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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see what’s happened in the Australian banking sector
Australia’s banks remain open for business throughout the COVID-19 pandemic with call centres, online support and branches available to service customers. There will be circumstances when a local branch may need to close temporarily and this is happening already. This may be as a result of: a significant drop off in traffic to the branch… Read more »
If a customer is granted a deferral on their mortgage and other credit products because of COVID-19, banks will report customers as not having missed a repayment.
Commercial landlords can get debt relief from their bank, if they don’t terminate leases or evict current tenants for rent arrears due to COVID19.
Today’s announcement by the Federal Government of a second stimulus package, which includes an SME Guarantee Scheme and direct cash grants, will help keep businesses open and save jobs, building on the measures already announced by banks on Friday. The SME Guarantee Scheme which allows for further funds to be injected into small business will… Read more »
Bank response to coronavirus stimulus package: “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.”
Changes to the Banking Code of Practice as recommended by the Royal Commission will go live tomorrow.
““These changes to the Code are in addition to a number of actions already taken by banks as a direct result of the Royal Commission”, ABA CEO Anna Bligh.
The Australian Banking Association has today partnered with Illawarra Business Chamber to brief the local business community and stakeholders on the new Banking Code of Practice, the new Financing Your Small Business website and to hear firsthand from small businesses affected by the recent bushfires.
Help on offer for small businesses financially affected by coronavirus Australian small businesses financially impacted by the spread of the coronavirus are being urged to contact their bank to access assistance on offer which can include deferred loan payments, waiving fees and restructuring loans. Australian Banking Association CEO Anna Bligh said any small business should not tough it out on their own… Read more »
“The BCCC plays a strategic function in monitoring the effectiveness of the new Banking Code of Practice and shaping good industry practice”
In force since July 1 last year, the new ASIC-approved Banking Code of Practice contains a big step up in protections for customers.
Australians affected by the catastrophic bushfires across parts of Australia are encouraged to contact their bank to access a wide range of assistance available.
Senior bank representatives have today heard firsthand of worsening drought conditions from farmers affected at a roundtable convened by AgForce Queensland. The roundtable, held at the request of AgForce just outside Toowoomba in Nobby, brought together senior banking representatives responsible for agricultural lending as well as local farmers and community groups. CEO of the Australian… Read more »
The Australian Securities and Investments Commission (ASIC) has given the final approval for a new version of the Banking Code of Practice 2019 that implements recommendations of the Royal Commission. The approval comes after the Australian Competition and Consumer Commission (ACCC) gave authorisation in November this year for the Royal Commission changes to the Code… Read more »