By Alice Uribe Banks are seeking urgent authorization from Australia s competition regulator for a renewed program of loan deferrals amid Sydney s worsening Covid-19 outbreak, according to the Australian Banking Association. The national package would be available to borrowers significantly affected by current lockdowns or recovery from recent lockdowns, irrespective of geography or industry. Australia s banks had largely run down loan deferrals that were introduced in 2020 during the Covid-19 outbreak, but their return comes as Sydney grapples with the infectious Delta strain. This pandemic demonstrates why strong and stable banks are so important for the nation s economy. Banks are ready to do whatever they can to shield their customers from the impact of these recent lockdowns , ABA Chief Executive Anna Bligh said.
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COVID-19 accelerates debit card use, cash decline
COVID-19 continues to influence payment trends across Australia, with new data showing debit cards are the clear choice of payment, outweighing second-placed credit cards by almost three times, while the use of cash has significantly declined.
New Australian Banking Association (ABA) analysis of RBA data shows the use of debit cards continues to sharply rise, 17 per cent in 2020, in comparison to cash withdrawals that fell by 10 per cent in the same period, while cheques made up less than 0.5 per cent of all transactions.
ABA Chief Executive Anna Bligh said while debit card usage has been increasing over the last decade, it has been accelerated as a result of the pandemic.