COVID suport: phase two
6 October 2020
This year’s federal budget will help Australia recover from the economic impact of COVID‑19 and create jobs as the nation recovers.
The Australian Banking Association has welcomed the strong focus on support for small and medium businesses and direct assistance to families.
“Australian banks stand ready to continue their role helping millions of Australians through 2020”, said Australian Banking Association Chief Executive Anna Bligh.
“This budget is a key milestone as we shift from emergency to recovery, from triage to rehabilitation.”
Australia’s banks are assisting hundreds of thousands of families and small businesses, through the deferral of loan repayments.
Australian banks stand ready to continue their role helping millions of Australians through 2020.ABA CEO Anna Bligh
“Government support for small business is vital. Allowing businesses to fully expense investments will provide a much-needed shot in the arm.”
“This budget has the right focus on creating jobs and will help chart Australia’s road to recovery”, Ms Bligh said.
The Australian Banking Association will continue to partner with government in the interest of all Australians.
A new digital economy
“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC”
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”