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COVID-19 Banking Timeline
see what’s happened in the Australian banking sector
It’s World Micro, Small and Medium Sized Enterprises Day today, which highlights the importance of the Australian small business sector as the engine of the country’s economy.
The number of micro businesses grew 10% to 1.55 million in the year to June 2022. During the same period, the number of small businesses grew 3% to 955,861 after an extraordinary period of growth during the 2021 financial year, jumping 15% to 931,791.
An average of $3.2 billion was lent to small business in the second half of 2021, up 24% from the $2.6 billion in the second half of 2020.
“The small business sector is already powering Australia’s economic recovery. In the three months to August 2021, $10 billion in new lending was made to small business.”
Since February 1, Australian banks have approved over $41b for SMEs and sole traders. That’s an average of $5 billion per month.
Helping businesses to remain viable and keeping people in their homes is good for everyone.
“These figures show there are some green shoots emerging in our economy and that’s a positive sign.” – ABA CEO Anna Bligh
“Banks stand ready to throw a lifeline to businesses across the country who are doing it tough through this COVID-19 crisis.”
Australian banks will defer loan repayments for small businesses affected by COVID-19 for six months.
Any business financially impacted by the effects of COVID-19 should contact their bank
Help on offer for small businesses financially affected by coronavirus Australian small businesses financially impacted by the spread of the coronavirus are being urged to contact their bank to access assistance on offer which can include deferred loan payments, waiving fees and restructuring loans. Australian Banking Association CEO Anna Bligh said any small business should not tough it out on their own… Read more »
In force since July 1 last year, the new ASIC-approved Banking Code of Practice contains a big step up in protections for customers.
Nine million Australians have dreamed of working for themselves and starting their own business. However 60 per cent cited “access to money” as the reason holding them back.