6 June 2023
The RBA continues to address the nation’s inflation challenge with today’s 0.25% increase in the cash rate target, to 4.10%.
The latest inflation figures showed an increase to 6.8% in April, up from 6.3% the previous month, indicating the cost-of-living challenge faced by Australian households.
The ABA encourages those bank customers who are concerned about their financial situation to shop around to find the most suitable deal for their individual needs. Competition in the banking sector is strong and record levels of mortgage refinancing continues.
Banks strongly encourage any customers experiencing financial difficulty to reach out to access bank support services and to do so as early as possible.
Bank support teams are also proactively communicating with those customers at risk. Banks can assist customers by restructuring loans, offering interest only payments, extending the term of a loan and offering payment deferrals.
Australians have record levels of savings sitting in deposit and offset accounts while arrears remain at low levels. In April 2023 the value of household deposits on the books of ADIs grew for the 23rd month in a row, to $1.373 trillion.
Figure 1: Deposits held with ADIs, March 2019 – April 2023, $m
Latest news
E&OE Bran Black, BCA: I’m here with colleagues from industry associations that represent the length and breadth of Australia’s economy, and we’re here today to talk about a couple of key features of the Budget. What I wanted to do is just take a step back first and just talk about how we came together…. Read more »
The Alliance of Industry Associations described measures in the Federal Budget as positive first steps on productivity reform, while calling for further action to deliver sustained cost of living relief for households and businesses. The Alliance, representing around 30 industry groups from a broad cross-section of Australia’s economy, has previously called for a significant package… Read more »
The ABA says the 2026 Federal Budget lays the groundwork for reforms that enhance productivity across the financial services sector and the broader economy. Projected improvements to the overall Budget position through lower deficits and a more sustainable fiscal trajectory are also welcome. Ongoing fiscal discipline, including spending restraint, will be key to placing… Read more »