March 2024 edition

The enthusiasm and momentum early in the new year are positive signs. However, businesses are balancing opportunities and challenges.

A more favourable interest rates horizon and better-than-expected rainfall are providing a confidence boost for some, while elevated operating costs and cash flow issues remain persistent constraints.

This edition acts as your gateway to our latest economic research and forward views as well as agribusiness, sustainability, and industry insights. It provides easy access to relevant information that you can select based on your industry, business type, and location.

Economic Insight

Our award-winning economics research keeps you up to date with local and international economic trends, foreign exchange strategy, commodities, and sustainability issues. Access our Global Economic and Markets research portal.

NSW & ACT both rank top 3 for economic growth

While New South Wales came in equal second overall in the latest CommSec State of the States Report, there was little to separate it from the ACT when looking at one of the eight indicators used in the rankings - real economic activity.

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Regional Movers Index

City-siders set their sights on shifting out into regional New South Wales over the past year with regional New South Wales increasing in popularity to account for 36 per cent of net capital outflows in the 12 months to December 2023.

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The latest in agriculture

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.

CommBank General Manager Agribusiness Natasha Greenwood shares insight to latest agricultural trends

"Conditions for producers across Australia have been mixed with extreme heat and rain having an impact on many farming operations. Some regions have been hit harder than others but it’s fair to say the start to the year has kept producers on their toes. Notwithstanding the extremes in weather over the Summer, our overall agricultural outlook remains positive.

It is encouraging that livestock commodity prices have shown upward movement, that other commodities are holding steady and that there has been good pasture growth across a number of regions. For those who have had a tougher Summer than most, please reach out to your local Agribusiness Banker to discuss how we might help."

CommBank Agriculture Economist Dennis Voznesenski shares economic views and podcast

Global grains and oilseeds prices have continued to decline as improving global production overwhelms struggling demand. Local wheat prices have been pushed lower by the overseas decline in addition to improving seasonal conditions on the east coast of Australia and South Australia.

Also, introducing Commbank's new weekly podcast “CommBank Agri Podcast”, where we provide insights on global markets and what it means for Australian farmers and industry.  

Listen to the podcast

CommBank supporting farmers with their emissions measurement

CommBank is committed to collaborating with leading agribusinesses to better understand the products and services the sector needs to keep moving forward. This includes our recent announcement of our pilot with emissions platform Ruminati1 to support farmers measure emissions and model abatement options.

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Our commitment to supporting key farming and agricultural events

CommBank supports and sponsors a number of key Australian agriculture events. In March, we supported Farm World (22-24 March) as strategic partner, this partnership with Lardner Park spans over 30 years, where this year we hosted guests in CommBank’s Marquee and Backyard. Farm World held in Warragul, Victoria, attracted the farming community nationwide and over 40,000 people came through the gates across three days with 650+ exhibitors.

In May, we will be in Rockhampton for Beef Week (5-11 May) for a week long exhibition and celebration of all facets of the beef industry.

The eCommerce trends set to move into overdrive

The Australian eCommerce market is set for a dynamic evolution this year. Consumers will be even more selective, payment flexibility and innovation will be vital, and new tools to boost online security will gain momentum. Our recently published article, explores five eCommerce trends poised to accelerate in 2024. It examines opportunities for businesses to adapt to change and meet customers’ needs and the accessible digital tools that can help capture the commercial upside.

The eCommerce trends set to accelerate in 2024

CommBank Momentum

More than 1200 attendees and 46 speakers gathered in Sydney for CommBank Momentum, which set out to share ideas and solutions that can help power the nation’s transition to a more sustainable and vibrant future.

Across a number of events, speakers put the spotlight on a range of topics: the importance of embedding sustainability at the highest levels of a business, the challenges of deploying AI sustainably, and the commitment, intelligence and passion of those teams that are driving the energy transition forward.

Keynote speakers included engineer and entrepreneur Saul Griffith, who spoke about the five things Australian households could potentially electrify (car, kitchen, space heater, water heater, solar/battery); and environmental advocate Erin Brockovich, who urged her audience to “turn into the storm” to tackle the challenge of climate change.

Learn about CommBank sustainability solutions

CommBank Foresight™

Explore the latest research, insights and thought leadership with CommBank Foresight to help your business navigate the future.

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Need financial hardship support for your business?

All businesses may experience financial difficulty at some time. We’re here to help.

Financial support for business

Working capital solutions

Navigating cash flow uncertainty with a market-leading working capital solution

For 35 years, National Resources has sourced and supplied local Australian manufacturers with an extensive range of specialist products from around the world. Trading in rolled aluminium, flexible packaging, PVC films and medical products, the business has long serviced the industrial, building and health industries, among others.

How labour hire organisation Impact Services minimises cash flow risk to maximise impact

After federal and state governments ushered in Aboriginal procurement policies in 2018, majority Indigenous-owned Impact Services was created to make a positive difference.

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What's happening elsewhere?

Things you should know

  • 1 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.

    The links within this article will bring you to a third party website, owned and operated by an independent party over which CBA has no control ("3rd Party Website"). Any link you make to or from the 3rd Party Website will be at your own risk. Any use of the 3rd Party Website will be subject to and any information you provide will be governed by the terms of the 3rd Party Website, including those relating to confidentiality, data privacy and security. CBA disclaims liability for any loss, damage and any other consequence resulting directly or indirectly from or relating to your access to the 3rd Party Website

    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.

    The information in this article and any opinions, conclusions or recommendations are reasonably held or made, based on the information available at the time of its publication but no representation or warranty, either expressed or implied, is made or provided as to the accuracy, reliability or completeness of any statement made.

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