Good work from the banks, via the AFR:
Banks will defer small business loan repayments for six months, an additional emergency measure to assist borrowers through the coronavirus crisis, and are open to consider cases of mortgage hardship if they appear.
In a move designed to keep a lid on unemployment, Australian Banking Association chief executive Anna Bligh said banks’ deferral of repayments “could put as much as $8 billion back into the pockets of small businesses as they battle through these difficult times”.
Banks are also putting in place a fast track approval process so business customers receive support as soon as possible, the ABA said. It hopes to start cancelling repayments for stressed borrowers as early as Monday.
There was no plan to expand the program to residential home loan customers – but the ABA said banks would adjust their response as the crisis evolved.
Subsidised by RBA and the Budget, of course.
As for Evil Anna, she will never be forgiven!
