Strong jobs market helps offset rate rises, ANZ’s Watson says

CEO Antonia Watson says people didn't take their eye off the ball when rates were low. (Image: Getty)

Mon, 08 May 2023

The country’s ongoing job creation and rising incomes are helping to offset rising interest rates and limiting the stress on mortgage borrowers, according to ANZ New Zealand chief executive Antonia Watson. The local unit of ANZ took a cautious tone in its outlook when reporting a first-half net profit of $1 billion on Friday, recognising $120 million of credit impairment charges and total provisioning of $860m. Watson said signs of stress are re-emerging, returning to pre-covid levels, and the bank is working with customers who...

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