Peter Fegan, a host at 4BC Brisbane, recently engaged in a discussion with Shayne Elliott, the Chief Executive Officer of ANZ Bank. The conversation focused on various financial and economic challenges facing Queensland and Australia as a whole.
Elliott noted that despite the recent floods and ongoing impacts of COVID-19, Queensland's economy appears resilient. "Queensland is doing very well," he said, citing data from bank customers which indicate positive cash flow and turnover. However, he acknowledged emerging issues such as the cost of living and labor shortages.
The impact of remote work on central business districts was another topic discussed. Elliott observed that while spending remains consistent, it has shifted to suburban areas rather than city centers. "Employers like us have got a responsibility to get our people back in the office," he remarked.
The role of government support in business recovery was also highlighted. Elliott mentioned that federal schemes like JobKeeper provided crucial assistance during challenging times but emphasized the need for sustainable long-term strategies. "What we're talking about now is long-term sustainability," he stated.
When asked about rising interest rates and borrowing conditions, Elliott explained the importance of prudent lending practices due to high property prices. He clarified that banks assess an individual's ability to repay loans rather than relying solely on property value: "We basically say 'we're really lending to you as an individual.'"
In closing remarks, Fegan expressed gratitude for Elliott's insights into current financial issues affecting Australians.