After Victoria went into a “circuit-breaker lockdown” late last month, ABA announced on Monday that it will offer different types of assistance to customers, including adjustments to loan repayments, waiving fees and charges, interest-free periods or no interest rate increases and debt consolidation.
“Banks know that these lockdowns can have devastating consequences, especially for small businesses,” ABA CEO Anna Bligh said.
“The message from banks is clear: don’t tough it out on your own. Call your bank. They will do whatever they can to help.
“Banks were in a strong position to help millions of customers through 2020. They stand ready to continue that support now, as Victoria grapples with the virus again.”
Meanwhile, speaking to Melbourne’s 3AW radio station on Tuesday morning, ANZ chief executive Shayne Elliott called the latest lockdown “scary” and said it would “absolutely” hurt small businesses.
“For some, for younger people, newer people, maybe people at the end of their working life, this will be a bigger blow for them in terms of getting back on their feet,” Mr Elliott said.
“That tax is going to cost us $20 odd million… that’s going to cost us 200 jobs.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
