Westpac CEO, Brian Hartzer, comments in a video on the firm's website
- Should not be confused with a reduction in the housing market
- It is a difficult external environment and that is weighing on the (banking) sector
- Reiterates that the bank's mortgage book is fundamentally sound
Australia's housing market is starting to cool off much quicker than many would have anticipated, and the recent downturn is starting to raise questions about banks and their mortgage portfolios.
Hartzer's comments above comes after the bank released its earnings earlier today, and though it was better-than-expected some worries still remains and he sought to reassure investors on that.
