Click here for the latest banking information on COVID-19

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.      

Get details of your bank’s hardship team

ENDS 

Contact: Rory Grant 0475 741 007 

Latest news

1 / 3
COVID-19 Australian Banking Statistics
1 June 2020

Banking activity during the coronavirus pandemic. Statistics updated weekly. COVID-19 – Banking ActivityInfogram Infographic Infosheet

Read more
Media Releases
Banks defer repayment of 429,000 mortgages due to COVID-19
16 May 2020

Banks have deferred the repayments of one in fourteen mortgages totalling more than $150 billion to assist Australians through the COVID-19 pandemic.

Read more
FAQs: what you need to know about COVID-19 bank relief
15 May 2020

Helping businesses to remain viable and keeping people in their homes is good for everyone.

Read more