6 May 2020
COVID-19 Timeline
What’s happened in the Australian banking sector during the coronavirus pandemic.
2020
February 14: coronavirus assistance offered
February 14: ABA COVID-19 assistance hub created
March 11: Government announces first stimulus package of $17.6B
March 20: small business relief package announced featuring 6 month deferrals
March 20: mortgage relief announced – 6 month deferrals available for homeowners
March 22: Government announces second stimulus package of $66B
March 25: COVID-19 FAQs published
March 30: business relief extended to landlords and renters
April 3: contactless payments to increase from $100 to $200
April 5: banks support JobKeeper – credit available to bridge gap till payments begin in May
April 6: credit scores secured – COVID-19 deferrals will not affect credit ratings
April 8: SME loan guarantee begin – 50% govt-guaranteed loans, no repayments for 6 months
April 24: dedicated JobKeeper business hotlines open
April 26: Bank CEOs support COVIDSafe app – will download app and encourage staff to do same
April 29: voluntary debit cards for passbook holders announced
April 29: COVID-19 anti-scam hub updated, fact sheets in 12 translations
May 8: 100,000 extra COVID-19 loan deferrals in a week – brings total to 643,000
May 16: 1 in 14 mortgages have now been deferred – 429,000 in total
June 18: Call for temporary COVID improvements to be made permanent
June 19: Phase One banking activity statistics
June 25: Temporary changes to Banking Code of Practice
July 1: Open Banking begins
July 8: Banks enter Phase Two of COVID support
July 20: Phase Two SME Loan Guarantee announced
July 24: Increased SME lending – “green shoots”
Sep 7: 6-month loan assessments begin as Australians begin repayments
Sep 29: A new digital plan to modernise the Australian economy will make banking faster and easier
Oct 15: Repayments have resumed on almost half of deferred loans
Oct 20: Flow of credit to small business remains strong
Oct 30: Record rates of refinancing during COVID-19
Nov 17: Majority of deferrals back on track – down by 70%
2021
Feb 17: Banks launch new phase of pandemic support – new hub provides clear, step-by-step info
Mar 11: New expanded and extended SME loan scheme good for small business 80/20, 24 month deferrals, $250M turnover
May 28: COVID-19 accelerates debit card use, cash decline
Jun 29: Banks to assist customers in COVID-19 lockdowns
Jul 7: Banks ready to help vaccine rollout
Jul 8: Banks offer further support for customers impacted by lockdowns
Jul 17: Banks supporting customers as lockdowns extended
Aug 8: More than 20,000 customers receive hardship assistance during recent lockdowns
Latest news
Australian banks continue to back growth and innovation across the farming sector with agribusiness lending now at record levels, exceeding $131 billion for the first time. The Australian Banking Association is highlighting the banking sector’s ongoing support for Aussie farmers this National Agriculture Day. Lending to agribusinesses has skyrocketed over the last year, rising 9.4 per cent in… Read more »
The ABA welcomes the introduction into the Parliament of critical scam fighting legislation to better protect Australians. ABA CEO Anna Bligh said the Federal Government’s proposed Scams Prevention Framework is the best way forward to prevent, detect, report, disrupt and respond to scams. “This is an important step forward in our ongoing work to scam-proof… Read more »
Banks stand ready to support Far West NSW communities hit by recent storms and ongoing power outages. ABA CEO Anna Bligh acknowledged that many households and businesses in the Far West were still feeling the effect of this severe weather event. “My message to customers in these communities, is please reach out to your bank… Read more »