08 May 2020

NAB backs plans to restart business and economy

NAB CEO Ross McEwan today welcomed the National Cabinet’s plan to gradually restart the economy and reopen the doors of businesses across the country.

“It’s been heartening to see Australians doing the right thing to help flatten the curve. We should be proud of the effort so far,” Mr McEwan said.

“We’re now ready to take the first steps forward and I fully back the Federal Government’s safe and steady approach to getting jobs and businesses back on track. We look forward to hearing from the State and Territory Governments on timing of the new measures.

“There’s still a long way to go and we must preserve the gains made on the health front.

“That means continuing to adhere to the latest advice on social distancing and other preventative measures, such as contact tracing through the COVIDSafe app, to help our nation tread a careful and sustainable path back.”

Mr McEwan said support put in place for businesses by the Government, banks and regulators had provided significant relief to help them manage their cashflows.

“The support from the Government and regulators has laid the foundations to keep the economy moving and keep as many people in jobs as possible,” he said.

“We’ll continue to work very closely with the Treasurer, the Australian Banking Association and other industry groups to help get as many customers as we can, both individuals and businesses, over this hurdle.

“So far, we’ve provided 120,000 loan deferrals and granted more than $370 million in loans for Australian small businesses to get more cash into the economy as part of the Government-backed SME Loan Guarantee Scheme.

“Through this, we’ve kept as many branches as possible open and moved more than 800 of our colleagues to assist our customers in most need of support.

“We’re now also planning for and working through when our colleagues can gradually return to our commercial office buildings, in accordance with the plan outlined today, and doing so in the safest way possible.”

Customers can visit nab.com.au/coronavirus for more details about support available to them.

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