Banking industry is optimistic about Australia's economic prospects, delays in loan repayments and sharp reductions are encouraging

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The boss of the country's largest bank is optimistic about the economic outlook, but he expects some customers will still need help this year.

Commonwealth Bank (CBA) Chief Executive Matt Comyn said that from consumer confidence to unemployment rates, many economic indicators have seen strong and significant improvements.

He told ABC Radio, I think this gives us a real reason for optimism at the moment.

The day before, the bank announced a cash profit of 2020 billion yuan for the first six months of the 21/38 fiscal year.


He said that we expect some customers will need help this year.

At the height of the epidemic, Australian banks postponed the repayment of nearly 100 million mortgages and commercial loans to help the economy during the recession.

According to data from the Australian Banking Association, among the seven largest banks in the country, only 2020 loans (accounting for 6%) of the delayed repayments that peaked at the end of June 11.8 are still in delay.

Anna Bligh, Chief Executive Officer of the Banking Association, these are encouraging signs of Australia’s economic recovery. The road ahead is uncertain, but seeing that the vast majority of homeowners and small businesses have passed the worst period, their Finance is back on track, which is a good thing.

Many small businesses are coming out of last year's recession. They are confident that they will be in a better state in 2021 and expect online sales revenue to increase.


More than half of analysts expect revenue to grow by at least 12% in the next 10 months, and analysts slightly higher than this number predict that online sales will increase.

According to the report, the silver lining of the epidemic is a surge in innovation by SMEs, which has accelerated their use of digital and e-commerce solutions.

Seven out of ten companies are now more willing to diversify operations or launch new products or services in the future.

Richard Wormald, President of Mastercard Australia, said that despite the impact of the new crown, Australian SMEs continue to show incredible resilience and flexibility, and innovation is indeed the highlight of the pandemic.
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