12 May 2021

Federal Budget supports momentum in business-led recovery: NAB CEO

NAB CEO Ross McEwan said that the Federal Government’s 2021 Budget would help continue the momentum of Australia’s business-led economic recovery.

“The most recent NAB Monthly Business Survey shows business conditions and confidence at record-highs and confirms that for most of the economy, we have shifted from recovery to growth,” Mr McEwan said.

“This Budget builds on that momentum and will help deliver an increase in business investment and job creation.

“The government has managed health and economic impacts well and it is right to continue providing stimulus to businesses and the broader economy, with a focus on achieving unemployment below five per cent.

“Importantly for NAB customers, business investment incentives announced in last year’s budget have been extended for a further 12 months.

“This allows businesses to write off the full value of any eligible asset they purchase and we have seen the positive effects of this in the last 12 months, with equipment finance lending up 22% year-on-year, which has helped our agribusiness customers buy things like tractors, irrigation equipment and earthmovers.

“We welcome some of the actions that the government has already announced, in particular the $1.2 billion allocated to the Digital Economy Strategy, which includes helping small and medium businesses build their digital capacity and encouraging more businesses to adopt e-invoicing.

“We support further measures to help people buy their first home as a participant in the First Home Loan Deposit Scheme.

“A plan for the gradual return of skilled migrants from mid-2022 is an important ambition as it will help address the need for labour that I’ve seen recently when I’ve visited areas like the Northern Territory and Far North Queensland.

“NAB continues to lend $2.5 billion a month to Australian businesses and in recent months we have seen a pipeline of business lending opportunities develop that we have not experienced for many years.

“Australia’s economic recovery and future growth is a shared responsibility and NAB will continue to play its role in helping our customers and the economy prosper.”

 

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