Powered by MOMENTUM MEDIA
realestatebusiness logo

Subscribe to our newsletter

Lenders join push for reopening economy

The major banks and a number of lenders have signed an open letter to the government, asking it to stick to its path out of lockdowns.

The open letter penned by the Business Council of Australia (BCA) has asked the Australian government to “stay the course” on the national cabinet’s road map, which plans to ease COVID restrictions when the population reaches 70 per cent and 80 per cent vaccination rates.

The big four banks, Bank of Queensland, Bendigo and Adelaide Bank, Credit Suisse, La Trobe Financial, Latitude, Macquarie, Pepper Money and Suncorp, among a number of companies, have signed the call to action.

“We ask governments to work together to implement the national plan and chart a path out of the current lockdowns,” the letter said.

“Providing a light at the end of the tunnel will encourage more Australians to get vaccinated. We need to give people something to hope for, something to look forward to, something to plan around, and to be confident about their futures.”

Advertisement
Advertisement

The BCA also acknowledged the “effectiveness of lockdowns in suppressing the virus”, as the country moves to distribute vaccinations.

“At the same time, we can also see the impact of lockdowns on our people, on our customers, on our small business suppliers, and on communities and families right across the country,” the letter stated.

“Australia is juggling a mental health emergency at the same time as a global pandemic. Some of the impacts of current lockdowns are hidden and the effects will be long lasting.

“As vaccination rates increase, it will become necessary to open up society and live with the virus, in the same way that other countries have done.”

CBA and Westpac recently began their own COVID-related programs, offering staff access to antigen testing and vaccines in Sydney’s hotspots.

Meanwhile Lendi Group, Athena Home Loans, Domain Group, Prospa, Valiant Finance and Zip Co, were among a number of fintechs that committed to offering paid vaccination leave for all employees.

Finance Brokers Association of Australia managing director Peter White also urged brokers to get vaccinated, saying it would be in the interests of the industry and the broader community.

[Related: ANZ targets broker turnarounds as lending falls]

Lenders join push for reopening economy
mortgagebusiness

Sarah Simpkins

Sarah Simpkins is the news editor across Mortgage Business and The Adviser.

Previously, she reported on banking, financial services and wealth management for InvestorDaily and ifa.

You can contact her on This email address is being protected from spambots. You need JavaScript enabled to view it..

Latest News

The Mortgage Business Uncut podcast is your weekly analysis of the biggest themes shaping the Australian mortgages market. ...

The Liberal Party has pledged to allow first home buyers to use their superannuation savings for housing deposits, but the proposal has com...

More than two-fifths of a borrower’s income was needed to service mortgages in March 2022, after rising for the third consecutive quarter,...

VIEW ALL

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

When do you expect the cash rate to start increasing?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.