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COVID-19 Banking Timeline
see what’s happened in the Australian banking sector
“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”
“it’s heartening to see the need for assistance declining as many States and Territories come out of lockdown”
More than 57,000 customers have received hardship assistance during recent lockdowns across Australia.
Australian banks are supporting communities in Far North Queensland affected by Tropical Cyclone Niran.
“The most important consideration right now is staying safe. But when West Australians affected by recent bushfires are ready to pick up the pieces, their bank will be ready to help,”
“Banks play a vital role in helping Australians survive and recover from bushfires and other disasters”, said ABA CEO Anna Bligh.