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
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“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC”
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“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.”