Tough economic times? Embrace the spirit of the Ox

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Tough economic times? Embrace the spirit of the Ox says Westpac

Fortitude and hard work, the attributes of the Ox, will be important for everyone in the coming year, according to Westpac New Zealand’s Head of Migrant Banking, Yen Yap.

With the New Zealand economy in recession and indications that unemployment is on the rise it is quite appropriate that we look at welcoming the Year of the Ox in the Chinese calendar by taking some learnings from the Ox, Mr Yap says.

“The Ox is a powerful sign that represents prosperity through hard work. Patient, tireless and capable of enduring hardship, the Ox is particularly relevant to the environment we are facing.”

Mr Yap said addressing financial issues in the calm and methodical manner suggested by the Ox would be important throughout the New Year.

“The Ox is not extravagant, and seeks to avoid unnecessary risk, which are both also very appropriate strategies to take.

“At the same time, we would be advising our customers to be on the look out for new opportunities that can emerge in such times. House prices have fallen, and interest rates have also come back from recent highs to lows not seen for many years Our economists are predicting some further interest rate cuts to come, with the Official Cash rate heading perhaps towards a trough of 2.5%.

“Inflation, which was looming as an issue this time last year, is less of a concern for the Reserve Bank –or consumers – with prices expected to hold steady or even drop in some categories. This, coupled with the recent drop in petrol prices, will provide some relief to household budgets.

“The prices of some imported goods are likely to rise as a result of our falling dollar, but a flip side to this is that migrants bringing funds from overseas may see that money going a lot further in the current environment,” Mr Yap said.

Westpac maintains one of the largest migrant banking teams in New Zealand, with 52 dedicated personnel who are experienced in helping with financial matters and who understand the particular needs of migrants. The bank itself has been in New Zealand since 1861.

“We have a vast amount of history to call upon and will be looking to apply that experience to benefit our customers in line with our commitment to help them make the most of life.”

“Like the Ox, Westpac is determined to support the success of our customers through tenacity and hard work,”Mr Yap said.

Westpac will celebrate Chinese New Year with a lion dance ceremony outside its branch and Migrant banking headquarters at 79 Queen Street, Auckland, on 27 January, 12 noon.

ENDS

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