Skip to main content
Financial Assistance Hub

Banks are ready to face coronavirus challenge

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

1 / 3
Media Releases
Banks strengthen support for customers facing financial difficulty
8 July 2025

The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »

Read more
Transcript
Launch of Confirmation of Payee
2 July 2025

ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »

Read more
Media Releases
​Australian banks launch new defence in battle against scammers
2 July 2025

Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »

Read more