News

This new phase of support turns a cliff into manageable steps for Australians to get back on track.

Open Banking officially began in Australia on July 1. It will ramp up across the banking sector over the next few months. Customers will be able to securely share their data to get the best deal possible on credit cards, savings accounts and other deposit products.

“Customers can be assured that they will always be in control of how and when they share their data.”

Temporary changes to the Banking Code of Practice reflect that the COVID-19 pandemic may temporarily affect the provision of banking services.

Businesses in the creative industry who are looking to take advantage of the government-backed concessional loans should get in touch with their bank.

Banking activity during the coronavirus pandemic. Between 14 May and 19 June the ABA published data on total deferrals member banks made to customers. These figures represented the sum total of deferrals made at the time of each data publication, and does not account for deferrals which had been reversed at the customer request. ABA’s… Read more »

The temporary introduction of COVID-19 related measures such as electronic mortgages, witnessing a document over video call and signing documents electronically should be made permanent to save time, money and hassle for Australian customers.   A coalition of associations including the Australian Banking Association, the Business Council of Australia, the Australian Institute of Company Directors,… Read more »

The highest priority for the ABA over the last three months of 2020 has been leading an industry response to COVID-19 to help impacted businesses and customers.

Banks have deferred the repayments of one in fourteen mortgages totalling more than $150 billion to assist Australians through the COVID-19 pandemic.

Over the next few weeks, banks will be contacting customers who don’t have debit cards. 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 deferred an extra 100,000 loans, this week, including approximately 50,000 home loans, to help customers through the COVID-19 Pandemic. Total number of loans deferred is now at least 643,000.

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 »