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Opening Statement by Westpac CEO Anthony Miller: House of Representatives Standing Committee on Economics
12 November 2026
I'd like to focus my remarks on three areas that I think are critical to Australia's future prosperity: the economic outlook, housing and productivity.
Economy
This year has been challenging for many Australians, as higher interest rates and persistent cost-of-living pressures weigh on household budgets and place significant pressure on many small businesses.
We know that many are doing it tough. As a bank and a major employer, our priority is ensuring we are there to support our customers and our people. We encourage anyone who may need support to contact us early.
Even against this challenging backdrop, there are two observations that stand out.
One, is Australian household resilience. More than 85 per cent of our customer accounts are ahead on their mortgage repayments. This is higher than 12 months ago. Our customers are making conscious choices to manage through a difficult environment.
The second is how strong business investment is at this point. A shift is well underway from public to private sector investment. We’re seeing it mostly in larger businesses and institutions – areas like resources, critical minerals, renewable energy.
Businesses, mainly larger, are investing now at a rate we haven’t seen for quite some time. This activity is encouraging and will help grow the economy in the months ahead.
And while these are challenging times, I remain optimistic about the outlook and confident that Australia can navigate the current environment.
Housing
This year, we’ve seen a downturn in the housing market which is understandable given five interest rate increases and policy changes in the Federal Budget.
From our perspective, this year’s movement remains consistent with previous downturns so far.
We’ve seen this in four similar downturns since 2008, but we are starting to see home-loan applications begin to lift as buyers adjust to the environment.
Our longer-term challenge remains supply – particularly the supply of affordable housing. Australia is simply not building enough housing to meet demand.
Westpac’s lending for new housing construction was higher this year than last year. But with construction, labour, and material costs rising, greater investment is delivering fewer homes.
In 2025, our financing supported around 8,000 apartments and townhouses. This year, despite higher investment, it supported only 5,300 – a reduction of around 30 per cent.
Put simply, each dollar is delivering fewer houses. Higher construction costs are making affordable apartments and townhouses less attractive to build than higher-end dwellings. This highlights the scale of Australia’s housing-supply challenge.
Productivity
Productivity must be the priority. A national focus. Everyone one must contribute – labour, private sector, government, regulators, and community.
One area that is easily in our control is the approval process. It’s an anchor on our growth.
We will not meet our targets in housing or energy, nor will we improve living standards unless we move faster. It is time to look at break glass options to fast-track infrastructure approvals.
The most obvious solution is to delegate all major project decisioning to state governments, something Westpac recommended in our Productivity Submission last year. Mark Carney did something similar in Canada with his One Project One Review reforms in 2025.
Ultimately, this is a productivity challenge that we must meet.
Australians enjoyed rising living standards over generations. If we want that to continue, productivity growth is our most powerful unlock.
Australia has an extraordinary foundation and enormous potential.
We are resource rich, we have a highly skilled and educated workforce, strong institutions, a sophisticated financial system and deep links into the global economy.
Our challenge is not a lack of opportunity. It is making sure we make the most of the advantages we have.
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