Budget gets balance right for continued recovery

Australian banks welcome this recovery focussed Budget as they continue to help their customers bounce back from the pandemic.

The 2021/2022 Federal Budget contains a welcome mix of support and investment incentives to assist households and businesses across Australia.

“The extension of business tax incentives will power the economic recovery”, said ABA CEO Anna Bligh.

“Banks have registered a major uptick in lending for equipment purchases by businesses all over the country. Tonight’s extension of temporary full expensing and loss carry-back will keep that trend going.”

The budget also includes welcome measures to further assist first homebuyers and single parents to enter the property market.

“The extension of business tax incentives will power the economic recovery”

ABA CEO Anna Bligh

The ABA also supports the Government’s continued investment in the Digital Economy Strategy, including an extra $111 million for the Consumer Data Right.

“It’s vital that this investment is backed up with legislation to modernise business communications, including through the permanent use of electronic signatures”, Ms Bligh said.

“This will improve the customer experience and streamline documentation processes. These reforms are long overdue and it’s time to expedite the planned reform.”

“Australian banks partnered with the Government throughout the pandemic. With this solid mix of investment and support for households and businesses, that collaboration is set to continue during the recovery, to the advantage of all Australians”, Ms Bligh said.

Anna BlighFederal Budget