic trade ideas from Westpac's macro FX team.
NZGB Tender Preview
February 26 2025 • 3mins
A preview of the forthcoming weekly NZGB tender, as well as observations on the NZGB market.
Strategy Views on a Page
February 26 2025 • 6 min
A summary of Westpac Strategy Group's key market views
AUD Rates Morning Chartpacks - 26 February 2025
February 25 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
February 25 2025 • 3 mins
Today’s note includes comments on Centuria Industrial, Woodside, Resimac, Zip, Firstmac, Pepper and Latitude.
WDS FY24: Acquisitions lift net debt
February 25 2025 • 3 mins
Woodside Energy reported a solid operating performance for FY24 with volumes up but revenue and underlying NPAT declined reflecting lower oil and gas prices. Net debt lifted by USD3bn as the acquisitions of Beaumont New Ammonia and Louisiana LNG were completed, with the ~50% selldown of the latter in the coming months important to funding and sharing ongoing capex. Major projects remain on track with Sangomar now at nameplate capacity, Scarborough on track for first gas in 2026 and Trion targeting first oil in 2028.
WPR FY24: Stable performance lifted by valuation gains
February 25 2025 • 3 mins
Waypoint REIT reported a stable operating performance with consistent distributable earnings of AUD110.7M, as higher rental income from rent escalations offset higher interest costs. However statutory NPAT saw a strong turnaround as property revaluations turned around from a loss of AUD184.5M in the pcp to a AUD28.4M gain as rental growth of 3.1% more than offset mild cap rate expansion of just 4bps across the year. WPR now sees signs of stabilising cap rates along with improved buyer confidence and transaction activity, which would support its non-core asset sales of up to AUD60M.
Centuria Industrial REIT 1H25: Leasing spreads help offset interest costs
February 25 2025 • 3 mins
Centuria Industrial REIT (CIP) reported an 1H25 result that reflected continued strong demand for industrial assets through solid occupancy and very positive leasing spreads, which was once again offset by a higher cost of debt.
ABSolute Coverage - Securitisation & Covered Bond Weekly Update 25th February 2025
February 24 2025 • 3.0 mins
An update on the Australian Securitisation and Covered Bond Markets. This edition includes pricing details on transactions from Australian Finance Group and Suncorp Bank; ORDE Financial has launched their second public RMBS; and new mandates have been released from Angle Auto Finance, Columbus Capital & Athena Finance.
AUD Rates Morning Chartpacks - 25 February 2025
February 24 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
February 24 2025 • 3 mins
Today’s note includes comments on APA, Ampol, ORDE and Liberty.
Monthly CPI unlikely to shift valuations - A$ & NZ$ Rates Strategy
February 24 2025 • 10 mins
Our updated views on A$ and NZ$ Rates markets.
Aussie gathers momentum
February 24 2025 • 4 mins
AUD continued to forge ahead last week, breaking above 0.6375, with a brief stint over 0.64 late in the week, marking its best performance year-to-date. The currency held its own, aided by a "hawkish" RBA rate cut , yet another solid jobs report and growing tariff fatigue.
Ampol FY24: Challenging market conditions inflates leverage
February 24 2025 • 3 mins
Ampol reported a FY24 result that saw RCOP EBIT decline 45% to AUD715M, reflecting challenging global refining and commodity markets which mainly impacted the Fuels & Infrastructure segment, however ALD’s retail businesses (Convenience Retail and Z Energy) were more resilient. Leverage lifted from 1.6x to 2.6x across the year to now be slightly above its 2.0-2.5x target range, but this is expected to fall in FY25 as refinery performance and elevated capex normalise.
APA 1H25: Underlying earnings support debt capacity
February 24 2025 • 3 mins
APA reported 1H25 EBITDA of AUD1.02bn, up 9.1% on the pcp. APA expected underlying growth, developments and retained earnings (including the DRP) to provide debt capacity for its AUD1.8bn development programme.
NZD FX Weekly
February 24 2025 • 4mins
A weekly update on the market for NZD crosses, including outlooks.
Strategy Views on a Page
February 24 2025 • 6 min
A summary of Westpac Strategy Group's key market views
AUD Rates Morning Chartpacks - 24 February 2025
February 23 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
February 23 2025 • 3 mins
Today’s note includes comments on QBE, Auckland Airport, Rio Tinto, Fonterra, Latitude, Athena and the corporate week ahead.
Rio FY24: Capex and Arcadium Lithium to fund
February 23 2025 • 3 mins
Rio Tinto reported a FY24 result that saw underlying profit decline 8%, as weaker iron ore prices and earnings more than offset a stronger result across aluminium, copper and bauxite. Net debt lifted to USD5.5bn as capex remained elevated at USD9.5bn (with USD10-11bn pa expected through the medium term), and the USD6.7bn all-cash acquisition of Arcadium Lithium next month may require Rio to revisit the funding markets in the near term.
QBE FY24: Insurance earnings not so peril-ous
February 21 2025 • 3 mins
QBE reported a sharp uplift in FY24 profit as GWP growth, a positive catastrophe performance and strong investment returns all contributed.
Auckland Airport 1H25: Equity raise provides capex funding
February 21 2025 • 3 mins
Auckland Airport reported stronger 1H25 earnings, with revenue up 13% to NZD500M as passenger numbers grew (+2.3%) and aeronautical charges increased. Recovery is expected to slow from here due to subdued economic conditions in NZ and constrained airline capacity, however its NZD1.4bn equity raise during the half has supported debt reduction as its significant capex program continues.
Strategy Views on a Page
February 21 2025 • 6 min
A summary of Westpac Strategy Group's key market views
AUD Rates Morning Chartpacks - 21 February 2025
February 20 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
February 20 2025 • 3 mins
Today’s note includes comments on ANZ, Wesfarmers, Telstra, Fortescue, Transurban and ColCap.
TLS 1H25: Capex normalisation provides a buyback
February 20 2025 • 3 mins
Telstra reported a statutory NPAT of AUD1.115bn, with EBITDA of AUD4.25bn up 6.0%, ahead of expectations and a relatively clean result. In addition to the dividend, it announced an on-market buyback of up to AUD750M.
Fortescue 1H25: Weaker iron ore price lifts net debt
February 20 2025 • 3 mins
Fortescue (FMG) reported a stable operational performance for 1H25 with iron ore shipments up 3% on pcp to 97.1Mt, however sales revenue declined 20%, in line with its notably lower realised iron ore prices. Costs pressure was also felt as net profit declined by 53% to USD1.56bn, while free cash flow declined 75% to USD661M as ongoing capex spend remained elevated. This saw FMG’s net debt lift by USD1.5bn to USD2.0bn, however credit metrics remain sound with leverage still well within both FMG’s and rating agency targets.
TCL 1H25: Solid underlying performance, debt refi ahead
February 20 2025 • 3 mins
Transurban (TCL) reported a solid operating performance with traffic up 2.4% supported by growth in all regions, toll revenue further supported by price escalations, while operating costs were well contained. A 1H25 distribution of AUD32cps was declared representing 6.7% growth on pcp. Full year guidance remains at AUD65cps, representing 5% growth on pcp, and in line to its 95-105% Free Cash cover target.
STO FY24: Major project completions in sight
February 20 2025 • 3 mins
Santos (STO) reported FY24 net profit that was down 11%, reflecting more normalised oil and LNG prices and slightly lower production volumes. Elevated capex remains in place with USD2.9bn incurred across FY24 and an additional USD2.4-2.6bn expected in FY25. Net debt has lifted 15% to USD4.9bn with a further increase expected in FY25, however the completion of Barossa and Pikka over the next 18mths will support both debt reduction and increased distributions thereafter.
AUD Rates Morning Chartpacks - 20 February 2025
February 19 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
February 19 2025 • 3 mins
Today’s note includes comments on Goodman Group, NAB, Vicinity Centres, Stockland, MinRes, Santos, Angle, AFG, Apollo RMBS and ORDE.
WES 1H25: Just say th-anko
February 19 2025 • 3 mins
Wesfarmers reported a resilient FY24 result led by the retail operations where Bunnings remains the largest earnings generator for the group and Kmart produced another standout result.
VCX 1H25: Retail momentum supports portfolio repositioning
February 19 2025 • 3 mins
Vicinity reported a 1H25 result that reflected a lift in sales activity in late 2024 that supported MAT growth and leasing. Strong occupancy and fixed escalations remain, interest costs and valuations have stabilised, and the group has continued its portfolio repositioning which has been funded via asset sales.
Macro FX Trade Ideas
February 19 2025 • 4 mins
Weekly tactical and medium term strategic trade ideas from Westpac's macro FX team.
Westpac Strategy Antipodean Daily Wrap
February 19 2025 • 5 mins
Two from two, RBNZ delivers a rate cut.
Stockland 1H25: Margins and settlements in MPC required
February 19 2025 • 3 mins
Stockland reported lower FFO as solid momentum in the logistics business and strong land lease settlements which were offset by divestments in the Town Centres business, continuing pressure in Workplace and low settlements and margins in the MPC business, which will be key to 2H25 cash.
MinRes 1H25: The road to Onslow is paved
February 19 2025 • 3 mins
MinRes reported (well) after the close yesterday before holding its call analyst briefing today and the themes have been consistent. Underlying performance has been impacted by lower commodity prices and while income and underlying EBITDA were sharply lower, the performance did not surprise although news of the resurfacing of the Onslow haul road, reduced guidance for Onslow volumes in 2H25 and higher Onslow unit costs were new. From a credit perspective, the increased capex at Onslow and long-term viability of the road remain concerns, however MinRes have reiterated that they believe they are now at peak leverage. Assuming this is correct, how quickly can it achieve deleveraging, and where is rating agency tolerance? (MinRes did state its commitment to the BB rating band).
NZGB Tender Preview
February 19 2025 • 3mins
A preview of the forthcoming weekly NZGB tender, as well as observations on the NZGB market.
Market reaction to RBNZ MPS
February 19 2025 • 2mins
A brief summary of the market's response to today's RBNZ decision
Strategy Views on a Page
February 19 2025 • 6 min
A summary of Westpac Strategy Group's key market views
Strategy Primer- Cross Currency Basis convention primer
February 19 2025 • 5 mins
This primer is aimed at the investor, issuer and corporate participants in the financial markets who use cross currency basis (Xccy). It outlines the conventions for the major currencies as well as some Asian markets. With changes to basis markets in recent years as legacy LIBOR rates have been replaced by risk-free reference rates (RFRs), it is worth refreshing the understanding of conventions across the various markets.
AUD Rates Morning Chartpacks - 19 February 2025
February 18 2025 • 10 mins
Morning ACGB, Semi, SSA relative value chartpacks.
Around the Grounds
February 18 2025 • 3 mins
Today’s note includes comments on Dexus, BHP, Judo, Humm and the Credit Fans.
Dexus 1H25: Asset sales continue as Office values stabilise.
February 18 2025 • 3 mins
Dexus reported a statutory profit of AUD10.3M as the weight of negative valuations eased compared to prior periods, while on an underlying basis, FFO declined 7.4% as divestments, increased vacancies and higher finance costs all weighed, offsetting fixed escalations and positive leasing spreads.
Thought leadership
Are you ready for the real-time payments revolution?
February 28 2025 • 6 mins
By adapting early to real-time payments, Australia’s largest corporations will stake a competitive advantage and enjoy the benefits of improved customer-centricity and operational efficiency.
Q4 2024 Sustainable Finance Market Update
February 26 2025 • 7 mins
In Q4 2024's Sustainable Finance Market Update, we cover trends in sustainable debt issuance globally and in the Australian-New Zealand markets, as well as industry insights such as updates to the Green Star Performance for building sustainability and ASFI’s progress on the Australian Sustainable Finance Taxonomy.
ESG Impact: What you need to know January 2025
February 3 2025 • 7 mins
Welcome to our first Westpac IQ wrap on sustainable finance and ESG for 2025.
ESG Impact: What you need to know - November/December 2024
December 16 2024 • 8 mins
Climate finance deals were high on the agenda at the global climate conference, COP29, held in November. Our final issue of Westpac IQ’s ESG Impact for the year explores some of the key outcomes from the two-week event, along with the latest on Australia’s increasing momentum in renewable energy, new policies and funding for road transport, plus the outcomes of two global nature and biodiversity summits, and more.
Understanding nature impact and dependencies may be easier than you think
December 13 2024 • 7 mins
Awareness of the economic value of nature for business is rising rapidly.
Securitisation issuance grows in strength with diversity
December 11 2024 • 3 mins
2024 began auspiciously as Westpac set the pace for Australian securitisation markets in January with the largest major bank deal in four years.
Mandatory climate reporting: What do you need to know?
December 9 2024 • 5 mins
Australia’s move to mandatory climate reporting represents a major change for larger organisations and a chance to prepare for more sustainability disclosure requirements on the way.
Payments: Building the future of banking in real-time
November 20 2024 • 7 mins
Banks are moving fast, embedding new technologies to embrace the push to real-time payments that’s coming from customers, regulators, payment schemes, and new competition within Australia and across the globe. The impact is transformational and will provide better outcomes for both consumers and large institutions.
Sustainable Finance Market Update
November 4 2024 • 8
In this quarter’s Sustainable Finance Market Update, we cover trends in sustainable debt issuance globally and in the Australian-New Zealand markets, as well as industry insights such as updates to the Green Star Performance for building sustainability and ASFI’s progress on the Australian Sustainable Finance Taxonomy.
Business scams on the rise – be alert!
November 1 2024 • 5 mins
No matter how legitimate a request looks, Westpac is urging customers to be alert to scammers. Here’s how.
ESG Impact: What you need to know - October 2024
October 31 2024 • 7 mins
Welcome to your Westpac IQ monthly wrap on sustainable finance and ESG.Here’s the latest round-up of the standout ESG developments making the headlines, fromindustry highlights to policy updates. Why do they matter? What do they mean for you?
Building momentum for Australia's offshore wind industry
October 23 2024 • 7
Westpac IQ’s new infographic highlights Australia’s advantages and the catalysts for future growth, along with the solutions to accelerate development of the emerging industry.
Inside Westpac's decarbonisation challenge
October 11 2024 • 8
Australia’s oldest bank progresses initiatives to cut greenhouse gas emissions on the way to net-zero.
ESG Impact: What you need to know - September 2024
September 30 2024 • 7 mins
Australia’s transition journey looks a little clearer with the release of the Climate Change Authority’s Sector Pathways Review. Westpac IQ’s ESG Impact explores the report’s highlights, and examines the Federal Government’s updated National Hydrogen Strategy and the latest on corporate transition progress from the Transition Pathway Initiative’s recent report.
Streamlining payments for businesses and governments in real-time
September 12 2024 • 8
A unique Westpac payments platform is making real-time payments for large organisations seamless and safe.
ESG Impact: What you need to know - August 2024
August 30 2024 • 7 mins
While much of the world watched Olympians go for gold, host city Paris kept a close eye on the event’s environmental footprint. In this edition, we look at the greening of the Olympic Games, a new report on decarbonising iron and steel production, fresh plans for Rio Tinto’s Boyne smelter near Gladstone, Boral’s exploration of low-carbon concrete, plus a hospitality giant’s support for the circular economy, and more.
Corporates team up to block cyber threats
August 13 2024 • 10
A new partnership designed to share collective cyber intelligence amongst some of Australia’s biggest corporations is honing more effective ways to counter cyberattacks.
Q2 2024 Sustainable Finance Market Update
August 8 2024 • 9
In this quarter’s Sustainable Finance Market Update, we cover trends in sustainable debt issuance globally and in the Australian-New Zealand markets, as well as insights from Westpac and Economist Impact’s Financing for Sustainability Report on the Asia-Pacific sustainable finance market.
ESG Impact: What you need to know - July 2024
July 29 2024 • 7 mins
The latest edition of Westpac IQ’s ESG Impact puts energy investment in the spotlight with the recent release of the International Energy Agency’s World Energy Investment 2024 report. We also explore new recommendations for increasing First Nations employment in the clean energy industry, the environmental impact of artificial intelligence, efforts to cut the carbon footprint of fashion, and more.
Growing the links in sustainable supply chains
July 29 2024 • 10
How are organisations making their supply chains future-fit on the pathway to a more sustainable future? A recent Women in Sustainable Finance panel event at Westpac’s Melbourne HQ uncovered some innovative ideas.
Beating the scammers
July 18 2024 • 7 mins
Australian banks are collaborating to tackle the cyber crime challenge with a range of measures, including ‘confirmation of payee’ systems. Westpac experts outline what to expect.
ESG Impact: What you need to know - June 2024
June 27 2024 • 7 mins
There were several roadmaps to follow this month, with the Federal Government outlining its courses of action on sustainable finance and decarbonising the transport sector. We also report on the progress of zero-emissions haulage, a groundbreaking new electricity deal for a New Zealand aluminium smelter, how sustainable snake meat may boost food security, and more.
ESG Impact: What you need to know - May 2024
May 28 2024 • 7 mins
This edition explores the bumper investment in renewables in the Federal Budget 2024-5, how energy giants are breathing new life into ageing coal-fired assets, sustainability R&D in the red meat and livestock industry, new priorities announced at the First Nations Clean Energy Symposium, and more.
Infographic: Future prospects for Australia’s transition minerals
May 21 2024 • 5
Uncertainty driven by plummeting prices formed the prevailing theme for Australia’s critical minerals sector in early 2024, but – by contrast – the long-term outlook continues to be particularly bright.
Federal Budget 2024-25: The impact by sector
May 21 2024 • 7 mins
At first glance, everyone will be a winner following the Federal Budget 2024-25, but what are the likely longer-term outcomes for different sectors of the Australian economy? A team of Westpac analysts digs deeper to find out.
New report: How credibility is reshaping sustainable finance
May 10 2024 • 2 mins
Positive themes are emerging in sustainable finance, despite the Asia-Pacific markets following a recent global trend to consolidation, according to the new Financing for sustainability: Asia-Pacific’s ESG market opportunities report commissioned by Westpac.
Q1 2024 Sustainable Finance Market Update
May 6 2024 • 9
Welcome to Westpac IQ’s quarterly sustainable finance market update.
ESG Impact: What you need to know - April 2024
April 23 2024 • 5 mins
This month we report on the looming deadline for large corporations and asset managers to prepare for mandatory climate reporting in Australia, Queensland’s new legislation with ambitious targets for carbon emissions and renewable energy, plus the faster focus on nature-based that’s coming from corporates and government, and more.
How carbon markets are rising to the net-zero challenge
April 10 2024 • 2 mins
The credibility of the Australian carbon market is growing as it continues to put in place the necessary integrity-enhancing infrastructure and governance, paving the pathway to realise some forecasts of Australia becoming one of the world’s largest producers of carbon credits.
ESG Impact: What you need to know - March 2024
March 27 2024 • 7 mins
This month we bring you positive indicators for an increase in appetite for large-scale renewable energy projects, a breakthrough likely to expand solar cell production across different sectors of the economy, and developments in a new scheme for soft plastics recycling in Australia, and more.
ESG Impact: What you need to know - February 2024
February 28 2024 • 5 mins
This month we report on how the latest boom in battery industry activity could have exponential impact, new Australian Government support for the critical minerals industry, the surge in sustainable bonds, and more.
Q4 2023 Sustainable Finance Market Update
February 11 2024 • 9
Welcome to Westpac IQ’s quarterly sustainable finance market update.
ESG Impact: 5 themes and developments to watch in 2024
February 1 2024 • 5
Welcome to the first ESG Impact for 2024, which looks set to be an eventful year for climate policy. We’ve compiled a list of five key Australia-based ESG policy changes, standards and regulations to keep on your radar for the year ahead and what they’re likely to mean for you.
Positive momentum in the Australian structured finance market
December 6 2023 • 5 mins
The structured finance market has seen positive momentum over 2023 with significant levels of primary market activity and a robust secondary market buoyed by increasing global participation.
ESG Impact: What you need to know - November 2023
November 30 2023 • 7 mins
This month we look ahead to COP28 and the first Global Stocktake to gauge worldwide progress toward the Paris agreement goals, and we report an upswing in activity around sector-specific transition, and much more.
Pressure testing Australia’s hydrogen dream
November 16 2023 • 5 mins
Enough of the dreaming, it’s time for tangible policies and action on Australia’s plans to develop a green hydrogen industry, says Westpac’s Head of Energy, Infrastructure and Resources David Scrivener.
Sustainable Finance Q3 2023 Market Update
November 14 2023 • 8
Welcome to Westpac IQ’s quarterly sustainable finance market update.
ESG Impact: What you need to know - October 2023
October 31 2023 • 5 mins
This month we are reporting on delays in renewables generation in Australia, draft standards for mandatory disclosure for Australian businesses, new global commitments on critical minerals, and much more.
Offshore wind: Turning on renewable energy’s next generation
October 23 2023 • 8
A global market is booming, and developers and investors are eyeing the huge potential of Australia’s world class offshore wind resources as the nascent industry starts to move ahead.
Reimagining power stations: Next generation assets
October 17 2023 • 8
Drawing on existing skill sets and infrastructure, old coal-fired power stations are being repurposed into renewable energy hubs and vibrant community assets as the low-carbon transition gains pace.
New report: A reality check for Australia’s great hydrogen dream
October 8 2023 • 5
Can Australia still realise its dream to become a clean hydrogen superpower? A new report by Westpac Institutional Bank and AFRIntelligence pressure-tests the viability of the nation’s ambitions with a group of energy industry leaders.
Payments transformation: Get ready for exponential change
October 5 2023 • 10
There’s no time to lose with a new strategic plan for Australia’s payment system enmeshing all industry players in a seven-year transformation journey, but it’s just one of many forces to watch.
ESG Impact: What you need to know - September 2023
September 28 2023 • 7 mins
This month we report on Australian companies’ challenges in meeting net-zero targets, some breakthroughs on the way to a circular economy, a gap in funding for biodiversity solutions, plus a trailblazing sustainability linked loan that puts the emphasis on social impact.
ESG Impact: What you need to know - August 2023
August 31 2023 • 6 mins
This month we report on key developments from the Australian federal and state governments, plans for a green tariff to keep Australian companies internationally competitive, the latest evolution in biodiversity markets, and more.
Biodiversity: Our dependence on nature
August 23 2023 • 5 mins
Expectations on businesses to manage biodiversity risk and opportunities are growing, so how are organisations stepping up to measure their nature footprints?
Sustainable Finance Q2 2023 Market Update
August 15 2023 • 7
Welcome to Westpac IQ’s quarterly sustainable finance market update.
11 key lessons from Australia’s cyber crime challenge
August 10 2023 • 6
From misappropriated passwords to fake audio and video calls, the ruses of cyber criminals are escalating in sophistication as they proliferate in numbers.
ESG Impact: what you need to know - July 2023
July 28 2023 • 5 mins
Welcome to our latest round-up of the standout ESG developments making the headlines, from corporate highlights to policy updates. What’s happening locally and globally? Why does it matter? What does it mean for you?
How to navigate the latest cyber scams
June 30 2023 • 5 mins
As financial losses to cyber fraud ratchet-up across Australia’s business community, Westpac experts explain the latest criminal tactics and how businesses can best avoid them.
ESG Impact: what you need to know - June 2023
June 29 2023 • 5 mins
Welcome to the June round-up of the standout ESG developments making the headlines, from corporate highlights to policy updates. What's happening globally? Why does it matter? What does it mean for you?
Safeguard Mechanism new rules snapshot
June 14 2023 • 3 mins
Significant structural changes are set to redefine carbon markets and pricing as part of Australia’s push for a more sustainable future.
ESG Impact: what you need to know - May 2023
May 30 2023 • 5 mins
Welcome to the May round-up of the standout ESG developments making the headlines, from corporate highlights to policy updates. What's happening globally? Why does it matter? What does it mean for you?
Counting the cost of carbon
May 29 2023 • 7 mins
Reforms to the nation’s Safeguard Mechanism are the latest tool in the Federal Government’s bid to achieve its 2030 and 2050 greenhouse gas emissions targets.
Federal Budget 2023: The impact by sector
May 17 2023 • 10 mins
There’s a surplus and plenty of winners, but what will the Federal Budget 2023-4 mean for different sectors of the Australian economy? A team of Westpac analysts explains in this exclusive report.
ESG Impact: what you need to know - April 2023
May 1 2023 • 5 mins
Welcome to the April round-up of the standout ESG developments making the headlines, from corporate highlights to policy updates. What’s happening globally? Why does it matter? What does it mean for you?
Payments innovation: Trends to watch in 2023
March 30 2023 • 5 mins
Whether it’s cross-border or domestic, the pace of change in payments is moving fast. Westpac’s Global Head of Product Nish Dharmaratne outlines what to expect in the months ahead.
ESG Impact: What you need to know - March 2023
March 26 2023 • 5 mins
Welcome to this month’s round-up of the standout ESG developments making the headlines, from corporate highlights to policy updates. What’s happening globally? Why does it matter? What does it mean for you?
ESG Impact: What you need to know - February 2023
February 27 2023 • 5 mins
Welcome to Westpac IQ’s first monthly round-up for 2023 of the latest standout ESG developments making the headlines, from corporate highlights to policy updates. What's happening globally? Why does it matter? What does it mean for you?
How digital innovation is transforming supply chains
February 20 2023 • 5 mins
As businesses prepare for 2023 and beyond, innovation in supply chains is not only changing the way they operate but potentially revolutionising entire sectors.
The race to circularity: Can Australia meet the 2030 deadline?
January 30 2023 • 5 mins
A circular economy policy has been declared, but will Australia make the transformation in the next eight years? An expert panel considers some of the big strides and step changes in the race ahead.
How to navigate 2023: Trends and tactics
December 12 2022 • 5 mins
Experts at the Westpac Sustainable Future Forum delivered cues for action for Australian business leaders as they prepare for a new year dealing with a range of highly dynamic issues.
Fast-tracking sustainability: ‘Acknowledge that it’s hard’
December 7 2022 • 7 mins
Australia’s financial system is reshaping towards a resilient and inclusive future, but there’s still much to do, industry experts agreed at the launch of ASFI’s latest Progress Tracker.
ESG Impact: What you need to know - November 2022
November 30 2022 • 7
Your round-up of the latest standout ESG developments making the headlines, from corporate highlights to policy updates. What’s happening globally? Why does it matter? What does it mean for you?
Sibos 2022: New global priorities for payments
November 22 2022 • 5 mins
This year’s Sibos conference flagged the need for banks and their customers to get ready for the new world of instant global payments. Westpac’s Jeff Byrne and Nish Dharmaratne explain what’s on the way.
Federal Budget 2022: The impact by sector
November 6 2022 • 10 mins
The first Federal Budget by the Albanese government presented many potential positives, but in this sector-by-sector analysis Westpac experts ask how deliverable some will be due to ongoing workforce shortages.
ESG Impact: What you need to know - October 2022
October 31 2022 • 7 mins
Welcome to this month’s round-up of the standout ESG developmentsmaking the headlines, from corporate highlights to policy updates.What’s happening globally? Why does it matter? What does it mean foryou?
Momentum behind sustainable finance innovation
October 25 2022 • 10 mins
The size and breadth of the sustainable finance market has grown and with it the ambition of its participants. In September, KangaNews Sustainable Finance and Westpac Institutional Bank hosted a group of borrowers, each of which has expanded the boundaries of what is achievable in the Australian market, to discuss their motivations, aspirations and challenges.
ESG Impact: What you need to know - September 2022
September 28 2022 • 7 mins
In Westpac IQ’s September wrap of the latest ESG developments making the headlines, Westpac Institutional Bank’s team of ESG experts explain what’s happening globally, why it matters and what it means for you.
Scaling hurdles in the race to net-zero
September 9 2022 • 5 mins
As one of the major roadblocks to sustainable finance looks set to shift, more than a third of companies say they will be issuing or utilising green or social funding for the first time in the next year
Cheat sheet: Carbon trading in Australia and beyond
September 5 2022 • 10 mins
Westpac IQ asks three experts to explain how carbon markets work and unpack the reasons for the rapidly rising demand in Australia for high-integrity carbon offset schemes.
ESG Impact: What you need to know - August 2022
August 31 2022 • 7 mins
In Westpac IQ’s August wrap of the latest ESG developments making the headlines, Westpac Institutional Bank’s team of ESG experts explain what’s happening globally, why it matters and what it means for you.
Hydrogen’s central role in decarbonising Australia’s economy
August 25 2022 • 7 mins
Touting benefits of lower costs and greater energy security, Australia’s gas distributors explain their transition plans for a green hydrogen future and what needs to change to make it happen.
How decarbonisation is reshaping business
August 17 2022 • 7 mins
From disruption to shifting priorities, three Australian business leaders explain how decarbonisation is changing their organisations.
Foundations for success in the new data era
August 2 2022 • 5 mins
To extract maximum value from data, organisations are reshaping their data strategies. Westpac’s DataX offering is helping Australia’s top businesses and Government embrace the change.
ESG Impact: What you need to know - July 2022
July 29 2022 • 10 mins
In our July wrap of the latest ESG developments, Westpac Institutional Bank’s team of ESG experts explain what’s happening domestically and locally, why it matters, and what it means for you.
Rising to the transition challenge
July 26 2022 • 7 mins
To mark Westpac joining the global UN-convened Net-Zero Banking Alliance, two of the bank’s ESG thought leaders outline how it’s leaning into the transition of hard-to-abate industries – and why.
Inside Asia-Pacific’s sustainable finance surge
July 4 2022 • 5 mins
Two Australian corporate leaders explain what’s changing for companies and investors as uptake of sustainable finance opportunities rapidly surges across the Asia-Pacific.
ESG Impact: What you need to know – June 2022
June 28 2022 • 5 mins
In our June wrap of the latest ESG developments, Westpac Institutional Bank’s team of ESG experts explain what’s happening domestically and locally, why it matters, and what it means for you.
Data insights: a new currency for strategic growth
June 9 2022 • 7 mins
Westpac DataX gives business and government access to powerful data insights to inform decision-making and achieve growth through sophisticated data analytics.
Navigating the digital highway
June 8 2022 • 7 mins
Digital connectivity and data have transformed the way organisations operate. Keeping pace with accelerating digital evolution is essential for long-term success.
Hydrogen: Steps towards Australia’s powerhouse plan
June 7 2022 • 7 mins
CSIRO Hydrogen Industry Mission Leader Patrick Hartley outlines some of the key moves required for Australia to realise its plans to become a major hydrogen exporter in this Q+A for Westpac IQ.
Valuing Nature - Seeing the Ecological Assets through the Trees
May 29 2022 • 15 mins
Is it possible to attach a monetary value to something as seemingly priceless as Nature? For Tasmanian forestry management and timber plantation company Forico, the answer is yes.
ESG Impact: What you need to know - May 2022
May 23 2022 • 10 mins
In our May wrap of the latest ESG developments, Westpac Institutional Bank’s team of ESG experts explain what’s happening domestically and locally, why it matters, and what it means for you.
Realising Australia’s rare earths’ potential
May 5 2022 • 10 mins
Massive growth potential is anticipated for rare earths, the crucial raw materials for wind turbines and electric vehicle motors, which will play a central role in global decarbonisation efforts.
Budget 2022: Analysis sector by sector
April 11 2022 • 20 mins
One-off payments to ease Australians’ cost-of-living pressures were this year’s Budget scene-stealers, but who will be the longer-term beneficiaries? Westpac Institutional Bank analysts reveal its impact by sector.
Green lights for lithium producers
April 6 2022 • 10 mins
Massive growth in the electric vehicle market has spurred global interest in Australia as a source of sustainably produced lithium. Two industry leaders share their insights with Westpac IQ on how the sector is powering ahead.
Payments Innovation: Trends to watch in 2022
March 23 2022 • 15 mins
Reform of Australia’s A$650 billion-a-day payments industry is long overdue, but will the changes come at the cost of creativity across this rapidly changing landscape?
Next Phase for Corporate Debt
March 16 2022 • 5 mins
Financial markets are at the heart of era-defining changes happening in today’s world. How adequately the Australian market rises to the challenge will help define its own future and that of the whole economy.
Sustainable finance hits fast forward
March 10 2022 • 1 mins
A new survey by Economist Impact for Westpac Institutional Bank shows how sustainable finance is forging ahead as a core strategy for issuers and investors across the Asia Pacific, and what’s holding it back.
How corporate treasurers are taking the lead on ESG
February 23 2022 • 7 mins
Corporate treasurers are increasingly engaging with the ESG goals of their organisations and turning to green finance products to help achieve their treasury objectives.
The rapid rise of sustainable finance
December 12 2021 • 7 mins
2021 has been a massive year for sustainability broadly, and the ever-sharpening global focus can be clearly gauged by the rapid evolution and upward trajectory of sustainable finance.
Holding businesses accountable for sustainability
December 6 2021 • 15 mins
Sustainability is indisputably now a top agenda item for all businesses and, while it presents many challenges for organisations, the welcome news is that greater clarity is looming around one of the persistent uncertainties: how to report?
SIBOS 2021: Key trends and themes
November 29 2021 • 7 mins
From innovative payments methods to new standards for interoperability, global financial leaders explored how banks are disrupting themselves and fast evolving at Sibos 2021. Here Westpac IQ talks to the key trends and themes to come out of the conference.
Reforming Australia’s energy future
November 28 2021 • 10 mins
Renewables sector concerns around a “fit-for-purpose” grid are expected to be tempered by the latest recommendations of the Energy Security Board, its Chairman Kerry Schott tells the AFR as part of Westpac Institutional Bank’s Reforming the Grid discussion.
Cyber safety: New insights for countering threats
October 14 2021 • 5 mins
To maximise their cyber safety, businesses must learn to “drive defensively” in the face of ever mounting and evolving risks. Westpac experts highlighted critical actions to counter the most prevalent threats in a recent virtual forum.
Addressing social issues with sustainable finance
October 7 2021 • 10 mins
A surge in socially driven sustainable finance brought on by COVID-19 looks set to endure. In this third report by Bloomberg Media Studios for Westpac IQ, we examine some of the key developments underway globally likely to accelerate further uptake.
Building muscle memory to tackle cyber risk
October 6 2021 • 7 mins
Mature organisations must recognise today’s complex kaleidoscope of cybercrime is a business risk that will inevitably be realised – and plan accordingly, leading Australian cyber expert Alastair MacGibbon told a recent Westpac webcast.
Cybercrime’s rising scale of deceit
October 5 2021 • 3 mins
Deception on the internet continues to grow by the day. One of the most intriguing forms of cyber deceit is the rapidly evolving field of fake people - better known as deepfakes.
Wesfarmers' trailblazing Sustainability-Linked Bond
September 15 2021 • 7 mins
In a trailblazing issuance for the local market, Wesfarmers launched the first Australian dollar denominated sustainability-linked bond (SLB) in June this year, raising AUD 1 billion in a transaction that was enthusiastically over-subscribed by approximately 2.5 times.
Closing the loop: Rethinking digital supply chains
September 7 2021 • 7 mins
The transformative potential of data generated through digital supply chains is now capturing the attention of senior executive teams and boards as companies position themselves for greater resilience and growth in a post-pandemic world.
Western Sydney: From growth dynamic to new dynamic
September 2 2021 • 7 mins
The pandemic coincided with the end of a prolonged growth surge in Western Sydney, according to a new report that analyses the region’s past prosperity and explores what needs to change to boost its economic prospects in the post-pandemic future.
Rebooting manufacturing will buoy the economy
August 29 2021 • 5 mins
The outlook for Australian manufacturing is looking bright – from consumers turning their attention to locally-made goods and the onshoring of supply chains, to the economic boost for specific sectors from the Australian Government’s AUD1.5 billion Modern Manufacturing Strategy. However, in a recent Rebooting Manufacturing roundtable leading manufacturers identified key challenges to be addressed before the sector can be fully revitalised.
2021 trends to watch: BNPL on the money
July 28 2021 • 10 mins
In a fast-changing payments landscape, buy-now-pay-later services are an increasingly powerful tool for businesses seeking to drive up revenue and deliver a superior payments customer experience. Here’s why.
Data and AI: The next revolution
July 26 2021 • 5 mins
From honing competitive edge to solving complex social problems, adoption of data analytics and artificial intelligence is transforming the way businesses operate and informing government policymaking.
Sustainable finance for a world in transition
July 7 2021 • 7 mins
In its second report on the fast-evolving field of sustainable finance for Westpac IQ, Bloomberg interviews leading international experts on the latest in transition finance and how the market is maturing.
How to develop a winning hybrid cloud strategy
July 5 2021 • 7 mins
Migration of workloads to the cloud was one of the digital trends rapidly escalated by pandemic lockdowns. We explain what makes a hybrid cloud strategy fly.
Cybercrime: Countering the latest threats
June 1 2021 • 7 mins
Cyber attacks on public sector organisations are on the rise, both in volume and levels of sophistication. Westpac experts deliver insights on the latest rouses of cyber criminals and how to counter them.
Western Sydney Aerotropolis: Next steps for lift-off
May 27 2021 • 7 mins
Extensive rezoning of land has cleared the way for the fast-tracking of the Aerotropolis development in Western Sydney. Guests at a Westpac-sponsored event were given an update on progress.
Federal Budget 2021: Analysis by sector
May 25 2021 • 7 mins
Widespread job creation is the attention-grabber in this year’s Federal Budget, Westpac Institutional Bank analysts explain its likely impacts, sector by sector.
Thinking like a hacker keeps organisations safe
May 21 2021 • 7 mins
The mass shift to digital, accelerated by the pandemic, has exposed networks and data to new cyber security risks. Ethical hacking is a vital resource in the first line of defence.
Big opportunities in the RCEP trade deal
May 11 2021 • 7 mins
Australian businesses can look forward to massive potential opportunities predicted to come from the Regional Comprehensive Economic Partnership agreement.
A clear-cut path for defining sustainable investments
May 7 2021 • 7 mins
Westpac IQ has partnered with Bloomberg Media Studios to examine the EU taxonomy and its likely impact on Australian businesses.
Digital game-changers in financial markets
March 30 2021 • 7 mins
Digitisation is driving competitive edge in financial markets globally. Giulio Katis, Head of Financial Markets eCommerce at Westpac Institutional Bank, explains what’s on the way.
KangaNews - The big renewal
March 29 2021 • 7 mins
Westpac Institutional Bank is taking a lead position in Australia’s renewable-energy space – a key sector for investment growth.
IWD 2021: The female changemakers in financial leadership
March 9 2021 • 7 mins
In the final video in our series we discover how our four women executives chose to challenge to make it into top roles in finance. What were their game-changing experiences?
IWD 2021: Four women in finance on their greatest career challenge
March 8 2021 • 7 mins
Four months into her role as Group Chief Financial Officer at Qantas, Vanessa Hudson faced her greatest career challenge when she realised Australia’s national airline would lose all its forward revenue.
IWD 2021: How does diversity bring on change?
March 7 2021 • 7 mins
Four trailblazing women who ‘chose to challenge’ to make it into senior executive roles in finance share their compelling insights with Westpac IQ for International Women’s Day 2021.
The emerging threat of deepfake technology
February 16 2021 • 7 mins
Deepfake technology has mainly targeted individuals – particularly women – but there is now a growing expectation that the increased availability of technologies will, inevitably, be used by organised crime against businesses.
2021 trends: What’s next for payments?
February 10 2021 • 7 mins
The ever-dynamic payments space gained further momentum in 2020. Nish Dharmaratne, Global Head of Product, provides an insider view on some of the key payments trends to watch in 2021.
New directions for Australia's green bond market
February 4 2021 • 7 mins
Increasing emphasis on ESG in the wake of the pandemic looks set to power growth for green bonds and provide lift-off for further sustainability-focused bonds.
A burning issue: Turning waste into energy
December 10 2020 • 7 mins
As Australia plays catch-up on turning waste into energy, this Westpac IQ cheat sheet explains how it works.
Leading the way on sustainable and renewables finance
November 24 2020 • 5 mins
As Australia’s economy recalibrates, the transition to clean, green energy will gain further momentum, predict experts at Westpac, the country’s leading lender to greenfield renewable energy, and the bank is ready to support the next phase. Here’s how.
Transurban: The quiet revolution in roads
October 20 2020 • 5 mins
After a year of video-conferencing and remote technologies, we’re entering a new era of innovation in mobility, transportation and physical connectivity, explains Transurban CFO Adam Watson in this Q+A for Westpac IQ by Reuters Plus.
Paving the way for a smarter motoring future
September 30 2020 • 5 mins
As the uptake of electric vehicles in Australia starts to surge, Charles Griplas, Managing Director of Melbourne tollway operator ConnectEast, gives Westpac IQ the steer on what’s driving consumer preferences towards a more sustainable motoring future.