Banking’s once-in-a-generation reset
The pandemic allowed the banks to reset their reputation, capital positions and cost base, and created a surge in demand. But COVID-19 also leaves a big problem.
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They will never say it out loud, but COVID-19 may have been the best thing to happen to the banks in at least a decade.
Australia’s impressive pandemic response – both in terms of health outcomes and economic management – spared the banks from a bad debt tsunami. But more than that, this week’s results from Westpac,ANZ and NAB show the pandemic has unleashed a Great Reset across the sector.
Business push for cloud computing to be tax deductible
May 3, 2021 â 6.21pm
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Westpac chief executive Peter Kingâs push into cloud computing is setting up a debate over what government should allow businesses to depreciate in order to move faster into the digital economy.
âCloud has a massive role to play in the future,â Mr King said.
Westpac CEO Peter King says cloud computing is essential. Â
Dominic Lorrimer
Capital investment in software, which is considered an intangible asset that can be depreciated, rose to $4.6 billion in the December quarter, up for the third quarter in a row according to the Australian Bureau of Statistics.
Major Banks Expect Australian Property Boom to Continue
Australia’s major banks are forecasting the nation’s property boom to continue under the auspices of strong economic rebound and ultra-low interest rates. The accelerating post-COVID-19 price rise is largely driven by owner-occupier purchasers and reflects supply lagging behind the shifting demand.
The CEOs of four major banks all signalled an optimistic outlook on the house price growth during the latest session with the House Standing Committee on Economics in Canberra. Commonwealth Bank (CBA), Westpac Bank and National Bank of Australia (NAB ) forecast an increase of at least 10 percent this year, and ANZ Bank expects annual growth of up to 17 percent.