Australia's economic outlook appears promising as the country moves towards reopening, according to ANZ CEO Shayne Elliott. Speaking before the House of Representatives Standing Committee on Economics, Elliott highlighted that while Australia is at a challenging point in the pandemic, vaccination rates are encouraging. This progress supports a return to normal activities and an anticipated 4% economic growth next year.
Elliott noted that Victoria's lockdown history suggests consumer spending will rebound, though unemployment may rise in the coming months. Despite this, there is resilience in the market as consumers and small businesses manage their finances prudently.
The housing market has seen significant price increases, with capital city house prices expected to rise by over 20% by the end of 2021. However, more modest gains are forecasted for 2022. Elliott cautioned about potential economic disparities due to current house prices making it difficult for some to enter the market.
ANZ is committed to maintaining prudent lending standards while supporting young Australians' homeownership aspirations. Existing home loan customers are reportedly in better financial shape than expected, with loan deferral applications significantly lower than last year.
For small businesses, ANZ has extended support through longer loan terms and launched GoBiz, an online lending portal offering quick approvals and funding. The bank has written approximately $1 billion in loans under a program with partial government guarantees.
Additionally, ANZ continues its support across the Pacific by waiving transfer fees indefinitely for international transfers via phone and internet banking.
Elliott also addressed concerns about scams targeting customers during the pandemic. There was a 73% increase in scams detected or reported in early 2021 compared to last year. The bank has expanded its scam prevention team and emphasized raising awareness about such threats.
In conclusion, Elliott urged further inquiry into scams by industry and government bodies to enhance preventive measures.