Richard Gluyas's questions to WESTPAC BANKING (WEBNF) leadership • Q1 2021
Question
Richard Gluyas of News Corp asked for the primary drivers behind the significant improvement in the bank's internal economic forecasts between September and December.
Answer
CEO Peter Francis King identified two key factors: first, the actual economic rebound was faster and stronger than anticipated in prior forecasts. Second, employment recovered much more quickly than expected, with the number of employed persons returning almost to pre-pandemic levels, which supported income and confidence.