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see what’s happened in the Australian banking sector during the coronavirus pandemic
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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.”
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
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 »
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 »