On 30 March 2020, the Australian Banking Association (ABA) applied for authorisation on behalf of its current and future member banks (Member Banks) (including third party suppliers and/or agents, where relevant) and their subsidiary banks to discuss, agree, and give effect to any contract, arrangement or understanding between them for the benefit of their customers with the More information, including the ACCC’s statement of reasons, is available at ACCC authorisation provides statutory protection from court action for conduct that might otherwise raise concerns under the competition provisions of the Competition and Consumer Act 2010. The ABA also requested urgent interim authorisation to enable Trade association for the Australian banking industry. On 19 March 2020 the Australian Banking Association (ABA) applied for authorisation on behalf its current and future retail member banks (the Applicants) to agree and implement a support package for small business customers experiencing financial difficulties as a result of COVID-19 (small business relief package). Either the term of the loan will be extended or the level of loan repayments will be increased.The ABA sought ACCC interim authorisation on behalf of its members because the relief package involves coordination by competing banks, actions that would otherwise raise concerns under Australian competition laws.Having granted interim authorisation for the package, the ACCC will seek feedback on the ABA’s application for authorisation. Wikipedia. Share.

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 main difference being a change to the customer’s currency requirements for new applicants as a result of subsequent conditions advised by APRA. Customers who have already received relief under the small business relief package as part of the original interim authorisation will not be impacted by the conversion.The authorisation application withdrawal document and a document highlighting the differences in the terms of the new small business relief notification and the original authorisation application can be found below.On 12 May 2020, the ACCC revoked the interim authorisation granted to the ABA under the application for authorisation AA1000475.If you wish to make a submission in relation to your experience with the impact of the conduct, please contact the ACCC at adjudication@accc.gov.au.Australian Banking Association (small business financial relief package) - WITHDRAWNComparison of small business relief package authorisation application v notification The ACCC granted the interim authorisation We consider that this relief package will enable banks to quickly provide relief to impacted businesses, and allow them to keep employing their staff.”“Importantly, interim authorisation does not mean that individual banks can’t decide to offer more favourable and tailored terms to their small business customers experiencing financial hardship during these times.”The interim authorisation applies to all ABA member banks who agree to participate, which at this stage includes AMP Bank, ANZ, Bank Australia, Bank of Queensland Limited, Bendigo and Adelaide Bank Limited, Commonwealth Bank of Australia, HSBC, Macquarie Bank, National Australia Bank, Suncorp Bank and Westpac.The package includes a deferral of principal and interest repayments for all term loans and retail loans for 6 months, for small business customers with less than $3 million in total debt owed to credit providers.At the end of the deferral period businesses will not be required to pay the deferred interest in a lump sum. The Australian Banking Association says all small businesses hit by the coronavirus pandemic will be able to access a six-month deferral of all loan repayments. Previously, the small business customer only needed to be current on repayments at 1 January 2020.

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