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
“right at the height of COVID, when things were at their absolute worst, only 10% of Australian mortgage holders deferred the payments on those mortgages. 90% of those people are now back paying in full.”
“No customer is going to wake up the day after the 31st of March and find that there is some legal action being taken by their bank on their loan.”
“…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.
The number of deferred loans has fallen below 300,000 – a reduction of almost 70% since the peak earlier this year.
“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.
Businesses in the creative industry who are looking to take advantage of the government-backed concessional loans should get in touch with their bank.
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 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 »
Commercial landlords can get debt relief from their bank, if they don’t terminate leases or evict current tenants for rent arrears due to COVID19.
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 »