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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COVID-19 Banking Timeline
see what’s happened in the Australian banking sector
“For the first time, banks are unveiling an industry-wide Financial Assistance Hub. The site aims to inform and assist bank customers so they know exactly where they stand, and the support their banks will provide them.”
“Times of crisis bring us together as a nation and 2020 is no exception. As we approach the year’s end, it’s worth reflecting on the challenges we have overcome together.”
At the start of November, the number of loans still on deferral had fallen by almost 70%. Just 145,000 home loans remain on hold, and this number is falling every day.
As people approach the end of their six-month loan deferral, banks will implement a new phase of support to assist customers to return to repayments.
During Victoria’s Stage 4 lockdown, banking has been classified by the Victorian Government as critical, enabling banking services to continue, with work-related travel (such as restocking and servicing of ATMs) permitted.
Open Banking officially began in Australia on July 1. It will ramp up across the banking sector over the next few months. Customers will be able to securely share their data to get the best deal possible on credit cards, savings accounts and other deposit products.
The highest priority for the ABA over the last three months of 2020 has been leading an industry response to COVID-19 to help impacted businesses and customers.
Australian Banking Association CEO Anna Bligh announced a small business relief package from Australia’s banks on Friday the 20th of March.
March 1 marked the official implementation date of a new Banking Code of Practice, when the changes recommended by Commissioner Hayne in his Final Report come into effect.
Australian banks have hardship teams ready to assist farmers, homeowners, small business owners and volunteers with financial arrangements, depending on circumstances.