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
The ABA says the 2026 Federal Budget lays the groundwork for reforms that enhance productivity across the financial services sector and the broader economy. Projected improvements to the overall Budget position through lower deficits and a more sustainable fiscal trajectory are also welcome. Ongoing fiscal discipline, including spending restraint, will be key to placing… Read more »
E&OERadio Interview2SM Sydney8 May 2026. Topics: Banking hardship support for customers; competition within the banking sector. Tim Webster (Host): So, we’ve done a story ourselves, and it’s a troubling time for people who have a mortgage. They just copped an interest rate rise, and the suggestion is there’ll be even more of them throughout the… Read more »
Customers facing financial stress from ongoing cost pressures and higher loan repayments are being urged to get in touch with their bank if they need support. ABA CEO Simon Birmingham said banks have a range of practical measures they can put in place to help customers navigate the current economic environment. “Australian banks recognise that… Read more »