The news that Westpac has announced an annual profit of $7.2bn for 2022-23, up 26% on 2021-22, will not surprise the millions of Australian families dealing with higher mortgage rates.
Westpac achieved this result even though, for most of the year, many households were still benefiting from fixed-rate mortgages at low rates, which are only now expiring. It seems highly likely that next year will be even better for Westpac and the other big banks. They can expect to set new profit records after a long period of low interest rates and relatively weak profits.
