1 October 2024
The ABA welcomes the Federal Government’s announcement to extend the Responsible Lending Obligations (RLO) exemption for small businesses.
ABA Acting CEO Vanessa Beggs said it was critical banks were able to provide small businesses with the finances they need to operate and expand.
“One in four SMEs report wanting to increase their capital investment, so this extension will help ensure small businesses across Australia can continue to access the credit they need to thrive and grow,” Mrs Beggs said.
“At the end of July 2024, $674 billion in credit was extended to SMEs, demonstrating the critical role of accessible credit in supporting small business growth.”
“Small businesses are the lifeblood of our economy. Making it easier for them to access credit gives them more opportunities to employ Australians, upgrade their facilities and expand their operations.”
“Banks will continue to support small businesses, including ensuring credit or loans are readily available and accessible.”
The National Consumer Credit Protection Regulations 2010 will be amended to extend the exemption for a further two-year period, ending 3 October 2026.
Contact: Benn Ayre | [email protected] | 0428 342 325
Twitter | Facebook | LinkedIn | www.ausbanking.org.au
Latest news
Banks are on standby to assist customers across Queensland and Northern NSW who might be impacted by Tropical Cyclone Alfred in the coming days. ABA CEO Anna Bligh said banks are closely monitoring the developing situation along the east coast and are putting in place arrangements to support customers in affected areas. “This is a… Read more »
Graeme Goodings (Host): Hardly a day goes by that we don’t talk about scams. I mean, we’re ever alert, but the scammers seem to be one step ahead, half a step ahead, best, and all we can do is put out warnings to you on a regular basis. Joining me now is CEO of the… Read more »
Natalie Barr (Host): Well, as we kick off into footy season, the Australian Banking Association is urging Aussies to remain vigilant with ticketing scams. Matt Shervington (Host): People buying resale tickets to footy games on social media are being told to watch out for the warning signs as the growing number of criminals take advantage… Read more »