2 March 2018
Banana growers in north Queensland affected by Panama disease are encouraged to contact their bank to access a range of hardship measures on offer.
Australian Banking Association CEO Anna Bligh said banks understood the challenges facing growers in the region because of the new outbreak of the disease and were on hand to help.
“This is a challenging time for banana growers in north Queensland who are contending with the effects of the Panama disease or the threat of it,” Ms Bligh said.
“An outbreak, or threat of outbreak, can have a significant impact on income and cashflow, causing heavy financial strain on farmers.
“We strongly encourage farmers who are concerned about their financial situation to contact their bank as early as possible to access the many forms of assistance available.
“Banks understand that agriculture can be heavily impacted by weather and seasons therefore can be flexible where needed to help customers in need,” she said.
The type of assistance offered will depend on individual circumstances, but may include:
- A deferral of scheduled loan repayments,
- Waiving fees and charges,
- Interest free periods or no interest rate increases; and
- Debt consolidation to help make repayments more manageable.
Find out the contact details of your bank’s financial hardship team here.
Over the past few months Australia’s major banks have met with representatives from the Queensland Government and the banana industry about the effects of Panama disease.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
In conjunction with the Australian Financial Complaints Authority (AFCA), the ABA is pleased to announce the appointment of former ASIC Commissioner Mr Sean Hughes as the next Chair of the Banking Code Compliance Committee (BCCC). Mr Hughes served as a Commissioner at ASIC from 2018 to 2023 and brings deep expertise in financial services… Read more »
The CSLR was intended to give basic protection to mum and dad-type investors. It should not be a collectively funded vehicle for removing investment risk from society.
Australian banks are rolling out disaster support to customers affected by the current bushfires in Victoria. ABA CEO Simon Birmingham said banks were continuing to monitor the evolving situation across Victoria and are on standby to assist impacted customers. “This is an extremely challenging time for many Victorian communities, households and businesses,” Mr Birmingham said. “There are now special arrangements in place for those who may need additional financial assistance from their bank in the coming days, weeks and months. “Banks have highly… Read more »