fbpx
Skip to main content
Financial Assistance Hub

Australian banks step up to support customers and the economy

3 May 2020

More than half a million Australians have one less thing to worry about today, with banks providing a six-month loan deferral on an estimated $6.8 billion of business, mortgage and other loan repayments due to the impact of COVID-19.



Data released by the Australian Banking Association shows that so far more than 320,000 homeowners have been approved for a loan deferral on their mortgage repayments. An additional 170,000 business owners have also received a deferral on their business loan repayments and nearly 37,000 other loan repayments, such as personal loans and credit cards, have also been deferred.

In addition, to make money available to businesses as quickly as possible, more than $45 billion has been provided in new loans and a further $6b through increases to existing loans and credit facilities.

ABA CEO Anna Bligh said the decision by banks to defer payments will no doubt take some of the pressure off Australians who are doing it tough at the moment.

“Bank call centres have been, and continue to be, inundated with people needing help. Many of these people have never had to ask for assistance before in their lives and may never again. I would strongly urge anyone who needs support to contact their bank.”

Since the start of the pandemic in Australia, banks have provided more than $45 billion in new lending to Australian businesses, including nearly $8.5 billion to more than 23,000 small businesses.

ABA CEO Anna Bligh

Facts and figures:


COVID-19 deferrals

  • $6.8 billion total worth of deferrals, made up of:
  • 320,000 mortgage deferrals for homeowners
  • 170,000 business loan deferrals
  • 37,000 other deferrals, including personal loans and credit cards


Economic stimulus package

COVID-19 bank loans

  • $45 billion in total new loans
  • $8.5 billion new loans to more than 23,000 small businesses
  • $6 billion in increases to current loans


“Banks have also been getting on with the job of injecting funds into the Australian economy. Since the start of the pandemic in Australia, banks have provided more than $45 billion in new lending to Australian businesses, including nearly $8.5 billion to more than 23,000 small businesses.

“Supporting and helping business to grow is vital for the success of any economy,” Ms Bligh said.

“The actions of banks will help inject much needed investment into the economy, with the deferrals, new lending and increased credit, allowing people and businesses to spend on the things they need.”

“Australia is in an enviable position; our banks are the most stable and some of the strongest in the world.

“The strength of Australia’s banks has allowed the industry to step up and play a key role in helping, not only our customers, but supporting the recovery of the Australian economy, through one of the most challenging periods in our lifetimes,” Ms Bligh said.  

ENDS
Contact: Kelly Stevens 0475 741 007


Get more information on how banks can help you.

Latest news

1 / 3
Transcript
ABA CEO Anna Bligh interview on Today Show
10 February 2025

Karl Stefanovic (Host): Well, with Aussies losing more than $20 million to romance scams last year, that’s right, $20 million. Banks are now warning people to be extra cautious when looking for love online to discuss Sarah Abo (Host): We are joined now by CEO of the Australian Banking Association, Anna Bligh, good to see… Read more »

Read more
Media Releases
Protect your heart and bank account from romance scams
10 February 2025

With Valentine’s Day fast approaching, the ABA is warning Aussies to guard their hearts—and their bank accounts—as scammers ramp-up the use of artificial intelligence and deepfakes to steal money. According to ScamWatch, last year Australians reported over 3,200 romance scams with losses amounting to almost $24 million.   Romance scam red flags: ABA CEO Anna… Read more »

Read more
Banks stand ready to support North Queensland communities affected by floods
4 February 2025

The Australian Banking Association (ABA) is urging customers in North Queensland affected by the floods to get in touch with their bank if they are in need of financial relief. ABA CEO Anna Bligh said banks are on standby to assist households and businesses who have been impacted by these severe floods. “My message to… Read more »

Read more