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On The Record

CBA welcomes job creation and employment support measures in the 2020 Federal Budget

CBA welcomes job creation and employment support measures in the 2020 Federal Budget

Measures to support and grow employment announced in the Budget should provide certainty and confidence to help Australians to plan for the future, Commonwealth Bank CEO Matt Comyn said today.

“We welcome the Budget’s focus on job creation and job support given the need to keep businesses, small and large, open which in turn is helping to keep Australians in work and  in their homes,” said Mr Comyn.

“The measures to underpin and grow employment should help to provide certainty and confidence for employers and employees to plan for the future and create a pathway to recovery following the devastating health and economic impacts of the coronavirus pandemic.

“In particular, we welcome the financial support to encourage business to invest in new equipment, take on more skilled workers and provide new opportunities for young people that together over time will help to bring down the rise in unemployment. Equipping the Australian economy with new ways to invest and support our training, research, development and innovation capabilities will also be key to creating new jobs in the digital economy as the country pulls itself out of recession.

“Many of the Budget’s measures will directly and indirectly complement the support that CBA and the broader banking industry has put in place to help alleviate the pandemic’s punitive effects on our customers, in particular small businesses and tens of thousands of people with mortgages. While we are seeing encouraging signs that many customers are able to restart repayments on deferred loans, we know that others will continue to need our support for some time to come.”