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see what’s happened in the Australian banking sector
“These figures show there are some green shoots emerging in our economy and that’s a positive sign.” – ABA CEO Anna Bligh
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.
Banking activity during the coronavirus pandemic. Between 14 May and 19 June the ABA published data on total deferrals member banks made to customers. These figures represented the sum total of deferrals made at the time of each data publication, and does not account for deferrals which had been reversed at the customer request. ABA’s… Read more »
The temporary introduction of COVID-19 related measures such as electronic mortgages, witnessing a document over video call and signing documents electronically should be made permanent to save time, money and hassle for Australian customers. A coalition of associations including the Australian Banking Association, the Business Council of Australia, the Australian Institute of Company Directors,… Read more »
Banks have deferred the repayments of one in fourteen mortgages totalling more than $150 billion to assist Australians through the COVID-19 pandemic.
Australia’s banks deferred an extra 100,000 loans, this week, including approximately 50,000 home loans, to help customers through the COVID-19 Pandemic. Total number of loans deferred is now at least 643,000.
What’s happened in the Australian banking sector during the coronavirus pandemic.
Since the start of the COVID-19 pandemic, banks have provided an estimated $6.8 billion of deferrals and more than $45 billion in new loans.
Currently there are over half a million Australian bank customers who actively use a passbook account or transaction account with no linked debit card.
“Australia’s banks are right behind efforts to open up the economy in the coming weeks, when healthcare authorities say it’s safe to do so.” – Anna Bligh
Today the Treasurer met with the CEOs of ANZ, NAB, Westpac and the Commonwealth Bank who agreed to bolster their efforts to prioritise any business needing funding to bridge the gap until the first Jobkeeper payments are made in May. It was agreed special hotlines would be set up to help manage the applications from… Read more »
“Banks stand ready to throw a lifeline to businesses across the country who are doing it tough through this COVID-19 crisis.”