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AAP
AAP
Business
Poppy Johnston

Westpac's profit dips to $7b as mortgage stress eases

Westpac Peter King
Westpac expects the economy to improve, as indicators suggest a brighter outlook among consumers. (James Ross/AAP PHOTOS)

Outgoing Westpac boss Peter King believes interest rate relief in 2025 will further ease pressure on borrowers as fewer mortgage customers apply for financial hardship.

The bank posted a $7 billion full-year profit, in line with expectations, but down three per cent on the previous year amid competitive pressure.

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