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Why a bank boss believes Australia’s economy will ‘bounce back strongly’ in 2021

Ross and Russel
Article image for Why a bank boss believes Australia’s economy will ‘bounce back strongly’ in 2021

Amid gloomy outlooks, a bank boss says he’s optimistic about Australia’s economic future.

Judo Bank co-founder Joseph Healy said the budget gave him a “a huge boost of confidence” about the economic outlook.

“I thought last week’s budget was almost as good as you could have hoped for,” he told Ross and Russel.

Mr Healy predicts an economic bounce back in the second half of next year.

“I think these packages in their entirety, together with the significant fire power that the government still has if needed means that when you compare our situation to most other developed economies around the world I think we’re going to bounce back quite strongly in the second half of 2021,” he said.

The bank co-founder said Australia’s economic position is enviable.

“They’re forecasting a GDP growth in the high fours … for 2021/22,” he said.

“Compared to anywhere else in the world this is a very, very impressive outlook.”

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