Westpac chief on who is showing confidence and investing... and who’s waiting? - Thu 22 Oct

So what our customers are telling us is that they do have a bit more confidence, despite the fact that we've still got quite a bit of geopolitical uncertainty.

They're doing what Kiwis do.

We look at it, we adapt, and then we decide to get on.

Particularly in the agri sector, particularly in manufacturing, that's looking pretty good.

Tougher going in construction, so a bit mixed, but generally mood more positive than it's been before.

Thinking about how we're in an election campaign, I think this is the eighth time Mood of the Borderlands run before an election, you're saying we don't just need bipartisanship on infrastructure which seems more settled, but there are other areas that parties really need to get right.

What's the number one on that list?

So I think infrastructure is the number one for us.

Education is pretty critical too.

And the reason that we'd call out both of those, with a three-year election cycle, a chop and change every three years, we're too small for the economy to cope with that.

So businesses need to be able to plan, they need to be able to invest longer term.

And so having some consistency of key policies on areas that it means that businesses can invest well is really important.

What

would that sort of certainty, do you think, deliver just for your own operation?

We'll do a couple of things.

It will let us make sure that we've got the clear runway for some longer term investment plans.

So that's the critical thing for us.

So what our customers are telling us is that they do have a bit more confidence, despite the fact that we've still got quite a bit of geopolitical uncertainty.

They're doing what Kiwis do.

We look at it, we adapt, and then we decide to get on.

Particularly in the agri sector, particularly in manufacturing, that's looking pretty good.

Tougher going in construction, so a bit mixed, but generally mood more positive than it's been before.

Thinking about how we're in an election campaign, I think this is the eighth time Mood of the Borderlands run before an election, you're saying we don't just need bipartisanship on infrastructure which seems more settled, but there are other areas that parties really need to get right.

What's the number one on that list?

So I think infrastructure is the number one for us.

Education is pretty critical too.

And the reason that we'd call out both of those, with a three-year election cycle, a chop and change every three years, we're too small for the economy to cope with that.

So businesses need to be able to plan, they need to be able to invest longer term.

And so having some consistency of key policies on areas that it means that businesses can invest well is really important.

What

would that sort of certainty, do you think, deliver just for your own operation?

We'll do a couple of things.

It will let us make sure that we've got the clear runway for some longer term investment plans.

So that's the critical thing for us.