Click here for the latest banking information on COVID-19

COVID-19 Banking Timeline: a financial history of the pandemic

6 May 2020


COVID-19 Timeline

What’s happened in the Australian banking sector during the coronavirus pandemic.


February 14: coronavirus assistance offered

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COVID 19 Relief

February 14: ABA COVID-19 assistance hub created

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Banks respond to second government stimulus package

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


Banks Small Business Relief Package

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

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Woman at computer with child

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


Banks respond to second government stimulus package

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


Covid-19-FAQ-Relief

March 25: COVID-19 FAQs published

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March 30: business relief extended to landlords and renters

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


Jobkeeper

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

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Credit Score OK

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

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SME Loan Guarantee

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

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Jobkeeper Bank Hotlines Now Open

April 24: dedicated JobKeeper business hotlines open

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CovidSafe App

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

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Debit Cards are Secure

April 29: voluntary debit cards for passbook holders announced

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Protect yourself against scams

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

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Woman at computer with child

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

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Mortgages deferred by banks now pass 429000

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

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Latest news

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Media Releases
Banks defer repayment of 429,000 mortgages due to COVID-19
16 May 2020

Banks have deferred the repayments of one in fourteen mortgages totalling more than $150 billion to assist Australians through the COVID-19 pandemic.

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FAQs: what you need to know about COVID-19 bank relief
15 May 2020

Helping businesses to remain viable and keeping people in their homes is good for everyone.

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Media Releases
Banks deferred 100,000 extra loans this week: total more than 643,000
8 May 2020

Australia’s banks deferred an extra 100,000 loans, this week, including approximately 50,000 home loans, to help customers through the COVID-19 Pandemic. Total number of loans deferred is now at least 643,000.

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