CBA customers save $153m through benefits finder app

The Coalition’s expenditure review committee is considering a GST rebate on all new home builds in a move which could save households up to $50,000.

Sky News Political Editor Andrew Clennell says the proposal is designed to revive the construction sector which is expected to contract in the latter half of 2020 due to COVID-19.

Analysis from Ernst & Young found housing construction in 2020 is expected to fall from 160,000 nationally to 100,000.

Mr Clennell said the government wants to use “existing systems” for all of its stimulus programs.

“Under this scheme, those building a new home or undertaking a substantial renovation could be refunded the GST they pay on the build, or exempted from GST on the build – effectively giving them a 10 per cent cut on the project, with perhaps a cap up to $50,000 in value,” Mr Clennell said.

“We have also speculated a means test on those who could access the grant, and I believe that has been under consideration – $200,000 a household.”

Mr Clennell said the Housing Industry Association is urging the federal government to not only assist owner-occupiers, but also developers.

“Developers have also been calling for grants in the vicinity of $50,000 separately,” Mr Clennell said.

“It seems like the traditional $10,000 or even $25,000 new homeowner grant is not going to be sufficient to kickstart the construction sector, affected not only by coronavirus but the end of international immigration.”

The construction sector represents a significant proportion of Australia’s gross domestic product.

Home building work in 2018 generated $105 billion to the Australian economy and represented 5.8 per cent of Australia’s GDP.

The country’s largest bank today released new figures showing the benefits feature within its digital app had saved customers about $153 million, by connecting them to billions of dollars in government rebates and benefits.

CBA’s benefits feature enables customers to access rebates for power bills, tax and government payments.

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The bank said about $69 million had been saved through utility bill deals.

CBA said 2.2 million of its customers had visited the in-app feature since its release in September, and 700,000 claims had been initiated.

CBA head of retail banking services Angus Sullivan said, since the COVID-19 outbreak, the digital support measure had increased in use by 500 per cent.

“Benefits finder has been instrumental in supporting the financial wellbeing of our customers, particularly during coronavirus,” Mr Sullivan said.

“In addition to the support we are providing directly with our own product and service changes, we are determined to help our customers claim as many benefits and rebates as possible to free up money for essential expenses and reduce their financial stress.”

CBA said 370,000 claims were related to the coronavirus pandemic.

Mr Sullivan said more than 230 benefits and rebates were available through the platform.

The utility savings came mostly from the NSW gas rebate, winter gas rebate and the low-income household rebate.

Additional payments to customers were predominantly from federal government assistance packages, including rent assistance, education and mobility grants and bushfire payments.

CBA’s evaluation of its benefits finder program was in partnership with Harvard University’s sustainability and transparency research lab.

“Benefits finder is one of the ways we are creating a simple, personalised, informative relationship with customers, and making it easy for them to know what is going on digitally, in the palm of their hands,” Mr Sullivan said.

Business Reporter

Gerard Cockburn is a business reporter. Prior to joining The Australian, he has worked as a journalist for the Courier Mail and published in The Age.

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