ANZ’s Elliott sees best economic conditions in six years

ANZ Bank chief executive Shayne Elliott says Australia is facing its best economic conditions in six years, as consumer spending approaches pre-crisis levels, business confidence rebounds, and the housing market takes off.

“As we sit before you today, we are facing the most positive economic conditions that we have seen in the six years this committee has been inquiring into the major banks,” he said.Mr Elliot’s upbeat assessment was backed up on Friday by National Australia Bank chief Ross McEwan who told the inquiry that the lender’s business bankers were currently approving more loans than they were before the pandemic struck.

“While many are doing it tough, including CBD businesses, Australia is emerging from one of its hardest periods quicker and stronger than many expected,” Mr Elliot said.“While there is a lot of attention on the resurgent housing market, as Australia’s biggest business bank we are seeing clear and widespread signs of businesses getting going again,” he said.in pushing for tighter curbs on buy now, pay later firms such as Afterpay, saying these operators provide credit under a different label.

“I don’t think because of what label I put on something, that we should be treated differently by regulation. I look at it and think what they’re doing is extending credit, and I think they therefore should be subject to the same rules as everybody else,” he said.

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