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Australian banks will defer loan repayments for six months for small businesses who need assistance because of the impacts of COVID-19. Australian Banking Association CEO Anna Bligh today announced a small business relief package from Australia’s banks. “This Assistance Package will apply to more than $100bn of existing small business loans and depending on customer … Continue reading “Banks Announce Small Business Relief Package”
The ACCC has provided urgent interim authorisation to allow the Australian Banking Association (ABA) and banks to work together to implement a small business relief package. The package will allow for the deferral of principal and interest repayments for loans to small businesses, in all sectors, impacted by the COVID-19 pandemic. The ACCC granted the … Continue reading “ACCC Authorises Banks’ Small Business Relief Package”
The US Federal Reserve has opened the taps for central banks in nine additional countries to access dollars in response to the current unstable financial system. US Dollars have been in huge demand – and tight supply – in markets outside US borders as banks, companies and governments scramble to secure them to service the … Continue reading “Fed Extends USD Swap Lines To Nine Additional Countries”
A further announcement from the Reserve Bank NZ today. They have established a Term Auction Facility to support the markets/banks, FX swap funding, and a $30bn US Swap line from the Fed. They also removed the credit tiers for ESAS account holders. All signs of Central Bank support for the financial plumbing. New Zealand’s financial … Continue reading “RBNZ Provides Further Financial System Support”
Phil Lowe gave an important speech yesterday outlining their monetary policy response. “At some point, the virus will be contained and our economy and our financial markets will recover”. We are going to hear a lot more about bridges and cushions. The Reserve Bank Board met yesterday and decided on a comprehensive package to help … Continue reading “RBA’s Speech: Kitchen Sink Included!”
The spread of Covid-19 and the measures being taken to contain the virus will result in an economic shock that could be sharp and large, but should be temporary. The role of the Bank of England is to help to meet the needs of UK businesses and households in dealing with the associated economic disruption. On … Continue reading “Bank Of England Cuts To 0.1%; QE’s by £200 Billion More”
The latest update of finance and property news to 19 March 2020 What has the RBA been up to?
My latest radio interview on ABC Illawarra
The Treasurer has announced a second stimulus plan as Australia fights to contain the economic impact of the coronavirus. Hours after the emergency rate cut by the Reserve Bank, the Prime Minister and Treasurer addressed Australia announcing a further $15 billion investment to enable smaller lenders to continue supporting Australian consumers and small businesses. This funding will … Continue reading “Small Lenders To Be Supported”
All non-citizen, non-resident travellers will be banned from entering Australia, as the government attempts to get a handle on the coronavirus outbreak. “We believe it is essential to take a further step to ensure we are now no longer allowing anyone, unless they are a citizen or resident or direct family member,” Scott Morrison said … Continue reading “Australia Shuts Borders”