Don’t tough it out on your own
29 June 2021
Banks across Australia are ready and willing to assist customers affected by the COVID-19 lockdowns.
A number of support measures are available and banks are urging customers in hardship to get in touch.
Anna Bligh, Chief Executive Officer at the Australian Banking Association said we all understand just how tough a lockdown can be on Australians and businesses and there is no need to go through this alone.
“Banks know that these lockdowns can have devastating consequences, especially for small businesses,” said ABA CEO Anna Bligh.
“The message from banks is clear: don’t tough it out on your own. Call your bank. They will do whatever they can to help.”
“The message from banks is clear: don’t tough it out on your own. Call your bank. They will do whatever they can to help.”ABA CEO Anna Bligh
The type of assistance offered will depend on individual circumstances, but can include:
- Adjustments to loan repayments
- Waiving fees and charges
- Interest free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable
Bank branches remain open as an essential service during the lockdowns.
“Australia has witnessed a phenomenal shift in customer banking and payment preferences in recent years,” ABA CEO Anna Bligh said.
The RBA continues to address the nation’s inflation challenge with today’s 0.25% increase in the cash rate target, to 4.10%.
Australian banks today launched a new digital platform that will facilitate the quick reporting of fraudulent payments en route or transferred to another bank.