Westpac's CEO says they have noticed changing customer habits in the backdrop of a tougher economy.

The bank's half-year profit is up four percent, with its net profit rising to $545 million dollars.

It's down 19 percent on the previous six months.

CEO Catherine McGrath says businesses are getting good at controlling what they can.

"There's a little bit less money being spent on things like hospitality and retail spend - with businesses, some of them are pausing a bit on whether they want to do their expansion plans."

LISTEN ABOVE

Westpac's CEO says they have noticed changing customer habits in the backdrop of a tougher economy.
The bank's half-year profit is up four percent, with its net profit rising to $545 million dollars.
It's down 19 percent on the previous six months.
CEO Catherine McGrath says businesses are getting good at controlling what they can.
"There's a little bit less money being spent on things like hospitality and retail spend - with businesses, some of them are pausing a bit on whether they want to do their expansion plans."
LISTEN ABOVE

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. 

Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

Best of Business

Catherine McGrath: Westpac CEO on the bank bracing for a tougher economic climate

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/e86c3ef9-f4e5-467e-8a68-b44100707328/transcript