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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Andy Park Many homeowners and indeed renters would have breathed a sigh of relief yesterday when the RBA decided to keep the cash rate on hold but with the RBA Governor saying it’s too soon to declare victory, the question is not if but when there will be another interest rate hike. Perhaps certainly before… Read more »
Jenny Marchant Your biggest cost is probably your rent or your mortgage, and they’re probably also the bills you’ll move heaven and earth to pay if you have to, because we all need somewhere to live. But the number of mortgage holders struggling with payments is increasing. If you find yourself in that position in… Read more »
Banks have dedicated hardship teams on standby to help those impacted by Tropical Cyclone Kirrily and the Australian Banking Association has urged those in need of financial assistance to reach out. “With the second major cyclone in as many months followed by torrential rain, people in Queensland have been dealt yet another serious blow. I… Read more »
Ross Greenwood: Well, one industry that does have an effective ombudsman scheme is banking, the Australian Financial Complaints Authority, but as rates rise and pressure on households and businesses, managing customers and their debts is again back on the bank’s radar. Today, the Australian Banking Association launched a campaign called ‘Don’t tough it out on… Read more »
Today the Australian Banking Association has launched a campaign encouraging Australians struggling with loan repayments to contact their bank, titled ‘Don’t tough it out on your own.’ “Banks know many of their customers are making difficult financial decisions right now as the country navigates challenging economic conditions,” said ABA CEO Anna Bligh. “Banks stood by… Read more »
“There’s no doubt there’s a lot of stress and that’s one of the reasons people are talking to those hardship teams in banks. And I encourage people to do that.”
“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC. And that’s, that’s been 10 years of just gradual build up, required by the regulator put aside by banks. It’s an incredibly strong buffer if things do go rocky”
“it’s heartening to see the need for assistance declining as many States and Territories come out of lockdown”
More than 57,000 customers have received hardship assistance during recent lockdowns across Australia.
Australian banks are supporting communities in Far North Queensland affected by Tropical Cyclone Niran.
“The most important consideration right now is staying safe. But when West Australians affected by recent bushfires are ready to pick up the pieces, their bank will be ready to help,”
“Banks play a vital role in helping Australians survive and recover from bushfires and other disasters”, said ABA CEO Anna Bligh.