Australia's second biggest lender has cautioned about a tougher period for consumers in 2023 as they feel the full impact of interest rate hikes and the continuing high cost of living.
Westpac chief executive Peter King on Wednesday told shareholders the lender is "carefully watching" the impacts of higher interest rates on customers despite credit metrics having shown an improvement so far this year.
"We expect the combination of rising interest rates and the increase in cost of living to be felt more fully by consumers and businesses after Christmas," Mr King said at the company's annual general meeting in Melbourne.
