12 March 2020
Today’s announcement by the Federal Government for a $17.6 billion stimulus package will help keep Australia strong as the impacts of COVID-19 are beginning to be felt across the country.
CEO of the Australian Banking Association Anna Bligh said Australia’s banks were well prepared for the challenges presented by the outbreak of COVID-19 and were ready to play their part in the response.
“This economic stimulus package will be a welcome shot in the arm for businesses and individuals,” Ms Bligh said.
“We continue to stress, any business or individual financially impacted by COVID-19 should contact their bank who, on a case by case basis, can provide a wide range of assistance.”ABA CEO Anna Bligh
“Australia’s banks are strong, stable and open for business, including for any company wanting to take advantage of initiatives in the Government’s stimulus package such as the increase to the threshold of the instant asset write off from $30,000 to $150,000.
“We continue to stress, any business or individual financially impacted by COVID-19 should contact their bank who, on a case by case basis, can provide a wide range of assistance,” she said.
The type of assistance offered will depend on individual circumstances, but can include:
- A deferral of scheduled loan repayments
- Waiving fees and charges
- Interest free periods or no interest rate increases
- Debt consolidation to help make repayments more manageable.
Get details of your bank’s hardship team.
Contact: Rory Grant 0475 741 007
Commercial landlords can get debt relief from their bank, if they don’t terminate leases or evict current tenants for rent arrears due to COVID19.
Helping businesses to remain viable and keeping people in their homes is good for everyone.
Today’s announcement by the Federal Government of a second stimulus package, which includes an SME Guarantee Scheme and direct cash grants, will help keep businesses open and save jobs, building on the measures already announced by banks on Friday. The SME Guarantee Scheme which allows for further funds to be injected into small business will… Read more »