"There is no simple fix but it's pleasing to see positive steps"
Implementing targeted measures to ease cost-of-living pressures and support business growth amid ongoing economic challenges is crucial, an executive of a major bank said in response to the 2024 Federal Budget.
“Small business owners are the lifeblood of Australia’s economy,” said NAB Group CEO Andrew Irvine (pictured). “Investment that helps them grow such as the extension of the instant asset write-off scheme for small businesses is welcome.”
He also addressed the housing crisis, commending measures like the build-to-rent scheme intended to augment housing supply and mitigate the housing shortage.
“Housing is one of Australia’s biggest issues, and one of our biggest opportunities,” Irvine said. “Measures that address the urgent need to increase housing supply, like build-to-rent, will help ease this crisis. There is no simple fix but it’s pleasing to see positive steps.”
NAB is the largest financier of scalable build-to-rent projects in Australia, backing customers like Hacer and Local: Residential who are supporting access to more affordable housing.
Irvine also underscored the severity of scams and fraud affecting Australians, welcoming enhanced collaborative efforts among government bodies, the financial sector, telecommunications, and businesses to combat these crimes.
“Scams and fraud are devastating many Australians every day,” he said. “We acknowledge the contribution to fight this crime wave with more coordinated effort.”
NAB itself has prevented and recovered more than $260 million in scam losses for customers since September 2021.
The bank executive also expressed approval of the government’s support for businesses transitioning to net zero emissions and investments aimed at developing Australia’s capabilities in emerging industries, energy, and minerals, which are expected to generate employment opportunities in key regions.
“While growing the economy is proving challenging and some Australians need extra support, we remain optimistic about the outlook ahead,” Irvine said.
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