Westpac CEO Catherine McGrath assesses cyclone impact in Gisborne

Westpac chief executive Catherine McGrath, Gisborne Westpac bank manager Derek Craven (second from left) and Westpac Head of Customer Experience, Northern, Andrew Twidle (third from left) meet Eastland Helicopter Rescue Trustee Ian Parker and helicopter crew Gareth McDougall, Ben Fry and JP Jordaan. Westpac are one of the sponsors of the helicopter service. Photo / Paul Rickard

Westpac chief executive Catherine McGrath was in the city last week to visit customers affected by Cyclone Gabrielle.

She met staff from “the local team” and customers at a function, and also visited homes and orchards hammered by the cyclone.

“It was wonderful to see a house that’s been well and truly lifted to make it resilient and to hear what has happened with the vines,” she said.

McGrath was expecting kiwifruit growers, in particular, to have a good season.

‘I always get good feedback about the local team. We’ve got people who are supported, who make the right decisions for the local market in Gisborne.”

McGrath has worked in the banking sector in Britain and New Zealand and was appointed Westpac chief executive in November 2021.

She started in the role in Wellington as Auckland was in lockdown at the time.

It has been a tough economic climate in recent times, she said.

“It was good to see inflationary pressures were easing, particularly with food prices.

She was “ever hopeful” that Consumer Price Index data due out this week would “show what the Reserve Bank needs it to show”.

McGrath was pleased with Reserve Bank commentary released last week when the bank held the official cash rate steady at 5.5% for an eighth consecutive meeting.

The bank said restrictive monetary policy had significantly reduced consumer price inflation and it was no longer saying interest rates needed to remain elevated for a sustained period.

The financial sector is interpreting the Reserve Bank statement as meaning interest rates may come down quicker than previously envisaged.

McGrath was also in Gisborne to celebrate the renovation of the city centre branch.

The investment reflected that Gisborne and regional New Zealand were important to the bank, she said.

McGrath also met with members of the Eastland Rescue Helicopter Trust and rescue chopper crew.

The annual Westpac Chopper Appeal raises awareness and funds for New Zealand’s rescue helicopter charitable trusts.

Westpac has been supporting the helicopter trusts since 1981 in what McGrath says is the longest-running sponsorship in the country.

Eastland Rescue Helicopter Trust is running a raffle with a 2024 Ford Ranger Ute as the prize.

Every cent raised in Eastland stays here to support the local rescue helicopter service.

McGrath asked the community to support the trust’s fundraising campaign.