The Australian Banking Association (ABA) has declared that its members are implementing a variety of measures to assist customers affected by the lockdowns in New South Wales and Victoria.
Businesses, sole proprietors, and individuals can all receive assistance, including loan payment deferrals.
“As the lockdowns worsen, clients can be confident that their bank will be there for them,” ABA CEO Anna Bligh stated. “[The] announcement in NSW means more businesses, construction workers and tradies will be unable to work in the coming weeks. If they are struggling financially, the best thing they can do is call their bank. Throughout the pandemic, Australian banks have worked with Government to support those most affected. They’re determined to see customers through the worst,” Bligh said.
The nationwide support package will be accessible to small business owners and home loan customers across Australia who have been adversely impacted by current lockdowns or are recovering from recent lockdowns.
The following are the primary support measures:
The Australian Competition and Consumer Commission (ACCC) is required to reauthorise the package.
Ms Bligh stated that the pandemic highlights the importance of strong and stable banks to the nation’s economy. “Banks are ready to do whatever they can to shield their customers from the impact of these recent lockdowns,” Ms Bligh stated.
The announcement comes after the NSW government stated that it was “considering” providing more assistance to small companies affected by Sydney’s ongoing lockdown. To date, the NSW government has announced a support package of up to $10,000 in funding.