Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 

4-Traders Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Australia and New Zealand Banking Group    ANZ   AU000000ANZ3

End-of-day quote. End-of-day quote  - 08/29
26.48 AUD   -0.71%
12:06a AUSTRALIA AND N : ANZ offers Apple Pay to Mastercard customers
12:01a AUSTRALIA AND N : ANZ offers Android Pay to Mastercard customers
08/29 AUSTRALIA, CHIN : bank executive
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector news 

Australia and New Zealand Banking Group : ANZ Says More Rate Cuts Won't Help Economy

share with twitter share with LinkedIn share with facebook
share via e-mail
0
04/30/2013 | 04:55am CEST

MELBOURNE--Further rate cuts from Australia's central bank won't do much to stimulate growth in the resource-rich economy, the head of the country's third-largest lender by market value said Tuesday.

Mike Smith, the Chief Executive of Australia & New Zealand Banking Group Ltd. (ANZ.AU) said there was "no doubt" a yearlong rate-cutting campaign has helped growth. But he added that a decisive outcome at September's federal election would do more to stimulate Australia's economy than further rate cuts, by encouraging businesses to invest.

"The big issue is one of confidence, of business confidence," Mr. Smith told The Wall Street Journal in an interview. "A decisive win would help. People, at the end of the day, like to know where they stand."

Australia was one of a handful of developed countries to avoid recession during the global financial crisis, shielded by booming demand for its resources exports from Asia. But weakening company earnings have left the ruling Labor party facing a 12 billion Australian dollar (US$12.24 billion) shortfall in revenue this year, which some economists forecast could result in a budget deficit of as much as A$25 billion.

The main opposition Liberal-National coalition, which recent voter polls have indicated will take power at a general election in September, has pledged spending cuts to help reduce the deficit.

Mr. Smith backed the need for a reduction in government spending but said it must be accompanied by measures such as tax cuts to help boost growth.

"I don't believe austerity on its own works," he said. "You've got to have austerity with measures that actually help stimulate."

The Reserve Bank of Australia left its official cash rate at a near-record-low 3% this month, saying it sees signs of expansion in the economy. Interest rates have been cut six times since late 2011 as the RBA has tried to stoke growth in parts of the economy such as retail and manufacturing that have been hit by weak consumer spending and a strong Australian dollar.

Some economists expect the RBA to cut its benchmark rate by another quarter of a percentage point in May in the face of rising unemployment and recent volatility in commodity prices.

Write to Caroline Henshaw at caroline.henshaw@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on AUSTRALIA AND NEW ZEALAND
12:06a AUSTRALIA AND NEW ZEALAND BANKING : ANZ offers Apple Pay to Mastercard customers
12:01a AUSTRALIA AND NEW ZEALAND BANKING : ANZ offers Android Pay to Mastercard custome..
08/29 AUSTRALIA, CHINA WELL PLACED TO HELP : bank executive
08/25 AUSTRALIA AND NEW ZEALAND BANKING : Letters to the editor
08/24 AUSTRALIA AND NEW ZEALAND BANKING : ANZ Capital Notes 4 Bookbuild and Replacemen..
08/22 AUSTRALIA AND NEW ZEALAND BANKING : Kevin Corbally appointed Grp General Manager..
08/22 AUSTRALIA AND NEW ZEALAND BANKING : Kevin Corbally appointed Group General Manag..
08/20 AUSTRALIA AND NEW ZEALAND BANKING : Notice Corporations Act Subsection 259C(2)
08/19 Moody's deals fresh blow to Australia's 'Big Four' banks
08/18 Australia's major banks face U.S. class action over rate rigging
More news
Sector news : Commercial Banks
05:03aDJASIA MARKETS : Asian Markets Get A Lift From U.S. Stock Gains
04:41aDJDBS : Selling USD-Denominated Additional Tier 1 Capital Securities to Yield Arou..
03:23aDJMETROPOLITAN BANK & TRUST : Metrobank Begins Offer of PHP5 Billion Worth of Depo..
03:22aDJCHINA MINSHENG BANKING : 1st Half Net Profit Up 1.7% at CNY27.2 Billion
08/29DJAIRASIA BERHAD : Malaysia's AirAsia Net Profit Jumped 40.8% On Year
More sector news : Commercial Banks
News from SeekingAlpha
06/02 U.S. Hedge Funds And The Big, Bad Aussie Short That Could Render Them Broke
05/25 AUSTRALIAN BANKS : On Thin Ice
05/04 THE WELL-BALANCED BANKS PORTFOLIO 20 : What To Buy And When
05/03 Australia & New Zealand Banking Group Ltd. ADR reports Q1 results
04/01 Don't Let Fear Deter You From Buying Westpac Banking Corporation And Its 6% Y..
Advertisement
Financials ( AUD)
Sales 2016 20 832 M
EBIT 2016 9 911 M
Net income 2016 6 246 M
Debt 2016 -
Yield 2016 6,01%
P/E ratio 2016 12,45
P/E ratio 2017 11,25
Capi. / Sales 2016 3,75x
Capi. / Sales 2017 3,62x
Capitalization 78 072 M
More Financials
Chart AUSTRALIA AND NEW ZEALAND
Duration : Period :
Australia and New Zealand  Technical Analysis Chart | ANZ | AU000000ANZ3 | 4-Traders
Full-screen chart
Technical analysis trends AUSTRALIA AND NEW...
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 17
Average target price 26,7  AUD
Spread / Average Target 0,27%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Shayne Cary Elliott Chief Executive Officer & Executive Director
David M. Gonski Chairman
Alistair Currie Group Chief Operating Officer
Michelle Jablko Chief Financial Officer
Scott Collary Chief Information Officer
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
AUSTRALIA AND NEW ZEAL..-4.51%59 023
AGRICULTURAL BANK OF C..-0.93%153 484
HSBC HOLDINGS PLC2.00%143 521
SHANGHAI PUDONG DEVELO..-1.62%52 969
CHINA CITIC BANK CORPO..-11.77%42 142
QATAR NATIONAL BANK SA..-19.66%37 937
More Results