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On customer sentiment, Hand said although Australia’s economy is recovering well from the COVID-19 crisis, customers are still feeling anxious about the future.
“[Australia has had] many years of economic growth. So it’s been a long time since our customers have seen anything like a recession,” he says. “It’s important in times like this [for] customers to ask questions, to go back to their trusted advisors.”
“Take a breath, have conversations with people that have been through this scenario. Talk to your banker and really think about how you want to manage for the next six or so months.”
Hand also says all-time low interest rates will help customers sustain and run their business. Meanwhile, the bank is seeing positive signs of recovery in states like Queensland and Western Australia.
ANZ’s cash profit for continuing operations was $A3.76 billion, down 42 per cent with the prior comparable period. The statutory profit after tax was $A3.58 billion in the full year, a 40 per cent decrease.
You can hear the full conversation in the video above.
Andrew Cornell is Managing Editor of bluenotes