A major Australian bank has experienced a period of strong economic performance during the opening quarter of 2012, new figures have shown.
Data published today (17 February) revealed that ANZ posted profits of AU$1.48 billion ($1.59 billion) in the first three-month period of the year and the company attributed this figure to its healthy Asian business.
However, despite these positive results, chief executive officer Mike Smith has called on policymakers to do more to help the Australian economy as a whole by placing a greater emphasis on the country's long-term prospects.
"Although our business in Australia is tracking reasonably at present, we have to continue adapting our business model to changes in the domestic and international environment," he noted.
Yesterday, Dr Philip Lowe, deputy governor of the Reserve Bank of Australia, stated that decisions made by Australian banks with regard to their mortgages have a direct impact on the nation's interest rate level.
By Claire Archer
