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For eligible borrowers, ADIs will not need to treat the period of deferral as a period of arrears or a loan restructuring.

“customers can rest assured that their bank will have their back”

The legislation will establish the Compensation Scheme of Last Resort (recommendation 7.1) and the Financial Accountability Regime (recommendations 3.9, 4.12, 6.6, 6.7 and 6.8).

This year, banks will deal with customers on a case by case basis.

The seasonally adjusted unemployment rate fell to 4.9 per cent in June 2021, the 8th consecutive fall.

Reserve Bank is talking with other central banks about the viability of a “central bank digital currency” for retail use.

Relief measures include: Refunds of merchant terminal fees for up to 3 months, Waiving of fees and notice periods on Cash Deposit and Farm Management Deposit accounts for up to 3 months

The number of Australians in a job has increased by over 250,000 since the turn of the year and the level of employment is now 1 per cent above its pre-pandemic level.

the update will clarify the steps the BCCC will undertake when imposing a sanction to name a bank and the sequence in which these steps will be undertaken

Download the full transcript of the House Economic Committtee’s hearing of the smaller banks, on Thursday, 1 July 2021.

The review has published a consultation note which can be accessed at Bankingcodereview.com.au. Submissions are requested by 6 August.

Conveyancing shifts from paper to digital permanently in NSW.