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
June 18: Call for temporary COVID improvements to be made permanent
June 19: Phase One banking activity statistics
June 25: Temporary changes to Banking Code of Practice
July 1: Open Banking begins
July 8: Banks enter Phase Two of COVID support
July 20: Phase Two SME Loan Guarantee announced
July 24: Increased SME lending – “green shoots”
Sep 7: 6-month loan assessments begin as Australians begin repayments
Sep 29: A new digital plan to modernise the Australian economy will make banking faster and easier
Oct 15: Repayments have resumed on almost half of deferred loans
Oct 20: Flow of credit to small business remains strong
Oct 30: Record rates of refinancing during COVID-19
Nov 17: Majority of deferrals back on track – down by 70%
2021
Feb 17: Banks launch new phase of pandemic support – new hub provides clear, step-by-step info
Mar 11: New expanded and extended SME loan scheme good for small business 80/20, 24 month deferrals, $250M turnover
May 28: COVID-19 accelerates debit card use, cash decline
Jun 29: Banks to assist customers in COVID-19 lockdowns
Jul 7: Banks ready to help vaccine rollout
Jul 8: Banks offer further support for customers impacted by lockdowns
Jul 17: Banks supporting customers as lockdowns extended
Aug 8: More than 20,000 customers receive hardship assistance during recent lockdowns
Latest news
Media Releases
New paper released to combat Modern Slavery
Read more
31 March 2022
The working paper focuses on the construction and agriculture sectors and seeks to provide a point of reference for banks to operationalise modern slavery risk identification and management.
Media Releases
NSW Small Business Month: Australian banks continue to support small businesses across NSW
Read more
25 March 2022
An average of $3.2 billion was lent to small business in the second half of 2021, up 24% from the $2.6 billion in the second half of 2020.
Media Releases
Inaugural banking conference delivers forward thinking
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11 March 2022
ore than 30 industry leaders addressed the audience throughout the day, deep-diving into the opportunities, digital disruptions, new customer trends and risks that face the banking industry.