Over the last two weeks, I have been visiting institutional investors, real money managers, and hedge funds in Europe and London. There has been extraordinary interest in the Australian story on this visit. Westpac has received considerable credit for its views over the last eighteen months. A year ago, when market pricing and most commentators, including the central bank, signalled higher rates, Westpac took a strong stand that rates would remain on hold. Customers also recognised that Westpac was the first of their advisers to predict rate cuts – a forecast made back in February this year. Whilst it is ... (full story)