Growth to Lift in 2022 but Virus Risks Persist

Video and PDF

In our last economic update for 2021, we look to the key themes for the coming year.

There is potent mix of factors putting wind in the sails. We expect GDP growth to surge over 6% in 2022, which is more than double long-run average growth. But as we transition to living with COVID, we could still face more stormy waters.

Find out more as we head into the new year with more Australians in jobs than before the pandemic, border restrictions easing and a big lift in economic growth on the cards. 

Download the 20 December 2021 - Weekly economic commentary

Economic Insights - 20 December 2021
Most income streams are sourced from account based pensions and insurance companies (annuities) with the same and concessional tax structure for both.
Technical resource
The rate of social security payments are affected by an asset and income test. Generally, the test that results in a lower payment is what determines the rate payable.
Technical resource


This document has been created by Westpac Financial Services Limited (ABN 20 000 241 127, AFSL 233716). It provides an overview or summary only and it should not be considered a comprehensive statement on any matter or relied upon as such. This information has been prepared without taking account of your objectives, financial situation or needs. Because of this, you should, before acting on this information, consider its appropriateness, having regard to your objectives, financial situation and needs. Projections given above are predicative in character. Whilst every effort has been taken to ensure that the assumptions on which the projections are based are reasonable, the projections may be based on incorrect assumptions or may not consider known or unknown risks and uncertainties. The results ultimately achieved may differ materially from these projections. This document may contain material provided by third parties derived from sources believed to be accurate at its issue date. While such material is published with necessary permission, Westpac Financial Services Limited does not accept any responsibility for the accuracy or completeness of or endorses any such material. Except where contrary to law, Westpac Financial Services Limited intends by this notice to exclude liability for this material. Information current as at 10 December 2021. © Westpac Financial Services Limited 2021.