Commonwealth Bank executive Clare Morgan has warned wage increases could hurt small businesses already dealing with high inflation and rising interest rates but remains confident the sector is set for growth.
Morgan said roughly one-in-four small businesses were not passing on the costs of higher inflation to customers, and there continued to be labour shortages and supply chain blockages related to the pandemic.“It’s not as if we have two years of COVID now it’s done and everybody moves on. It’s actually got a long tail.”
“I’m really optimistic about the future,” she said. “The rhetoric around small businesses has been negative for too long. When I look at small businesses, I see passion, drive, resilience, grit. This is the story we want to bring out.” CBA has made a push into the small business lending market in recent years, clawing market share from the National Australia Bank which remains the country’s dominant business lender.Morgan said CBA was focused on using analytics from the bank’s enormous data pool, including customer transaction patterns and merchant terminal payments, to help businesses observe patterns and make tweaks to operations to increase cash flow.
CharlotteGriev1 If small businesses can’t pay their staff a living wage then they shouldn’t be in business in the first place
CharlotteGriev1 Reckon she might be right
CharlotteGriev1 Not a good look for CBA
CharlotteGriev1 And what paltry salary are you in as a exec with a bank!!
CharlotteGriev1 Then Clare will ensure mortgages & other loans won’t increase due to interest because it would hurt small businesses & their customers
CharlotteGriev1 Always the same story: rich people advice against give more money whom gets a basic income. Please don't cut the cost of the eftpos machine for small business or other idiosyncrasies
CharlotteGriev1 Who do small businesses think their customers are? Pay increases for poor people goes 100%straight back into the economy. How can this not be part of the discussion?
CharlotteGriev1 That is complete rubbish,ALL retailers are passing on price hikes. In any case they nearly all put at least 200% on wholesale prices. So if they aren't all increasing prices its probably because they are already making huge write ups.Ask Myer wha their mark up is.
CharlotteGriev1 Ask instead who pays for all the record business profits. in a time where executive and politician salaries are experiencing record growth, allowing the minimum wage to lag is stealing from the poor to feed the rich.
CharlotteGriev1 Executives continue to receive pay increases way out of whack compared with people who work for a living. The LNP’s worst achievement is making growing inequality acceptable.
CharlotteGriev1 Evil bitch I’m sure got a pay rise
CharlotteGriev1 And all the while CBA PROFITS GO UP AND UP
CharlotteGriev1 She of course means wage rises for ordinary low paid EBA folk and not executives or senior management whose pay/bonus is linked to cutting costs, cross/multi skilling underlings and so on and so forth.
CharlotteGriev1 How much does Clare Morgan earn? probably gets bonus's paid on top of her salary as well!!
CharlotteGriev1 A stunningly poor. Fails to understand that wages are only a part of biz cost. Fails to understand that all of this increase would be spent by the recipients to the benefit of the economy. Fails to understand how a rise also encourages biz owners to look at productivity measures.
CharlotteGriev1 3.9% theoretical number? Reality :-.10%-15%? People out there can feel it.
CharlotteGriev1 Hasn’t someone worked it out that it’s only a $0.38 pay rise (5.1%)…..if they are worried about that we have a much greater issue on our doorstep
CharlotteGriev1 Says executive earning millions. FRO
CharlotteGriev1 Wages stagnant for years cost of living rates rising give me a break 1 dollar an hour rise for the lowest paid
CharlotteGriev1 Maybe they can sell the Mercs /bmws etc then so their workers can pay the electricity bills and feed the kids.
CharlotteGriev1 This is the banks mantra, pay employees badly, Maximize profit for shareholders and the executive whose bonuses are skyrocketing.
CharlotteGriev1 Sh*ts me really that executives earning million plus salaries and bonuses, warn about paying paying people slightly more so they can actually survive. It's just the start of a campaign to protect companies over people
CharlotteGriev1 How much is she on an hour?
CharlotteGriev1 Sh*ts me really that executives earning million plus salaries and bonuses, warn about paying paying people slightly more so they can actually survive. It just a start of a campaign to protect companies over people
CharlotteGriev1 It’s easy, you have 20 employees, you put wages up, you now have 18 employees.
CharlotteGriev1 So she'll be happy with a $1 increase to her bloated salary.... Seriously.
CharlotteGriev1 It's never a good time to pay workers apparently. Pay workers what they deserve.
CharlotteGriev1 So using that rationale bank executives could not possibly accept EOY Bonuses? Yeh right.
CharlotteGriev1 Wonder how many 100,000s she bags each year.