Explore the latest developments concerning Westpac call no.
'There's a chance of a recession,' warns Westpac boss
Anthony Miller thinks a recession could be on the way. (Supplied: Westpac)
The chief executive of Westpac has warned of the growing risk a recession could be on the horizon for Australia, given growing inflationary pressures and geopolitical tensions.
In an exclusive sit-down interview with the ABC's Alan Kohler for the second episode of his That's Business podcast, Westpac CEO Anthony Miller said "circumstances have changed" and Australia needs to be prepared.
"I think there's a chance of a recession. I think we need to acknowledge that," he said.
"It's much more complicated today because of events in the Middle East over the last few months than it would otherwise have been, so I think it puts more pressure on how [the Reserve Bank] can get us through this environment."
The bond market offers cheap bets the RBA will fail on inflation
The market’s prognosis on inflation in Australia is pretty grim, at least over the next 12 months.
Energy prices are rising from the Iran war, and living costs are crushing households who are bearing the brunt of higher interest rates. But beneath the headlines, an “interesting picture” is emerging, according to Westpac.
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