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“Over the past year, banks have cushioned the blow for their customers. Through 2021, their priority is helping customers rebuild and get ahead”

What appears to be missed by the consumer advocates, however, is that as it stands, the bill will do little to weaken consumer protections because they are effectively advocating an interpretation of the law that is no longer the law, if it ever was.

Just 3.5% of deferrals remain outstanding

At January 31, total outstanding deferrals are just 9% of all loans that were deferred.

Just 0.7 % of all small business loans, 1.4% of housing loans, and 0.5% of all loans are currently deferred.

What’s happened in the Australian banking sector during the coronavirus pandemic.

The National Consumer Credit Protection Amendment (Supporting Economic Recovery Bill) is listed for debate in the House and the Senate next week; The Senate Economics Committee has released its report today recommending the bill be passed.

“Banks have actually got a lot of tools in the toolkit as people are coming out of this recession, they can do some very practical things.”

Reserve bank governor Philip Lowe says there is no prospect of a rapid bounce-back in wages growth

Australian banks are supporting communities in Far North Queensland affected by Tropical Cyclone Niran.

The Australian Banking Association supports the Federal Government’s proposed licencing regime for debt management firms and has called for further changes to protect consumers.

Interviewed by the ABC AM’s Peter Ryan, ABA CEO Anna Bligh discusses the 91% of borrowers that have resumed their deferred repayments, and the impact of the end of JobKeeper payments.

The industry’s new financial assistance hub at ausbanking.org.au/assistance reflects a wide range of personal circumstances and allows you to choose what information is relevant to your situation.