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
E&OEInterview on Sky News with Cheng Lei Cheng Lei: Australian banks closed 155 branches over the last year, but the rate of closures has slowed. For the implications, let’s bring in Australian Banking Association Chief Executive and former Liberal Minister Simon Birmingham. Mr Birmingham, welcome to the show – great to talk to you in… Read more »
Australian banks welcome the Federal Government’s release of an updated Regulatory Initiatives Grid, helping to ensure there is more transparency and coordination when new financial rules are introduced. The ABA particularly welcomes new principles that streamline coordination between regulators, reducing duplication and regulatory burden across the industry. ABA CEO Simon Birmingham said the Grid was… Read more »
Australian banks strongly welcome the Federal Government’s announcement of two key measures aimed at curbing financial crime and better protecting consumers. New powers for AUSTRAC to ban high-risk cryptocurrency ATMs and expanding access to Visa Entitlement Verification Online (VEVO) checks by banks will build on ongoing efforts to safeguard Australians from scams and crack down… Read more »