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.
For media inquiries contact [email protected] or 0475 741 007.
COVID-19 Banking Timeline
see what’s happened in the Australian banking sector
“For the first time, banks are unveiling an industry-wide Financial Assistance Hub. The site aims to inform and assist bank customers so they know exactly where they stand, and the support their banks will provide them.”
“Times of crisis bring us together as a nation and 2020 is no exception. As we approach the year’s end, it’s worth reflecting on the challenges we have overcome together.”
At the start of November, the number of loans still on deferral had fallen by almost 70%. Just 145,000 home loans remain on hold, and this number is falling every day.
Despite weaker demand, Australia’s banks have lent $41 billion to small businesses and sole traders since 1 February. That’s an average of $215 million each and every day, for 250 days.
As people approach the end of their six-month loan deferral, banks will implement a new phase of support to assist customers to return to repayments.
During Victoria’s Stage 4 lockdown, banking has been classified by the Victorian Government as critical, enabling banking services to continue, with work-related travel (such as restocking and servicing of ATMs) permitted.
Open Banking officially began in Australia on July 1. It will ramp up across the banking sector over the next few months. Customers will be able to securely share their data to get the best deal possible on credit cards, savings accounts and other deposit products.
The highest priority for the ABA over the last three months of 2020 has been leading an industry response to COVID-19 to help impacted businesses and customers.
Over the next few weeks, banks will be contacting customers who don’t have debit cards. Currently there are over half a million Australian bank customers who actively use a passbook account or transaction account with no linked debit card.
Australian Banking Association CEO Anna Bligh announced a small business relief package from Australia’s banks on Friday the 20th of March.
Australian banks have hardship teams ready to assist farmers, homeowners, small business owners and volunteers with financial arrangements, depending on circumstances.
The ACCC has authorised changes to the Banking Code of Practice, in line with recommendations of the Royal Commission, and initiatives of the ABA.
On 17 October the ABA and a coalition of eight advocacy organisations held the Parliamentary Launch of the #StopElderFinancialAbuse campaign. The ongoing campaign has been run together with our partners Bauer Media, publisher of well known magazines such as the Australian Women’s Weekly.
Last Friday ABA CEO Anna Bligh spoke at COSBOA’s National Small Business Summit, telling the audience ‘banks are open for business’.