See how banks can help
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.
Contact: Rory Grant 0475 741 007
Australian banks today launched a new digital platform that will facilitate the quick reporting of fraudulent payments en route or transferred to another bank.
“Speed is the essence when it comes to getting your money back from a scammer. Even if you’re not sure, even if you just suspect something’s not right, ring your bank as fast as you possibly can.”
The nation’s shift to digital banking is gathering pace, with the number of people leaving home without their wallet or cards, relying on their phone or another device instead, doubling in three years. The rapid changes are captured in a new ABA interactive Spend the Day site.