Westpac CEO: Australia could cut interest rates for the first time in 2025

Australia’s Westpac CEO Peter King told analysts and the media after the bank released its first-half FY2024 results that Australia’s Intrerest Rate could remain at a higher level for longer, but that rate hikes may not happen. Kim said that due to the current good economic situation, interest rates may be cut in 2025. "Of course, our economics team is predicting a rate cut in the fourth quarter, which I personally think is a bit premature. He believes that employment figures still need to slow further while the needs of infrastructure, housing and the energy transition still exist. However, he said he “does not support raising Intrerest Rate.”