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
Media Releases
ABA welcomes future proofing of Australia’s payments system as Treasurer announces biggest overhaul in 35 years
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7 June 2023
The Australian Banking Association (ABA) has welcomed the Treasurer’s announcement today of a major overhaul of Australia’s payments system.
Media Releases
Mobile wallet transactions skyrocket to $93 billion, as 98.9% of bank interactions take place digitally
Read more
7 June 2023
“Australia has witnessed a phenomenal shift in customer banking and payment preferences in recent years,” ABA CEO Anna Bligh said.
Media Releases
Statement regarding today’s decision by the Reserve Bank of Australia (RBA)
Read more
6 June 2023
The RBA continues to address the nation’s inflation challenge with today’s 0.25% increase in the cash rate target, to 4.10%.