11 March 2020
This morning the CEOs of the Australian Banking Association met with Treasurer Josh Frydenberg to discuss the strength of the economy and response to the coronavirus (COVID-19).
Australia’s banking industry reinforced to the Government that they are well prepared for the impacts of the COVID-19 and stand ready to assist Australians impacted.
Chair of the Australian Banking Association and CEO of the Commonwealth Bank Matt Comyn said that “Australia has a very strong financial system with banks that are well-capitalised and have strong balance sheets.
“any business financially impacted by the effects of COVID-19 should contact their bank to be assessed on a case by case basis to access the assistance on offer”
ABA CEO Anna Bligh
“Banks have supported the country through difficult times in the past and continue to do so. We are very much open for business,” he said.
CEO of the Australian Banking Association Anna Bligh said “Banks stand ready to support customers and if anyone is in need of assistance, they shouldn’t wait but come forward as soon as possible.”
“In particular any business financially impacted by the effects of COVID-19 should contact their bank to be assessed on a case by case basis to access the assistance on offer,” 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.
Get details of your bank’s hardship team.
Contact: Rory Grant 0475 741 007
Latest news
Our piece of work that has been released today, Mandala providing the intellectual backdrop and analysis to support us in this, the essential infrastructure in relation to the Australian Banking industry, and what it means in the Australian economy, and critically, we want and encourage that we use this as a tool. Banks, our partners,… Read more »
Surging household ownership of Australian banks, record lending to first home buyers and strong competition helping mortgage holders save up to $2,000 a year are some of the findings of a new report released today. ‘The essential infrastructure: How Australian banks power the economy’ produced by Mandala on behalf of the ABA finds: ABA CEO Simon… Read more »
Australian banks welcome today’s proposal from APRA and ASIC to reduce the regulatory burden associated with the Financial Accountability Regime (FAR). ABA CEO Simon Birmingham said this was a sensible measure announced in the 2026-27 Federal Budget to reduce some of the administrative burden placed on banks related to FAR. “This is a commonsense and… Read more »