Skip to main content
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

Read more  


COVID 19 Relief

February 14: ABA COVID-19 assistance hub created

Read more


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

Read more


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

Read more


March 30: business relief extended to landlords and renters

Read more


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

Read more


Credit Score OK

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

Read more


SME Loan Guarantee

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

Read more


Jobkeeper Bank Hotlines Now Open

April 24: dedicated JobKeeper business hotlines open

Read more


CovidSafe App

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

Read more


Debit Cards are Secure

April 29: voluntary debit cards for passbook holders announced

Read more


Protect yourself against scams

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

Read more


Woman at computer with child

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

Read more


Mortgages deferred by banks now pass 429000

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

Read more


Digital Signatures

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

Read more


ABA Banking Activity Stats

June 19: Phase One banking activity statistics

Read more


Banking Code of Practice

June 25: Temporary changes to Banking Code of Practice

Read more


Open Banking

July 1: Open Banking begins

Read more


July 8: Banks enter Phase Two of COVID support

Read more


Banks respond to second government stimulus package

July 20: Phase Two SME Loan Guarantee announced

Read more


July 24: Increased SME lending – “green shoots”

Read more


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

Read more


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

Read more


Deferrals have dropped by half

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

Read more


SME Lending remains strong

Oct 20: Flow of credit to small business remains strong

Read more


Credit Law Changes

Oct 30: Record rates of refinancing during COVID-19

Read more


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

Read more


2021


Financial Assistance Hub

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

Read more


SME Loan Guarantee

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

Read more


Payments

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

Read more


Vic banks remain open

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

Read more


Banks Vaccine Rollout

Jul 7: Banks ready to help vaccine rollout

Read more


Further covid assistance from banks

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

Read more


Lockdown Extended

Jul 17: Banks supporting customers as lockdowns extended

Read more


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

Read more


Latest news

1 / 3
Media Releases
Banks strengthen support for customers facing financial difficulty
8 July 2025

The Australian Banking Association (ABA) has released an updated industry guideline setting out best practice for banks when assisting customers experiencing financial difficulty. The updated guideline reflects the industry’s ongoing commitment to support customers when they need it most. ABA CEO Anna Bligh said this guideline builds on the existing obligations as well as the… Read more »

Read more
Transcript
Launch of Confirmation of Payee
2 July 2025

ABA CEO Anna Bligh: Well, here we are on the front line of the fight against scams. This is one of Australia’s largest banks, and the team of people here talking with customers, trying to protect customers and fight against scammers. Today, here we are launching a new piece of technology called Confirmation of Payee…. Read more »

Read more
Media Releases
​Australian banks launch new defence in battle against scammers
2 July 2025

Australian banks have today unveiled their latest scam fighting technology, with the launch of Confirmation of Payee – a new name-matching service designed to help protect customers from being tricked into sending money to criminals. Banks have invested $100 million in this new technology which is a key initiative of the sector’s Scam-Safe Accord –… Read more »

Read more