21 November 2023
Banks will contribute $19 million over three years to the Government’s voluntary financial counselling model announced today by Minister for Social Services, Amanda Rishworth.
“Banks large and small are proud to be funding the lions share of this initiative.” said ABA CEO Anna Bligh.
This funding will help increase the availability of free, independent counselling services for people experiencing financial difficulty who need advice.
“Banks have long supported financial counsellors and are very proud to be supporting this voluntary industry initiative,” said ABA CEO Anna Bligh.
“Financial counsellors provide a critical service to Australians when they are making some of the most difficult decisions in their lives. It is critical they have resources to do that important work,” Ms Bligh said.
“Financial counsellors are on the front-line helping people who are going through a tough time, when they’ve lost their job, their relationship has broken down, they have health problems, or have been impacted by a natural disaster.”
As well as reaching out to a financial counsellor, banks are urging people experiencing financial difficulty to talk to their bank.
The Australian Banking Association’s financial difficulty campaign has a clear message for people who are worried about being able to repay their loans, “Don’t tough it out on your own.” said ABA CEO Anna Bligh.
Ms Bligh said the spiral into financial difficulty can happen very quickly, and it is important that people reach out for support as early as possible.
“Banks have dedicated, highly experienced teams ready to help. Please get in touch with your bank or a financial counsellor. Don’t delay.”
Banks may be able to help by:
- lowering home loan or credit card loan payments
- restructuring the length of a loan
- moving a customer to interest-only payments for a while
- deferring payments for a period.
Read more about the financial hardship campaign here.
Also designed to assist as a ‘pathway out of financial hardship’, the ABA recently launched a new Financial Assistance Hub that has been completely updated with information for customers who are moving off fixed rate mortgages or struggling to repay buy now pay later loans.
Visit the Financial Assistance Hub here.
Latest news
The ABA acknowledges the release of the 2025-26 Mid-Year Economic and Fiscal Outlook. The Government’s forecasted $8.4 billion reduction in the deficit over the forward estimates including a $5.4 billion reduction for year’s deficit is welcome. Lower deficits and claimed savings of $20 billion over the next four years is a beginning towards ensuring our national finances are on a more sustainable footing. While this Budget update contains lower forecasts of spending as a share of GDP, the ABA notes the importance of ongoing spending restraint to help reduce inflationary and interest rate pressures. Banks… Read more »
ANZ CEO Nuno Matos has been appointed as the new Chair of the ABA Council, as banks continue their focus on meeting the needs of customers as well as playing a crucial role in the Australian economy. At the ABA’s Annual General Meeting today in Melbourne, ING CEO Melanie Evans was also reappointed as Deputy… Read more »
The ABA welcomes today’s release of draft industry designations and framework for scams code obligations for banks, telecommunication companies and digital platforms – reinforcing the importance of an ecosystem approach in the fight against scammers. ABA CEO Simon Birmingham said the draft materials were the next piece of the puzzle in ongoing efforts to drive… Read more »