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“it’s a very competitive environment out there at the moment, there’s about 2400 Australians every single day refinancing every working day, have been for six months, it’s the highest rate of refinance we’ve ever seen in Australia. So you’re right, people are going out and getting a better deal”
“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC. And that’s, that’s been 10 years of just gradual build up, required by the regulator put aside by banks. It’s an incredibly strong buffer if things do go rocky”
The Treasurer has indicated that the federal government is closely monitoring the situation.
“More and more Australians are moving at a faster pace than they ever have to move their banking online. The bank branch of the future is the phone that you carry in your back pocket.”
“Over the past eight years, Mr Byres has provided strong leadership… particularly through the very stormy economic waters of recent times.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
This new phase of support turns a cliff into manageable steps for Australians to get back on track.