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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“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.
Australia’s banks remain open for business throughout the COVID-19 pandemic with call centres, online support and branches available to service customers. There will be circumstances when a local branch may need to close temporarily and this is happening already. This may be as a result of: a significant drop off in traffic to the branch… Read more »
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.
Businesses may be able to use their upcoming JobKeeper payment to seek credit so they can pay employees until the scheme is up and running.
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.
Australian Banking Association CEO Anna Bligh announced a small business relief package from Australia’s banks on Friday the 20th of March.
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.”
Any business financially impacted by the effects of COVID-19 should contact their bank
March 1 marked the official implementation date of a new Banking Code of Practice, when the changes recommended by Commissioner Hayne in his Final Report come into effect.
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.
Help on offer for small businesses financially affected by coronavirus Australian small businesses financially impacted by the spread of the coronavirus are being urged to contact their bank to access assistance on offer which can include deferred loan payments, waiving fees and restructuring loans. Australian Banking Association CEO Anna Bligh said any small business should not tough it out on their own… Read more »
“The BCCC plays a strategic function in monitoring the effectiveness of the new Banking Code of Practice and shaping good industry practice”
In force since July 1 last year, the new ASIC-approved Banking Code of Practice contains a big step up in protections for customers.
“The industry knows there is still much work to be done to earn back the trust of the Australian people and will continue to remain focussed on this task”
Australian banks have hardship teams ready to assist farmers, homeowners, small business owners and volunteers with financial arrangements, depending on circumstances.
Australians affected by the catastrophic bushfires across parts of Australia are encouraged to contact their bank to access a wide range of assistance available.