Woodside ceo says 2012 year of growth is not the same as last one, because of recession
Australia’s banking sector will lose its double-digit annual growth in 2015 because of a prolonged recession, a leading bank economist has warned, amid signs it may have missed out on some major jobs.
The Reserve Bank of Australia has confirmed the slowdown is more pronounced than expected, but says this year’s year-on-year growth of 2.5 per cent is higher than in 2011 and 2014.
Brisbane-based banker and macroeconomics professor of AECOM and ANZ economist Matthew Stoddart told the ABC the bank’s year-on-year growth of 2.5 per cent was “not a surprise”.
“Even with one quarter of that I would say it’s not a surprise,” he said.
The bank’s chief economist Doug Porter said the Bank of Australia was “committed to full employment, but there is also an opportunity” to have more people in banking and “a sustainable, strong banking sector in 2016”.
He told Sky News’ PM program the bank “seems to have missed out on some jobs”.
“In Australia in this case we did not have a year where we experienced an expansion that was sufficient to 골목offset the downside,” he said.
“In fact in the first 10 months of this year we experienced that expansion and when you have that much expansion it is difficult to sustain any sustained increase.”
Mr Stoddart also pointed to a drop in bank balance sheets, a negative cash flow and “sluggish” credit quality.
“If you are looking for signs you have some room for growth you have to keep track of some of those and we have a very strong capital p출장 안마osition in that.
“I will say that if you look 샌즈 카지노at the bank that has the largest capital profile… is the bank you have to buy your capital,” Professor Stoddart said.
He said there was a “substantial chance” there would be no change from a negative cash flow report.
“It is a very good news release to have a number of those things… but they are certainly very, very good signs that there are some changes,” he said.
Topics: bank-economics-and-finance, business-economics-and-finance, australia