National Australia Bank chief executive Ross McEwan said having 120,000 people homeless in Australia was a national “disgrace” and surging demand for social services, including those offered by the Salvation Army, was evidence the cost of living crisis was hitting the most vulnerable members of society very hard.

As debate rages in Canberra about the appropriate level of support for the lowest income earners and the unemployed in next month’s federal budget, Mr McEwan said big business was backing essential support services to assist those crippled by inflation, including soaring rents and rising costs for energy and groceries.