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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As essential services, Australia’s banks have focussed, throughout the COVID-19 pandemic, on keeping their staff and customers safe.
“This is an important loan scheme that’s helping Australian businesses fight their way through the pandemic,”
Since 8 July 2021, more than 14,500 home loans have been deferred, while more than 600 business loans have been deferred.
“customers can rest assured that their bank will have their back”
“The message from banks is clear: don’t tough it out on your own. Call your bank. They will do whatever they can to help.”
“Over the past year, banks have cushioned the blow for their customers. Through 2021, their priority is helping customers rebuild and get ahead”
“This is the right product for the times. It includes more flexibility, and will allow small businesses to re-stock, rebuild and recover”, said ABA CEO, Anna Bligh.
Banks have developed an industry-wide, consistent approach to hardship and a new online tool to guide customers.
“…banks can go back to their normal processes and that is working out what’s right for every single customer, on an individual tailored basis with a proper assessment. That is the best thing for the customer.”
Access to credit opens up opportunities and fulfills aspirations. Getting it right requires the right balance between consumer protections and the flow of credit.
Interviewed by AM’s Peter Ryan, ABA CEO Anna Bligh talked about the substantial drop in loan deferrals since their peak during the pandemic, falling from 900,000 to 300,000.
“we’ve seen a record high number of Australians switch their loans, either to another bank or gone to their own bank and got a better deal.”
Anna answered questions about the impact of COVID-19 on banks’ profits, how banks have responded to help customers during the pandemic and what’s happening next to customers who’ve deferred their mortgages.
Since February 1, Australian banks have approved over $41b for SMEs and sole traders. That’s an average of $5 billion per month.
Interview: Almost 45% of Australians who deferred their mortgages in June have begun repaying their loans.
This year’s federal budget will help Australia recover from the economic impact of COVID‑19 and create jobs as the nation recovers. The Australian Banking Association has welcomed the strong focus on support for small and medium businesses and direct assistance to families. “Australian banks stand ready to continue their role helping millions of Australians through… Read more »
Helping businesses to remain viable and keeping people in their homes is good for everyone.
“These figures show there are some green shoots emerging in our economy and that’s a positive sign.” – ABA CEO Anna Bligh
“This will be welcome news for SMEs and opens up the scheme to those businesses who are looking to invest or need some extra support.”
This new phase of support turns a cliff into manageable steps for Australians to get back on track.