ANZ expects the economy to grow more slowly in 2015 but says the longer-term outlook for Australia remains strong.
The bank's chairman, David Gonski, said that despite low interest rates and a falling Australian dollar, the economy would continue to be weighed down by weakness in the mining sector.
"In 2015, while we expect interest rates to remain low and the decline in the Australian dollar will be good for many sectors of the economy, we believe the economy will grow somewhat more slowly than in the past year," he told shareholders at the bank's annual general meeting.
Mr Gonski said while the resources sector would continue to play an important role, services such as education, health, information technology and engineering would need to become a more important part of Australia's economic future.
He also said ANZ had been actively managing its capital position in anticipation of the recent Financial System Inquiry call for banks to hold more capital.
"At the invitation of the federal government, we'll be making submissions in response to the inquiry's report in the next few months," he said.
"Whatever happens after discussions next year, I want you to know that ANZ is already strong and has a range options open to ensure it is unquestionably strong."
This news story is reprinted from au.news.yahoo.com
Read more details on Brisbane Accountants
The bank's chairman, David Gonski, said that despite low interest rates and a falling Australian dollar, the economy would continue to be weighed down by weakness in the mining sector.
"In 2015, while we expect interest rates to remain low and the decline in the Australian dollar will be good for many sectors of the economy, we believe the economy will grow somewhat more slowly than in the past year," he told shareholders at the bank's annual general meeting.
Mr Gonski said while the resources sector would continue to play an important role, services such as education, health, information technology and engineering would need to become a more important part of Australia's economic future.
He also said ANZ had been actively managing its capital position in anticipation of the recent Financial System Inquiry call for banks to hold more capital.
"At the invitation of the federal government, we'll be making submissions in response to the inquiry's report in the next few months," he said.
"Whatever happens after discussions next year, I want you to know that ANZ is already strong and has a range options open to ensure it is unquestionably strong."
This news story is reprinted from au.news.yahoo.com
Read more details on Brisbane Accountants
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