Re-opening CBDs expand economic opportunities
27 February 2022
Westpac is set to begin welcoming its people back to offices in Sydney and Melbourne this week, adding to the broader economic recovery as companies and people return to CBDs.
CEO Peter King says Australian households are estimated to have accumulated around $245 billion in excess savings since the pandemic began, as incomes grew while people were restricted from spending.
“With the economy opening up, we expect these savings will be put to work. In particular, there will be a rebalancing in spending away from goods, which have typically been booming online, towards services including travel, hospitality and entertainment.
“Westpac employees will contribute to this economic reboot, with Sydney and Melbourne based head office employees, who have been working from home, to start returning to head offices and corporate centres in CBDs, and satellite CBD hubs such as Parramatta and Concord in NSW.
“The combination of movement back into the office and increased spending on services will provide a welcome boost to CBD businesses that have suffered over the last two years.
“The economic energy that emanates from a vibrant city centre goes well beyond its cafes, restaurants and bars. Our major cities are our global gateways and the city centres house the business and financial hubs that connect us to and define our position in the world. While the CBD recovery will take time, once our cities are thriving again, our economic opportunities will expand,” Mr King said.