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ANZ Economic Outlook Series "HORIZONS"

21 Feb 2019 10:17 AM | Anonymous member (Administrator)

On Thursday 14 February, ANZ, together with the Chamber, hosted the second ANZ Economic Outlook Series "HORIZONS" at the Palace Hotel. With over 80 guests, including ANZ employees and clients and Chamber members. The seminar commenced with opening remarks by ANZCCJ Chair, Sally Townsend and ANZ CEO Mitch Mason. Special guest speakers included Richard Yetsenga, ANZ Chief Economist, John Corrin, ANZ Global Head of Loan Syndications and Jeff David, ANZ State Director (QLD, NT & WA), Institutional Property Group.

The seminar commenced with an insightful presentation on the global economic priorities for 2019 by ANZ Chief Economist, Richard Yetsenga. Richard spoke of the key issues in the global economy which comprised of the slowing down of the global economy, structural demographic issues faced in countries such as China and South Korea, and tariffs initiated by the ongoing trade wars between the US and China. He noted that China is readily slowing down with the working age population falling, as a result, growth is expected to slow down and is shifting towards a consumption economy. He also highlighted that Australia’s economy had a solid run throughout 2018 and that New Zealand was also performing as one of the strongest economies in the world.

Following Richard’s presentation, a panel discussion was then held between panellists Richard Yetsenga, Jeff David and John Corrin. The panellists discussed the nature of the Australian housing market and the bigger global economy from 2018 leading into 2019. Jeff noted that housing prices in Sydney and Melbourne were still falling, coinciding with a reduction in deposits paid for land. They also said the house market slowdown was due to the lack of availability of credit in the market and the growth of interest in offshore lenders from East Asia, from countries such as Japan, Taiwan, South Korea and India. The property market on a global scale is rapidly growing, and green lending is set to grow in Australia and New Zealand which provides a growing opportunity for institutional investors.

The seminar concluded with a Q&A session, with closing remarks made by ANZ CEO Japan, Mitch Mason thanking everyone in attendance.

Thank you to ANZ for hosting the seminar, and Palace Hotel for their excellent hospitality.

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