See how banks can help
12 March 2020
Today’s announcement by the Federal Government for a $17.6 billion stimulus package will help keep Australia strong as the impacts of COVID-19 are beginning to be felt across the country.
CEO of the Australian Banking Association Anna Bligh said Australia’s banks were well prepared for the challenges presented by the outbreak of COVID-19 and were ready to play their part in the response.
“This economic stimulus package will be a welcome shot in the arm for businesses and individuals,” Ms Bligh said.
“We continue to stress, any business or individual financially impacted by COVID-19 should contact their bank who, on a case by case basis, can provide a wide range of assistance.”
ABA CEO Anna Bligh
“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 such as the increase to the threshold of the instant asset write off from $30,000 to $150,000.
“We continue to stress, any business or individual financially impacted by COVID-19 should contact their bank who, on a case by case basis, can provide a wide range of assistance,” she said.
The type of assistance offered will depend on individual circumstances, but can include:
- A deferral of scheduled loan repayments
- Waiving fees and charges
- Interest free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
Transcript
Anna Bligh Interview Sky News, discussing financial hardship and what banks can do to help
Read more
22 April 2024
Tom Connell Those people with a home loan who have had a fixed rate are getting a shock as they come off that fixed rate. Often as low as two percent and onto the new variable rate that can be as high as six or even seven percent. So how is that affecting people out… Read more »
Media Releases
Banks remind customers, ‘don’t tough it out on your own’
Read more
22 April 2024
Australians facing difficult financial decisions are being reminded to get in touch with their bank and get the support they need to keep repayments on track. The Australian Banking Association (ABA) is extending its ‘don’t tough it out on your own’ campaign which was launched last year, with a further round of advertisements to run… Read more »
Transcript
Anna Bligh Interview with ABC Radio Brisbane, discussing future of cash and Digital ID
Read more
3 April 2024
Steve Austin Well as you know, the Commonwealth Government has made it clear they consider access to cash a priority for the Australian economy and the country’s largest banks, as well as Coles, Woolworths, companies like Wesfarmers and Australia Post have been trying to put together a short term lifeline for Armaguard, who’s the company… Read more »