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NAB boss’ plan to help businesses out of COVID-19-induced slump

The boss of National Australia Bank says it’s crucial for economic recovery to make sure small businesses get paid faster.

NAB has deferred 86,000 home loans and 38,000 business loans, with about 16 per cent of mortgage customers having resumed repayments.

Chief Executive Ross McEwan has presented a plan to state and federal treasurers about how to stop more businesses from going to the wall.

He told Ben Fordham the bank personally aims to pay their businesses within 20 days.

“It’s got to be legislated … small business have to be paid within 30 days, that’s the requirements and we should get on with it.

“Larger businesses should make it their policy just as we have and even cut it down to the 20 days wherever they possibly can.”

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Image: Getty