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A major bank is expecting to see lending growth in the new year.
Speaking at Westpac’s annual general meeting, chairman Lindsay Maxsted said improving consumer and business sentiment was a positive sign.
“More interest is beginning to emerge from businesses as they think about investing again," Mr Maxsted said. “This interest has yet to translate to real activity and new lending, but is a welcome sign.
“These trends support our positive view about the medium-term outlook for the Australian economy."
Mr Maxsted said the bank's 2013 results were pleasing given the modest demand for lending and what he claimed to be a ‘softening economic environment in Australia’.
The lender is also looking to grow in the equipment finance and in the auto finance space, following the acquisition of Lloyds Banking Group’s Australian business.
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