In a recent conversation with Neil Mitchell on 3AW, ANZ Bank's Chief Executive Shayne Elliott discussed various economic topics, including Australia's triple-A credit rating and its implications. Elliott remarked, "It's always good. Better to have it than not," emphasizing the significance of maintaining this rating for the country's economic strength.
Elliott also addressed the impact of circuit breaker lockdowns in Victoria, stating, "I think these things have an impact. They do some harm." He acknowledged that while government measures aim to balance costs and benefits, the lockdowns inevitably affect businesses and confidence.
On the topic of small businesses facing challenges due to COVID-19 restrictions, Elliott noted that banks are showing a "tolerant attitude" to help people through difficult times. He emphasized the importance of empathy and support from financial institutions during such unprecedented events.
Discussing employment trends, Elliott highlighted strong job numbers across Australia: "The economy is on fire... you'd say Australia is experiencing an economic boom." Despite challenges in certain sectors like hospitality and international education in Victoria, he indicated that overall employment remains robust.
When asked about branch closures due to declining in-person banking usage, Elliott confirmed that branches are closing at a rapid rate but assured efforts to find alternatives for those who rely on them.
Regarding potential population shifts from Victoria due to current conditions, Elliott shared anecdotal evidence of short-term relocations but could not confirm long-term trends. He expressed concern over new payroll taxes in Victoria, suggesting they might discourage employment: "I would have thought jobs was not the thing to be taxing."
Throughout the interview, Elliott touched upon various issues affecting Australians during these challenging times while offering insights into ANZ Bank's approach and broader economic observations.