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West Pac Redbook February 2013

West Pac Redbook February 2013

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Published by Belinda Winkelman

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Published by: Belinda Winkelman on Feb 15, 2013
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02/18/2013

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The Red Book 
 Westpac Economics with theInstitutionalBank.
February 2013
 
February 2013
The Westpac
Red Book
is produced by Westpac EconomicsEditor: Matthew HassanInternet: www.westpac.com.auEmail: economics@westpac.com.auThis issue was finalised on 15 February 2013
Contents
Executive summar
4
The consumer mood: brightens
6
Sentiment indicators: spending 
8
Special topics
House price expectations
10
Interest rate expectations
12
Sentiment indicators
Durables, cars
14
Housing
15
Risk aversion
16
 Job security
17
State snapshot: Western Australia 
18
 Westpac household barometer
19
Summary forecast tables
Economic & nancial forecasts20Consumer data and forecasts22
 
 Westpac Institutional Bank 
3
Westpac Institutional Bank is a division of Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 (‘Westpac’). This document is provided to you solely foryour own use and in your capacity as a wholesale client of Westpac. The information contained in this communication does not constitute an offer, or a solicitationof an offer, to subscribe for or purchase any securities or other financial instrument; does not constitute an offer, inducement or solicitation to enter a legallybinding contract. The information is general and preliminary market information only and while Westpac has made every effort to ensure that information is freefrom error, Westpac does not warrant the accuracy, adequacy or completeness of the Information. The information may contain material provided directly by thirdparties and while such material is published with necessary permission, Westpac accepts no responsibility for the accuracy or completeness of any such material.Although we have made every effort to ensure the information is from error, Westpac does not warrant the accuracy, adequacy or completeness of the information,or otherwise endorse it in any way. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subjectto change without notice and Westpac is under no obligation to update the information or correct any inaccuracy which may become apparent at a later date. Pastperformance is not a reliable indicator of future performance. The forecasts given in this document are predictive in character. Whilst every effort has been takento ensure that the assumptions on which the forecasts are based are reasonable, the forecasts may be affected by incorrect assumptions or by known or unknownrisks and uncertainties. The ultimate outcomes may differ substantially from these forecasts.This communication does not constitute a personal recommendation to any individual investor. In preparing the information, Westpac has not taken intoconsideration the financial situation, investment objectives or particular needs of any particular investor and recommends that investors seek independent advicebefore acting on the information. Certain types of transactions, including those involving futures, options and high yield securities give rise to substantial risk andare not suitable for all investors. Except where contrary to law, Westpac intends by this notice to exclude liability for the information. The information is subject tochange without notice. A product disclosure statement (“PDS”) may be available for the products referred to in this document. A copy of the relevant PDS and acopy of Westpac’s Financial Services Guide can be obtained by visiting www.westpac.com.au/disclosure-documents. You should obtain and consider the relevantPDS before deciding whether to acquire, continue to hold or dispose of the applicable products referred to in this document.This document is being distributed by Westpac Banking Corporation London Branch and Westpac Europe Limited only to and is directed at a) persons who haveprofessional experience in matters relating to investments falling within Article 19(1) of the Financial Services Act 2000 (Financial Promotion) Order 2005 or (b) highnet worth entities, and other persons to whom it may otherwise be lawfully be communicated, falling within Article 49(1) of the Order (all such persons togetherbeing referred to as “relevant persons”). The investments to which this document relates are only available to and any invitation, offer or agreement to subscribe,purchase or otherwise acquire such investments will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or relyupon this document or any of its contents. In the same way, the information contained in this document is intended for “eligible counterparties” and “professionalclients” as defined by the rules of the Financial Services Authority and is not intended for “retail clients”. With this in mind, Westpac expressly prohibits you frompassing on this document to any third party. In particular this presentation and any copy of it may not be taken, transmitted or distributed, directly or indirectly intothe United States and any other restricted jurisdiction.This document has been approved solely for the purposes of section 21 of the Financial Services and Markets Act 2000 by Westpac Banking Corporation LondonBranch and Westpac Europe Limited. Westpac Banking Corporation is registered in England as a branch (branch number BR000106) and is authorised and regulatedby The Financial Services Authority. Westpac Europe Limited is a company registered in England (number 05660023) and is authorised and regulated by The FinancialServices Authority. Westpac operates in the United States of America as a federally chartered branch, regulated by the Office of the Controller of the Currency andis not affiliated with either: (i) a broker dealer registered with the US Securities Exchange Commission; or (ii) a Futures Commission Merchant registered with theUS Commodity Futures Trading Commission. If you wish to be removed from our e-mail, fax or mailing list please send an e-mail to economics@westpac.com.au orfax us on +61 2 8254 6907 or write to Westpac Economics at Level 2, 275 Kent Street, Sydney NSW 2000. Please state your full name, telephone/fax number andcompany details on all correspondence. © 2013 Westpac Banking Corporation.

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