Interest rates have “done as much as they can” to boost Australia’s economy, according to National Australia Bank acting CEO Philip Chronican. The Reserve Bank of Australia predicts Australia’s economy will grow at a sluggish 2.3 per cent in 2021, despite record-low interest rates.
Mr Chronican said the government must find measures to “increase demand” for business borrowing. In a wide-ranging interview with Sky News, the interim CEO also spoke about NAB's steep full-year profit drop, with the bank still grappling with the aftermath of the royal commission into the banking sector.
NAB PhilipChronican Westpac it needs a government that is awake, Scott Morrison, Frydenberg and Cormann continue to sleep through the stalled economy & low wages from more than 4 years. Still asleep with drought, rogue banks, aged care providers yet talk of less regulation. Wake and get out and about.