Banks and financial institutions are playing a critical role in stabilising Australia's economy during the COVID-19 pandemic. They are providing financial resilience and a reassuring sense of stability at a time of great uncertainty.
In March, the Australian Banking Association (ABA) announced relief packages for small business, with many banks also implementing wide-ranging assistance for individual customers. By April, the Federal Treasurer Josh Frydenberg was urging businesses to contact banks for help while waiting for government support to become available.
"In designing responses to this crisis, banks must consider not only the legal framework surrounding their activities but also community expectations.”
However, the vitally important role played by banks in managing this crisis is not without risk.
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