6 May 2020
COVID-19 Timeline
What’s happened in the Australian banking sector during the coronavirus pandemic.
2020

February 14: coronavirus assistance offered

February 14: ABA COVID-19 assistance hub created

March 11: Government announces first stimulus package of $17.6B

March 20: small business relief package announced featuring 6 month deferrals

March 20: mortgage relief announced – 6 month deferrals available for homeowners

March 22: Government announces second stimulus package of $66B

March 25: COVID-19 FAQs published

March 30: business relief extended to landlords and renters

April 3: contactless payments to increase from $100 to $200

April 5: banks support JobKeeper – credit available to bridge gap till payments begin in May

April 6: credit scores secured – COVID-19 deferrals will not affect credit ratings

April 8: SME loan guarantee begin – 50% govt-guaranteed loans, no repayments for 6 months

April 24: dedicated JobKeeper business hotlines open

April 26: Bank CEOs support COVIDSafe app – will download app and encourage staff to do same

April 29: voluntary debit cards for passbook holders announced

April 29: COVID-19 anti-scam hub updated, fact sheets in 12 translations

May 8: 100,000 extra COVID-19 loan deferrals in a week – brings total to 643,000

May 16: 1 in 14 mortgages have now been deferred – 429,000 in total
2021

Mar 11: New expanded and extended SME loan scheme good for small business 80/20, 24 month deferrals, $250M turnover
Latest news
Australian banks strongly support the RBA’s proposed ban on debit and credit card surcharges, while overwhelmingly calling for an alternative pathway forward on interchange fees. The ABA has made the following calls in a submission to the RBA’s current consultation on the Review of Merchant Card Payment Costs and Surcharging: ABA CEO Simon Birmingham said… Read more »
Australia’s banks welcome the passing through the Senate of new legislation to ensure payments laws are up-to-date and reflect today’s digital economy. The new laws will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly enhancing protections for customers. ABA CEO Simon Birmingham said… Read more »
The ABA welcomes the passage through the House of critical legislation to ensure Australia’s payments regulatory framework is brought up-to-date and urges the Senate to quickly pass this overdue legislation too. The proposed legislation will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly… Read more »