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The strongest state economy continues to be WA with economic opportunities luring interstate and overseas migrants to the state. Similarly, the sunshine state is benefiting from elevated population growth and the strongest government spending in the country, driving state final demand (SFD) growth to 2.8%/yr.1
The Commonwealth Bank of Australia also partners with the Regional Australian Institute, which analyses the quarterly and annual trends in people moving to and from Australia’s regional areas.
The most recent report revealed that the Australian population is again on the move, and in bigger numbers than before, with the total number of internal movers reaching its second highest level in six years. Against this backdrop of increased mobility, the number of city dwellers moving to the regions was also up, with regional Australia recording its fifth biggest influx of capital-city movers over the same period.2
In addition to our general banking products and services in lending, working capital and transactional needs, we also have our agri-specific sustainable finance solutions, to help unlock profitability and build resilience.
Over recent months, I’ve enjoyed speaking with many of our farming customers at local field days, industry forums and CommBank hosted events. A highlight was Beef Australia where we met with many clients and shared insights around the effective use of farm data, the latest thinking around carbon, our partnership with emissions measurement platform Ruminati5, and of course our positive outlook for Australian agriculture. These events bring the latest thinking from industry experts and support the building of future fit farming enterprises. Most recently this saw us host a soil health webinar with international soil educator Joel Williams. The feedback from this session was enormously positive and you can watch a recording by contacting your local CommBank banker. We look forward to bringing you more of these webinars in coming months and welcome your feedback on topics of interest. In the meantime, wishing all of our producers a successful and safe season.
Global grain markets have declined following an April-May spike higher. The decline was driven by improved production prospects in the Canadian prairies, Australia and the US. Markets will continue to closely watch Ukraine’s export potential due to the war and whether there are any further downgrades to Russian production.
CommBank’s latest report on biofuels shows strong demand for canola is set to continue into 2030. The future could also bring a local biofuel industry to Australia, however, local policy changes are likely going to be needed first.
For the latest market information, check out the CommBank Agri podcast.
Track and manage CO2 emissions with Ruminati PRIME
To help agribusinesses calculate carbon emissions and model the impact of sustainable farming, we’re providing access to leading emissions platform, Ruminati PRIME. It’s part of an ongoing strategic partnership to support producers as they adapt their business for the future. In a staged program beginning in July 2024, all Australian customers can opt-in to use Ruminati PRIME.
The outlook for climate impact on key soft commodities
As climate change impacts food and fibre production, understanding the risks is crucial to the resilience and sustainable growth of the agricultural industry. In our new Climate Insights Report, CommBank partnered with the CSIRO to model climate-related production variables for key agricultural commodities and predicted trends to 2030. This report is available by postcode for customers in the grains, livestock and dairy sectors to support the building of resilient and future fit farming enterprises.
For more information, speak to your business banker.
A pivotal challenge recently arose for Kingsmede, a private investment company: how could it differentiate itself from its competitors to attract tenants to its office spaces when vacancy rates around the country were near a 30-year high? The answer proved to be a win for the business, customers and the environment.
“To attract people to our properties we needed to offer a focus on sustainability, quality and luxury,” says Natashia Steed, Head of Asset and Project Management at Kingsmede. The opportunity to move forward with creating environmentally conscious properties came with an old 31-storey building at 25 Bligh Street, in Sydney’s CBD financial district. “It had good bones and we didn’t want to tear it down,” says Steed. Bringing heating and electrical systems installed in 1969 into the 21st century would be no small feat, but Steed says the Commonwealth Bank made it possible through sustainable funding solutions.
A range of CommBank products are supporting medium-to-large businesses to invest in sustainable initiatives, including Green Vehicle and Equipment Finance and the new Business Green Loan. These products are designed to help customers to reduce environmental impacts by investing in sustainable practices such as renewable energy, clean transport and energy efficient assets.
In Kingsmede’s case, CommBank’s sustainable solutions and tools have assisted in the delivery of several green building upgrades. “With various office refurbishments, the opportunity came to upgrade everything – including cooling towers, boilers and lifts. Now, 25 Bligh Street is forecast to obtain a 5.5-star NABERS [National Australian Built Environment Rating System] rating,” says Steed, which is close to the highest score for environmental performance that a building in Australia can receive.3
Click the link below, or search commbank.com.au/sustainablefinance to find out how CommBank can support your sustainability goals.
Originally published in the June 2024 edition of Qantas Magazine
Annual spending changes across the nation are moving at different speeds. Generally, regional locations held up better than metro areas, where housing-related expenses are often higher; however, neither could keep up with inflation.
As seen in figure 1, spend was most resilient in Queensland, whilst the picture in the Australia’s two largest states was mixed.
(Figure 1) Change in spending across locations (Average monthly spend in quarter to March 2024 compared to corresponding period 2023)
We are pleased to announce that our commitment to reimagining banking products and services to better meet the needs of our business customers has been recognised with wins across multiple categories at the WeMoney Business Awards 20244.
Explore the latest research, insights and thought leadership with CommBank Foresight to help your business navigate the future.
All businesses may experience financial difficulty at some time. We’re here to help.
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The information presented on this webpage includes references to various reports. Please access the full report to view all relevant disclosures.
1 State & Territory Quarterly Perspective – June 2024.
2 Regional Movers Index – May 2024.
3 Credit provided by the Commonwealth Bank of Australia. These products are only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank’s eligibility and suitability criteria and normal credit approval processes. Fees, charges, terms, conditions and lending criteria apply. Commonwealth Bank of Australia ABN 48 123 123 124 and AFSL and Australian Credit Licence 234945.
4 https://www.wemoney.com.au/wemoney-business-awards-2024-winners
5 Rumanati [ABN 49 665 392 781] provides support to CommBank's agri customers to baseline and model different options to help reduce net emissions and build long term resilience and profitability. CBA accept no liability for any acts or omissions by Ruminati in connection with the goods and services provided. You should read Ruminati's terms and conditions & Privacy Statement.
6 Commonwealth Bank of Australia (CBA) has entered into a Data Licensing Agreement with CSIRO (ABN 41 687 119 230). Under this Agreement, CBA is permitted to share derived information with external customers. CBA acknowledges CSIRO is the source and owner of the Data outlined in this report and that CSIRO has retained all Intellectual Property (IP) rights over this Data. CBA has no interest in this Data (legal or otherwise).
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This information is intended to provide general information of an educational nature only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. You should consider seeking independent financial advice before making any decision based on this information.
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