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What’s happened in the Australian banking sector during the coronavirus pandemic.
Since the start of the COVID-19 pandemic, banks have provided an estimated $6.8 billion of deferrals and more than $45 billion in new loans.
Currently there are over half a million Australian bank customers who actively use a passbook account or transaction account with no linked debit card.
“Australia’s banks are right behind efforts to open up the economy in the coming weeks, when healthcare authorities say it’s safe to do so.” – Anna Bligh
Australia’s banks have bolstered their efforts to help businesses to bridge the gap until the first Jobkeeper payments in May.
Today the Treasurer met with the CEOs of ANZ, NAB, Westpac and the Commonwealth Bank who agreed to bolster their efforts to prioritise any business needing funding to bridge the gap until the first Jobkeeper payments are made in May. It was agreed special hotlines would be set up to help manage the applications from… Read more »
“Banks stand ready to throw a lifeline to businesses across the country who are doing it tough through this COVID-19 crisis.”
Australian Banking Association CEO Anna Bligh said the Code would give important guidance for all parties on managing a difficult issue for retail landlords, tenants and banks throughout the COVID-19 pandemic.
Australia’s banks remain open for business throughout the COVID-19 pandemic with call centres, online support and branches available to service customers. There will be circumstances when a local branch may need to close temporarily and this is happening already. This may be as a result of: a significant drop off in traffic to the branch… Read more »
If a customer is granted a deferral on their mortgage and other credit products because of COVID-19, banks will report customers as not having missed a repayment.
Businesses may be able to use their upcoming JobKeeper payment to seek credit so they can pay employees until the scheme is up and running.
Commercial landlords can get debt relief from their bank, if they don’t terminate leases or evict current tenants for rent arrears due to COVID19.
Australian Banking Association CEO Anna Bligh announced a small business relief package from Australia’s banks on Friday the 20th of March.
Today’s announcement by the Federal Government of a second stimulus package, which includes an SME Guarantee Scheme and direct cash grants, will help keep businesses open and save jobs, building on the measures already announced by banks on Friday. The SME Guarantee Scheme which allows for further funds to be injected into small business will… Read more »
Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months.
Bank response to coronavirus stimulus package: “Australia’s banks are strong, stable and open for business, including for any company wanting to take advantage of initiatives in the Government’s stimulus package.”
Any business financially impacted by the effects of COVID-19 should contact their bank