Australia’s main banks have assured the Morrison authorities they may proceed supporting clients affected by the COVID-19 pandemic.
Prime Minister Scott Morrison and Treasurer Josh Frydenberg met with the banks on June 26 amid rising considerations concerning the financial influence from a set of help measures coming to an finish in September.
These embody wage subsidies and further unemployment advantages, in addition to mortgage aid by way of six-month deferred loan repayments.
“The banks were very clear. They supported their customers on the way in to this crisis and they will be supporting their customers on the way out,” Frydenberg informed reporters in Melbourne on Saturday.
He mentioned the banks are working with the regulators for an orderly transition in order that those that can begin making repayments accomplish that, and those that can not get the extra help they want.
“This is how it should be, all Australians working together to get through this crisis,” he mentioned.
He mentioned 20 % of bank clients have been capable of restart paying their loan repayments.
He mentioned as restrictions ease throughout the financial system, persons are beginning to get again to work, and “that’s vitally important”.
However he mentioned some staff are nonetheless doing it very powerful.
“We saw just this week the terrible news out of Qantas of 6000 people losing their jobs,” Frydenberg mentioned.
“We are going to continue to see some sectors really struggle as the international borders remain closed … there is still some very challenging tough days ahead.”