fbpx
Skip to main content
New Financial Assistance Hub

Banks support development and construction transition to a new economy 

Banks support development and construction transition to a new economy 

20 October 2022

The Australian Banking Association said the development, construction and housing industry were well positioned to play a leading role in Australia’s long-term economic growth supported by bank lending and government investment initiatives. 

Speaking at the Urban Development Institute of Australia (UDIA) conference in Brisbane today, ABA Chief Executive Anna Bligh said that while businesses faced global and local economic challenges, development, construction and housing is supported by banks and government policy to drive investment. 

Ms Bligh said data from the Reserve Bank of Australia (RBA) from July this year indicated around $22b in outstanding loans to the construction industry. 

“I’m confident our respective sectors will play our role in navigating our way through the current challenges and the extensive transformation underway as we transition to a low carbon economy and embrace a digital future”

ABA CEO Anna Bligh

Separately, she said an October research report by UBS Investment Bank showed global supply-side constraints were easing rapidly. 

“We recognize there will be continued uncertainty, but we’re hopeful to see a normalization with rates tracking to historical averages, government policy addressing some of our immediate economic challenges and a once in a 100-year event, the pandemic, mostly behind us,” Ms Bligh said. 

“I’m confident our respective sectors will play our role in navigating our way through the current challenges and the extensive transformation underway as we transition to a low carbon economy and embrace a digital future,” she said. 

Ms Bligh said a key issue will be ensuring the availability of a skilled workforce as banks and investors contemplate funding major investment projects, including housing. 

She said there needed to be migration programs which deliver a wide range of skills, “An increase to the annual migration cap by 35,000 to 195,000 announced last month by the federal government was a positive step to resolving the acute labour shortages we are seeing in the economy,” Ms Bligh said. 

Ms Bligh outlined the role of banking, and its intersection with development, property and construction, noting the significant global and local economic changes of most relevance. 


Banks are helping grow the Australian economy


Latest news

1 / 3
Media Releases
Early signs of success in war against scammers 
15 March 2024

The Australian Banking Association welcomes the release today of a new report from the National Anti-Scam Centre showing that industry and government measures to tackle scams are protecting more Australians.     The latest quarterly report shows that overall scam losses in the 2023 December quarter were down by 43% compared to the same quarter last year.  … Read more »

Read more
Media Releases
Banks welcome Federal Government’s commitment to a regulatory roadmap 
11 March 2024

The Australian Banking Association welcomes the Federal Government’s decision to introduce a financial sector regulatory initiatives grid.   ABA CEO Anna Bligh said providing a clearer picture of the future regulatory landscape would allow the Government to implement policy initiatives whilst at the same time reducing the compliance burden on industry.   “Banks recognise that regulation is vitally important… Read more »

Read more
Media Releases
Financial safety front of mind this International Women’s Day 
8 March 2024

This International Women’s Day, the Australian Banking Association has reaffirmed the sector’s unwavering commitment to protecting women’s financial safety and security.     In Australia, one in six women will experience financial abuse over the course of their lifetime. The 2024 IWD theme “Count Her In” is an opportunity to talk about the types of financial abuse… Read more »

Read more