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New Financial Assistance Hub

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.


2020


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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Digital Signatures

June 18: Call for temporary COVID improvements to be made permanent

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ABA Banking Activity Stats

June 19: Phase One banking activity statistics

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Banking Code of Practice

June 25: Temporary changes to Banking Code of Practice

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Open Banking

July 1: Open Banking begins

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July 8: Banks enter Phase Two of COVID support

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Banks respond to second government stimulus package

July 20: Phase Two SME Loan Guarantee announced

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July 24: Increased SME lending – “green shoots”

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Sep 7: 6-month loan assessments begin as Australians begin repayments

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Sep 29: A new digital plan to modernise the Australian economy will make banking faster and easier

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Deferrals have dropped by half

Oct 15: Repayments have resumed on almost half of deferred loans

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SME Lending remains strong

Oct 20: Flow of credit to small business remains strong

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Credit Law Changes

Oct 30: Record rates of refinancing during COVID-19

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Nov 17: Majority of deferrals back on trackdown by 70%

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2021


Financial Assistance Hub

Feb 17: Banks launch new phase of pandemic support – new hub provides clear, step-by-step info

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SME Loan Guarantee

Mar 11: New expanded and extended SME loan scheme good for small business 80/20, 24 month deferrals, $250M turnover

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Payments

May 28: COVID-19 accelerates debit card use, cash decline

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Vic banks remain open

Jun 29: Banks to assist customers in COVID-19 lockdowns

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Banks Vaccine Rollout

Jul 7: Banks ready to help vaccine rollout

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Further covid assistance from banks

Jul 8: Banks offer further support for customers impacted by lockdowns

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Lockdown Extended

Jul 17: Banks supporting customers as lockdowns extended

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Aug 8: More than 20,000 customers receive hardship assistance during recent lockdowns

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Latest news

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Don’t fall for a fake cupid this Valentine’s Day  
13 February 2024

Love is in the air, but so are scammers looking to exploit the season of hearts and flowers.   As Valentine’s Day approaches, the Australian Banking Association (ABA) urges everyone to be extra cautious and scam-proof their heart from romance scams and other fraudulent schemes.  “Scammers play the part and prey on people’s emotions,” ABA CEO… Read more »

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Banks hardship teams on standby to help cyclone-impacted communities in Queensland 
31 January 2024

Banks have dedicated hardship teams on standby to help those impacted by Tropical Cyclone Kirrily and the Australian Banking Association has urged those in need of financial assistance to reach out.  “With the second major cyclone in as many months followed by torrential rain, people in Queensland have been dealt yet another serious blow. I… Read more »

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Media Releases
Banks stand ready to support cyclone-impacted communities in Far North Queensland 
18 December 2023

Today the Australian Banking Association has told Queenslanders impacted by major flooding as a result of cyclone Jasper that banks have teams on standby to help those in need.  “The ABA urges anyone in need of financial assistance to reach out to their bank, and to do so as early as possible. Dedicated hardship teams… Read more »

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