Westpac: interest rates to remain ‘elevated’, house prices to fall

Westpac expects interest rates to remain elevated into next year amid stubborn inflation and predicts that house prices will fall by 10.9 per cent during the downturn, as it reported a flat annual profit.

Westpac’s net profit for the year to September 30 was $6.8 billion, down 1 per cent. The nation’s second-largest mortgage lender will pay a final dividend of 77¢ per share, lifting the full-year dividend to $1.54, up 1¢ on the previous year.

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