10 October 2018
Today’s announcement of the new Drought Finance Taskforce, bringing together banks, government departments, elected representatives and peak bodies is an important vehicle to share information and identify ways banks can better assist Australia’s farmers and their local communities doing it tough.
The industry’s involvement in the taskforce builds upon drought assistance already announced by Australia’s banks over the last 12 months.
CEO of the Australian Banking Association Anna Bligh said that the industry has been working hard behind the scenes to ensure Australian communities affected by drought receive strong support.
“Today’s announcement of a new taskforce will help coordinate the sharing of information between banks, governments departments and our elected officials to ensure our farmers and regional communities affected by the drought receive the support they need quickly and easily,” Ms Bligh said.
“For many decades Australian banks have been supporting our farmers through droughts, floods and other natural disasters.
“Banks have been closely monitoring drought conditions across the country, particularly in NSW and Queensland and have each individually announced drought packages for their customers.
“Initiatives already announced include deferred loan payments, waiving fees and restructuring loans,” she said.
Assistance already on offer from banks include:
- A deferral of scheduled loan repayments
- Debt consolidation to help make repayments more manageable
- Restructuring existing loans free of the usual establishment fees
- Deferring interest payments on a case-by-case basis
- Offering additional finance to help cover cash flow shortages
- Deferring upcoming credit card payments
- Increasing emergency credit card limits
- Waiving early termination fees for customers who wish to access their term deposits.
Contact: Rory Grant 0475 741 007
The number of micro businesses grew 10% to 1.55 million in the year to June 2022. During the same period, the number of small businesses grew 3% to 955,861 after an extraordinary period of growth during the 2021 financial year, jumping 15% to 931,791.
The ABA recently visited regional Victoria to see the impact of the recent floods first-hand. The tour of Rochester and Echuca was set up to share the support available by banks and encourage customers affected to contact their bank.The ABA also gathered feedback from impacted bank customers and the local community to hear what further… Read more »
“Agriculture in Australia has a proud record of overcoming extreme adversity, most recently meeting the challenge of major flood events head on. Banks are standing by to support customers affected and the message is to reach out to your bank if you need their support.”