Statement on the Federal Budget

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Following the May 2023 Federal Budget NAB Group CEO, Ross McEwan said:

“While most of our customers are in good shape, the recent surge in inflation is putting pressure on household budgets.

“We welcome Government action to lessen rising cost-of-living impacts on the most vulnerable Australians. It is a challenging balancing act to provide financial support without fuelling the inflation you’re trying to reduce, which is why targeted measures are critical.

“The Government’s additional investment in social and affordable housing is a positive step in tackling a significant problem. We support the expansion to the eligibility of the Home Guarantee Scheme, a program we have partnered on since it commenced in 2020.

“We know that having a place to call your own helps drive a safe, secure and prosperous country, one that creates opportunities for all Australians.

“While the Budget measures support Australians wanting to get into the property market, a chronic lack of housing supply remains a major concern. Decisive moves from state and territory governments are required to help increase the supply of homes and ease affordability pressure.

“We support the new Small Business Energy Incentive and the Household Energy Upgrades Fund as we progress through a critical decade in Australia’s transition to net zero.

“Small businesses drive the economy and measures to support them, including the re-establishment of the instant asset write-off and cyber resilience programs help them to grow safely.

“We acknowledge the contribution to fighting scams and fraud as it’s clear a bigger effort across Government, the finance sector, telecommunications and other businesses is crucial to deterring these criminals.

“Over the coming years there will be a need to continue building strength and resilience in the budget given the expected higher spending in areas such as aged care, the NDIS and defence.

“There are reasons to be cautiously optimistic about the economic outlook. The jobless rate remains near historic lows, there are signs inflation may have peaked, and we’re hearing from many of our business customers that they’re growing. While the impact of 11 rate rises will likely slow growth throughout the remainder of the year, the Australian economy continues to prove its resilience.”

Background

  • NAB has a target to lend at least a further $6 billion by 2029 to help more Australians access affordable and specialist housing.
  • Target areas include specialist disability accommodation, development of social and affordable housing projects, and access to finance for low-income earners and essential workers through Government-supported housing schemes.

More details on NAB’s view on the Small Business Energy Incentive can be found here.

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