The Australian Banking Association (ABA) is the information source for the news media on the Australian banking industry, providing information, analysis and context on industry issues.
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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
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.
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.
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.
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.”
Changes to the Banking Code of Practice as recommended by the Royal Commission will go live tomorrow.
““These changes to the Code are in addition to a number of actions already taken by banks as a direct result of the Royal Commission”, ABA CEO Anna Bligh.
The Australian Banking Association has today partnered with Illawarra Business Chamber to brief the local business community and stakeholders on the new Banking Code of Practice, the new Financing Your Small Business website and to hear firsthand from small businesses affected by the recent bushfires.
“The BCCC plays a strategic function in monitoring the effectiveness of the new Banking Code of Practice and shaping good industry practice”
Senior bank representatives have today heard firsthand of worsening drought conditions from farmers affected at a roundtable convened by AgForce Queensland. The roundtable, held at the request of AgForce just outside Toowoomba in Nobby, brought together senior banking representatives responsible for agricultural lending as well as local farmers and community groups. CEO of the Australian… Read more »