22 October 2020
“Despite weaker demand, Australia’s banks have lent $41 billion to small businesses and sole traders since 1 February. That’s an average of $215 million each and every day, for 250 days.”
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.