The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jon Mott - Barrenjoey - Analyst
: John from Barrenjoey. I've got a question on sustainability, more financial inclusion. And I think it's a really important bit. It doesn't get enough to
talk about. If you look at the Westpac result, and this presentation slide shows the amount of credit, again, it gets by income breadth. It's slide [62],
if you remember it.
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DECEMBER 03, 2024 / 11:00PM, WBC.AX - Westpac Banking Corp Sustainability Market Update
But some of the data on there, 60% of credit is going to people earning more than $200,000. 14% of credit is going to people who earn more than
$500,000, but only 12% of the credit Westpac lends goes to people earning less than $125,000. Now, $125,000 is about the 60th decile -- percentile
when you look it up. So the top half percent of people in Australia get more credit than the bottom 60.
Now when you think about that, the cost of living and housing availability is such an important issue. And when you look at Westpac, I think you've
got 120, 150 houses which are in possession at the moment going through that foreclosure.
How has the pendulum gone too far, so that younger people, lower income people, can't get access to credit? Credit is now for the rich and financial
inclusion has been completely sideswiped and leaving a huge amount of Australians unable to access the housing market.
Question: Jon Mott - Barrenjoey - Analyst
: And some of the work we're doing with the residential developers, now strategy there, any comments?
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DECEMBER 03, 2024 / 11:00PM, WBC.AX - Westpac Banking Corp Sustainability Market Update
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