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
Transcript
Press conference on the expansion of the AFCX scams intelligence loop
13 June 2024

Stephen Jones, Assistant Treasurer and Minister for Financial Services: Good morning everybody, how are we going? Good to speak with you. Great to be here this morning, an exciting accountment. As you know the Albanese government has made a priority fighting scammers and ensuring that we can keep Australian’s money safe. From coming into government… Read more »

Read more
Media Releases
Banks welcome expansion of key weapon in war against scammers 
13 June 2024

Scammers are being put on notice with the announcement today of a major expansion in intelligence sharing designed to dismantle scams and better protect Australians.  

Read more
Media Releases
Boosting regional cooperation in war against scammers
10 June 2024

Banks will this week join a scams delegation to Singapore as part of the industry’s ongoing efforts to take up the fight to scammers and protect customers. 

Read more