Bendigo Bank stands for business

Business owners know better than anyone the unique challenges of the last few years. Now Australian businesses are facing new issues. These include labour shortages, supply chain disruptions, rising costs of materials and energy. Recently, some areas have also seen extreme weather conditions. These issues are especially difficult for many small and medium businesses.

At Bendigo Bank, we recognise that government policy decisions can influence whether businesses succeed. For example, immigration policy, infrastructure investment, affordable housing and even childcare all affect the availability of workers. This in turn can affect businesses. That’s why Bendigo Bank works to support business, not only through the provision of a range of financial services, but by advocating on policy.

Our leaders, and our government relations team, engage and build relationships with government and industry decision-makers. Through our conversations we highlight the interests and priorities of businesses. We want to make sure that the voices and needs of business owners are heard.

We understand business challenges

Running a business has become increasingly complex, in both regional and metropolitan areas. Bendigo Bank has close relationships with the business community. Through these links, we understand the practical issues facing businesses across many sectors.

For instance, our hospitality and tourism customers are telling us that with a domestic tourism boom, they’re struggling to recruit staff. One cause is the drop in working holiday visa holders and international students in Australia. Skills shortages are also having an impact. These challenges need to be addressed at a policy level.

Industry and business organisations

We work closely with industry and business bodies in our advocacy, to amplify our voice. Bendigo Bank is a member of the Business Council of Australia (BCA). This means we collaborate with Australia’s other leading companies to shape public policy and support progress.

Leading up to the National Jobs and Skills Summit in August 2022, we shared the perspectives of small and medium businesses. The BCA then represented these perspectives at the Summit. Outcomes included government commitments to increase migration, build skilled labour, and invest in infrastructure and housing.

Bendigo Bank is also active within the Australian Banking Association (ABA). The ABA advocates for the best interests of bank customers. During the pandemic, we united with the banking industry and government to support the business community. This included providing loan deferrals and variations to our business customers.

“Trust in Australian banks increased during and post-COVID. We think this is partly because of the proactive ways that banks supported their customers through hardship,” explained Courtney Sloane, Government Relations and Public Affairs Lead at Bendigo Bank.

Engagement with government

Bendigo Bank engages with government to highlight the needs of small and medium businesses. We advocate for policies and decisions that benefit business and the community. This year Bendigo Bank CEO and Managing Director, Marnie Baker, along with General Manager Corporate and Public Affairs Robert Musgrove, wrote to every Australian federal politician. They raised our concerns about scams, the impact of labour shortages, and the challenges businesses face in attracting and retaining staff. Our government relations team followed this up with meetings with key politicians across government, opposition and the crossbench. This type of engagement brings business perspectives directly to decision-makers.

In the lead-up to the March 2022 Federal Budget, Bendigo Bank provided a pre-budget submission to the government. We highlighted the ways that businesses are affected by labour and skills shortages. Our recommendations called for a cohesive national strategy to address growth. We also proposed measures like increasing skilled migration and investing in education, training, and infrastructure.

A key issue we raised was the number of international students in Australia. Insights from our hospitality business customers show that the impact of reduced numbers of students extends beyond labour supply. This group is also a consumer base for many businesses. We proposed opening borders to help bring back international students. Bendigo Bank is closely monitoring changes now happening on this front.

Bendigo Bank welcomes changes to policies

Borders have now re-opened, but international student numbers are still below pre-COVID levels. Recent changes to work rights for international students are addressing this issue. Some students will be allowed to stay longer after completing their degrees. Visa work restrictions have also been relaxed. Bendigo Bank continues to advocate for these types of changes. They are likely to ease some of the labour shortages and rebuild customer numbers for many businesses.

Measures included the October 2022 Federal Budget will also help address labour shortages. Migration places are being increased by 35,000 to a total of 195,000 in 2022-23. Over 90 percent of these new places are for skilled migrants, with more than a quarter targeted towards regional areas. Faster visa processing should also assist in bringing in skilled migrants. This will support businesses, helping them to operate effectively.

You can read more analysis of the Federal Budget here.

Committed to representing our customers

Courtney Sloane explained the reasons we engage with government. “Bendigo Bank works constructively with governments and decision-makers over time. We aim to build a policy environment that supports a productive and liveable Australia, where businesses can prosper.”

Challenges and changes in the business environment are inevitable. We want decision-makers to understand how these impact small and medium businesses. They need to consider ways that the right policy responses can support business. We are committed to advocating for our customers for the long term. This will help to build an Australia where all businesses can grow and succeed.

To find out more about how Bendigo Bank can support your business, make an enquiry today.