The Australian Banking Association (ABA) is the information source for the news media on the Australian banking industry, providing information, analysis and context on industry issues.
The ABA plays an active role in the public dialogue on banking and financial services, providing commentary on broader industry issues and facilitating access to other sources of information.
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COVID-19 Banking Timeline
see what’s happened in the Australian banking sector
“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC”
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
The Treasurer has indicated that the federal government is closely monitoring the situation.
This International Women’s Day, it is so important to acknowledge the change that has occurred, the women and organisations who are forging this change, and also ensure we continue strongly on this positive path
As the RBA seeks to address the inflation challenge, overall bank data indicates Australian mortgage holders remain well-placed to navigate this difficult period. Household savings are high, and unemployment remains at close to record lows. Feedback from banks is that there have been no increases in hardship applications so far.
“in two years, there was an 88% drop in the number of cash withdrawals made at that branch, and there was an 89% drop in cash deposits”
Whether you’re in a remote part of the country, or in the middle of a capital city, the data shows us that if you have reliable internet, then people are choosing to bank and do their basic transactions online
“The hardship teams are dedicated groups within banks who work closely with families who have experienced floods and other difficult situations. They have a range of very practical measures to support people to get through these experiences.”
“Vigilance is required at all times of the year as scammers grow increasingly persistent and sophisticated in their tactics”
KARL STEFANOVIC: Well, they tell us they care but we’re still yet to see any of our major banks give Australian families a break on interest rates amid a deepening cost of living crisis. Calls now growing for the big banks to hold off on passing on rate hikes, and grant us all a reprieve…. Read more »
What we can see very clearly in the data is that a number of trends that were well underway, literally for a decade since about 2010, more transactions were using cash than cards. And that flipped in about 2010, and cards now, card payments, tap and go digital wallets, all of those payment methods, considerably outweigh cash
“Banks hardship teams have experience working with those impacted by floods and can assist with a range of practical measures.”
“At this time of the year, with Christmas upon us, we’re encouraging people to be extra vigilant.”
BILL MCDONALD: You may remember I spoke to Blake Talbot yesterday. Now, he got in touch with the show after falling victim to one of the most elaborate and sophisticated scams I think I may have ever heard of. Now, Blake and his pregnant wife have lost their entire life savings of over $26,000. As… Read more »
“Government and industry now have the opportunity to genuinely work together to drive Australia’s economic shift to a low carbon future”
“Since the Banking Code was first introduced in 1993, the process to independently review the Code has continued to deliver improvements.”
The CVA released today will inform future industry efforts in using scenario analysis as a tool for understanding climate change related financial risks.
“A number of our banks actually have maternity leave lending products that are specific to people on parental leave, paid and unpaid, to help them through, what as I said, can be a difficult time.”