Skip to main content
Financial Assistance Hub

Banks welcome extension of Responsible Lending Obligation exemption for small businesses

1 October 2024

The ABA welcomes the Federal Government’s announcement to extend the Responsible Lending Obligations (RLO) exemption for small businesses.

ABA Acting CEO Vanessa Beggs said it was critical banks were able to provide small businesses with the finances they need to operate and expand.

“One in four SMEs report wanting to increase their capital investment, so this extension will help ensure small businesses across Australia can continue to access the credit they need to thrive and grow,” Mrs Beggs said.

“At the end of July 2024, $674 billion in credit was extended to SMEs, demonstrating the critical role of accessible credit in supporting small business growth.”

“Small businesses are the lifeblood of our economy. Making it easier for them to access credit gives them more opportunities to employ Australians, upgrade their facilities and expand their operations.”

“Banks will continue to support small businesses, including ensuring credit or loans are readily available and accessible.”

The National Consumer Credit Protection Regulations 2010 will be amended to extend the exemption for a further two-year period, ending 3 October 2026. 

Contact: Benn Ayre | [email protected] | 0428 342 325
Twitter | Facebook | LinkedIn | www.ausbanking.org.au

Latest news

1 / 3
Transcript
Anna Bligh interview with ABC Perth on credit card access
1 August 2025

EO&E Nadia: Banks has been a big topic of discussion on the show this week because, of course, we’ve just been talking about behavioural security that the bank is bringing in. Earlier, I was telling you during the week that older women can’t get a credit card in their own name. They’re secondary card holders… Read more »

Read more
Media Releases
Joint Group of Industry Organisations statement in response to Productivity Commission report
1 August 2025

The Productivity Commission proposal to tax business cash flow is an experimental change that hasn’t been tried anywhere else in the world. This tax increase risks putting more pressure on all Australians still struggling under cost-of-living pressures. While some businesses may benefit under this proposal, it risks all Australian consumers and businesses paying more for… Read more »

Read more
Media Releases
Banks welcome APRA commitments to support more competition in Australia’s banking system
24 July 2025

The ABA welcomes APRA’s commitment to boosting competition for Australia’s mid-tier and international banks. In a speech today to the ABA’s Banking 2025 Conference, Chair John Lonsdale announced that APRA would: ABA CEO Anna Bligh said it was customers who would ultimately benefit from a strong and competitive banking system. “Today’s announcements from APRA will… Read more »

Read more