Australian banks announce $57 billion loan relief package for businesses

Dhwani Mehta FXStreet

Australia Banking Association Chief Anna Bligh announced on Friday, they would defer loan repayments for six months for small businesses impacted by the coronavirus in an A$100 billion ($57.34 billion) relief package, as cited by Reuters.

Key quotes

These are extraordinary times.

Australia’s banking system was among the strongest and the most stable in the world.

And they (banks) stand ready, open for business, open to lend to those businesses that may need that.

AUD/USD reaction

AUD/USD is consolidating the sharp recovery above 0.5800 despite PBOC's reluctance to cut rates. Record Fed balance sheet, signs of risk recovery and broad US dollar correction from three-year high is boding well for the Aussie.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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