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.
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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.”
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.
The number of deferred loans has fallen below 300,000 – a reduction of almost 70% since the peak earlier this year.
“Banks play a vital role in helping Australians survive and recover from bushfires and other disasters”, said ABA CEO Anna Bligh.
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 »
“These figures show there are some green shoots emerging in our economy and that’s a positive sign.” – ABA CEO Anna Bligh
This new phase of support turns a cliff into manageable steps for Australians to get back on track.
Temporary changes to the Banking Code of Practice reflect that the COVID-19 pandemic may temporarily affect the provision of banking services.
The temporary introduction of COVID-19 related measures such as electronic mortgages, witnessing a document over video call and signing documents electronically should be made permanent to save time, money and hassle for Australian customers. A coalition of associations including the Australian Banking Association, the Business Council of Australia, the Australian Institute of Company Directors,… Read more »
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.
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 »
Australians affected by the catastrophic bushfires across parts of Australia are encouraged to contact their bank to access a wide range of assistance available.
Australians facing financial difficulties as a result of fires raging across New South Wales and Queensland are being encouraged to contact their bank for assistance when they are able to do so. CEO of the Australian Banking Association Anna Bligh said that banks have hardship teams ready to assist customers affected by the fires. … Read more »
Australians affected by the bushfires in NSW and QLD are encouraged to contact their bank to access a wide range of assistance available. CEO of the Australian Banking Association (ABA) Anna Bligh said that banks stand ready to assist customers affected by bushfires, offering a range of services including deferred loan repayments, waiving fees and… Read more »
Employment in the finance and insurance industry has been a strong driver of employment growth over the past year, contributing to the resilience in the overall labour market, the Australian Bankers’ Association said today.