Westpac braces for economic slowdown as rate hikes bite

Westpac boss Peter King has warned of slower economic growth amid cost of living pressures and higher interest rates as the bank looks to turn its fortunes around following what the chair termed a difficult and turbulent time for the company. At the bank’s annual general meeting on Thursday, Westpac chair John McFarlane said the company had weathered “some years of erosion” in its market position but that it had since stabilised. Westpac chief executive Peter King (right) said customer stress was concentrated in the bank’s mortgage portfolio. Credit: Jamila Toderas “I am conscious the past few years have taken their toll on our…