PHOTO: Australian Banks
Banks will continue to act as shock absorbers for the economy by extending six-month repayment holidays by another four months for households and businesses that can show they are viable borrowers.
The pledge of support will have banks shoulder the economic burden of the crisis through Christmas and well into 2021, as the six-month period for the first of the 800,000 customers who deferred more than $260 billion worth of loans back in March concludes.
The extension will deliver some much-needed relief for Victorian businesses ordered back into lockdown after the coronavirus spike forced Premier Daniel Andrews to return metropolitan Melbourne to stage 3 restrictions from midnight on Wednesday.
Federal Treasurer Josh Frydenberg thanked the banks and regulators for their efforts, confirming that the Australian Prudential Regulation Authority would extend more regulatory relief to the banks as part of the Team Australia effort to get to the other side of the crisis.
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