The ANZ boss told a lunch in Melbourne that geopolitical tensions would be part of the landscape and companies shouldn’t put all their eggs in the China basket.
ANZ Banking Group chief executive Shayne Elliott says the likelihood of Australia entering a recession is “extraordinarily low” but warned the return to a more turbulent geopolitical landscape means companies will have to rethink the risks of trading with China.
“The risk at the moment is they raise, wait to see the data and inflation is still going up and the economy is still firing, so they’re being forced into a really short-term cycle. The risk is that the impact they’re having is delayed and they overhype and you could argue they overreach,” he said. “What’s unusual is we’ve just had 20 years that have passed without major geopolitical uncertainty, and that’s unusual. We shouldn’t be surprised by that.”
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