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Bad debts on their way down: ANZ

ANZ Banking Group Ltd expects bad debts to fall in 2010, with more significant falls predicted for the following year.

ANZ’s retiring chairman, Charles Goode, told the bank’s annual general meeting on Friday that net profits ‚”should be higher‚” in the coming year.

“The financial markets are also recovering and the volume of lending should pick up,” he added.

Goode said Australia had weathered the global downturn because it had been in a strong position when the downturn began.

“It appears that we are coming out of this world financial crisis with unemployment in Australia up from four percent to six percent, and Government net debt that might rise to 10 percent of GDP,” he said.