The Federal Budget has been on the lips of most Australians today, and the top dogs of Australia’s Big Four banks, along with The Motley Fool‘s own Scott Phillips, have been no different.
They were all generally supportive of the Budget, despite acknowledging it was far more stimulatory than many Australians expected.
Some complimented the Government on its approach to supporting businesses, while others were looking forward to the return of migration in 2022.
Here’s what they had to say.
Australia and New Zealand Banking Group Ltd (ASX: ANZ)
ANZ CEO Shayne Elliott said the Federal Government’s 2021 Budget would be a driver of Australia’s economic recovery.
This is the right budget for these economic times and is good news for Australian industries, households and social services.
While it is more stimulatory than many would have anticipated, this reflects the reality that the pandemic still poses risks to our health and economic prosperity and once again shows the government’s flexibility in dealing with the ongoing impacts.
Westpac Banking Group (ASX: WBC)
Westpac CEO Peter King commented that he appreciated the Budget was focused on job creation and economic growth.
The additional spending on infrastructure will be a key economic and employment driver and the banking sector will play a vital part in facilitating these projects.
It’s particularly pleasing to see ongoing support for the tourism sector, and for business more broadly, the extension of temporary full expensing and loss carry-back rules into 2023 will provide welcome relief for the vast majority of businesses that will benefit.
National Australia Bank Ltd (ASX: NAB)
NAB CEO Ross McEwan said the Federal Budget worked to continue the momentum of the economies business-led 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.
This Budget builds on that momentum and will help deliver an increase in business investment and job creation.
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.
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.
Commonwealth Bank of Australia (ASX: CBA)
CBA CEO Matt Comyn also welcomed the Federal Budget, saying:
We welcome what is a very comprehensive and broad-based series of initiatives which we believe will have a positive effect on the economy and help underpin the recent increases in consumer and business confidence…
The extension of temporary tax relief initiatives for companies looking to invest will help around 98 per cent of Australian companies – small, medium and large – that we know are the lifeblood of the country’s economy…
This can only be good news for businesses, their people and the wider workforce in general given the stimulatory effect in creating more and new jobs right across the economy…
The additional spending announced on aged care, childcare, women’s health and safety, the NDIS and support for single parents in the housing market are all welcome.