COVID-19 support: don’t tough it out on your own.
8 July 2021
The Australian Banking Association has today announced further support for customers affected by continuing COVID-19 lockdowns or those recovering from recent lockdowns.
Australian Banking Association CEO Anna Bligh said the package will help customers and businesses suffering as a result of lockdowns throughout Australia.
“While we know that the Australian economy is in good shape, we also know that recent lockdowns have taken their toll on customers and the recovery can be slow”, Ms Bligh said.
“Customers can rest assured that if they need help, they will get it. Your bank will help you find a way through, don’t tough it out on your own.”
“Customers can rest assured that if they need help, they will get it. Your bank will help you find a way through, don’t tough it out on your own.”
ABA CEO Anna Bligh
“Banks also stand ready to support larger businesses and they will be assessed on a case by case basis.”
“Customers who need support should contact their bank”, she said.
The national support package will be available to all small businesses and home loan customers significantly impacted by current lockdowns or recovery from recent lockdowns, irrespective of geography or industry.
On application, support includes:
Business banking repayment deferrals
- Up to 3 month repayment deferrals, with loan terms extended accordingly
- Offered to all small business customers (business lending less than $3m and a turnover of less than $5m), which includes up to 98% of small businesses
- Only for loans in good standing (i.e. repayments up to date or engaged in a payment program with their bank)
Everyday banking support
- Refunds of merchant terminal fees for up to 3 months
- Waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for up to 3 months
Home loan support
- Range of support measures, including deferrals on a month by month basis
- Available to both individual and business customers
“This pandemic demonstrates why strong and stable banks are so important for the nation’s economy. Banks are ready to do whatever they can to shield their customers from the impact of these recent lockdowns”, Ms Bligh said.
The package is subject to re-authorisation by the ACCC which the ABA is urgently seeking.
Latest news
Media Releases
Banks ready to support flood-affected areas in NSW Mid-North Coast and Hunter regions
Read more
22 May 2025
Banks are on standby to support customers across the Mid-North Coast and Hunter regions impacted by the current severe weather and flooding. ABA CEO Anna Bligh said with torrential rain and flooding taking place, banks were activating financial assistance and relief to support their customers. “Banks recognise that this is a very challenging weather event… Read more »
Transcript
Anna Bligh interview on 2GB Afternoons with Michael McLaren
Read more
22 April 2025
Michael McLaren (Host): Well, here we are at the Easter Show, the great celebration of country life in the city, but it’s also an important platform this to better understand the challenges that the regions face. Now, yesterday, we looked at the floods. Today, I want to look at the banks. Now in the regions,… Read more »
Media Releases
Banks continue to support FNQ flood recovery efforts
Read more
3 April 2025
The ABA is reminding customers across North and Far North Queensland that they don’t have to tough it out on their own, as they continue to recover from February’s severe flooding event. ABA CEO Anna Bligh recently met with Queensland’s State Recovery Coordinator Andrew Cripps to discuss how banks can assist customers facing financial difficulty… Read more »