fbpx
Skip to main content
Get step-by-step help: Financial Assistance Hub

Economic stimulus package will help keep economy strong

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.      

ENDS 

Contact: Rory Grant 0475 741 007 

See how banks can help

Latest news

1 / 3
On World Elder Abuse Awareness Day the ABA calls for cooperation to combat financial elder abuse
15 June 2022

The ABA has called upon Federal and State Australian governments to work together to combat the ongoing problem of elder financial abuse.

Read more
Media Releases
Australia can bank on growing agribusiness sector
6 June 2022

In the 12 months to February 2022, ABA member banks lent an average of $4.2 billion to agribusinesses across the country every month.

Read more
Media Releases
New paper released to combat Modern Slavery
31 March 2022

The working paper focuses on the construction and agriculture sectors and seeks to provide a point of reference for banks to operationalise modern slavery risk identification and management.

Read more