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COVID-19 Banking Timeline
see what’s happened in the Australian banking sector
The Australian Banking Association (ABA) Council has today appointed Peter King, Chief Executive Officer of Westpac, as Chair.
“The small business sector is already powering Australia’s economic recovery. In the three months to August 2021, $10 billion in new lending was made to small business.”
Services such as PayID, BPay and e-invoicing will show who you’re paying before you pay, ensuring money is going to the intended account.
“it’s heartening to see the need for assistance declining as many States and Territories come out of lockdown”
“banks remain committed to providing banking services to every Australian, especially those in regional and remote areas,”
“it’s no surprise to see banks invest in areas where customers prefer to bank, such as in their online platforms and apps.”
As essential services, Australia’s banks have focussed, throughout the COVID-19 pandemic, on keeping their staff and customers safe.
Australia’s banking industry is introducing six new reforms in the space of one week.
“Scammers don’t target one group over another, they target all people of all backgrounds, ages and income levels across Australia.”
More than 57,000 customers have received hardship assistance during recent lockdowns across Australia.
“Many people don’t realise how prevalent financial abuse is and that it may be a red flag for future violence.”
Australia’s banks have strong relationships with law enforcement authorities and regulators like AUSTRAC.
“While existing regulations have served Australia well, we have seen unprecedented changes in how we pay each other.”
“This is an important loan scheme that’s helping Australian businesses fight their way through the pandemic,”
Since 8 July 2021, more than 14,500 home loans have been deferred, while more than 600 business loans have been deferred.
“customers can rest assured that their bank will have their back”
The national support package will be available to all small businesses and home loan customers significantly impacted.
Australia’s banks stand ready to assist the Government with the vaccine rollout.
Make your submission before 6 August.
An independent review of retail banking product commissions and payments has described the change in culture and practices as a “substantial achievement” that will improve outcomes for customers. The Australian Banking Association commissioned Mr Stephen Sedgwick AO in 2016 to undertake a large scale review of remuneration practices for frontline staff. This review, delivered in… Read more »