fbpx
Skip to main content
Click here for the new 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
Media Releases
Banking industry calls for awareness of elder financial abuse
15 June 2021

“If you’re concerned you are being coerced or taken advantage of financially, I encourage you to contact your bank.” ABA CEO Anna Bligh

Read more
Media Releases
Banks ready to support residents impacted by Gippsland floods
11 June 2021

“Once conditions ease, it’s important for anyone impacted to know their bank is ready to provide assistance”

Read more
Media Releases
Banks to help Victorian customers
7 June 2021

“The message from banks is clear: don’t tough it out on your own. Call your bank. They will do whatever they can to help.”

Read more