ANZ has expressed approval for new industry-wide measures aimed at supporting businesses affected by the COVID-19 pandemic. These measures include extending six-month repayment deferrals to businesses with loans up to $10 million, an increase from the previous limit of $3 million. This expansion is set to benefit 98% of Australian businesses.
Isaac Rankin, ANZ's Managing Director of Commercial Banking, emphasized the significance of this initiative. "While ANZ’s original COVID-19 relief package already covered these larger businesses, we welcome this industry-wide initiative and hope it provides vital relief for these businesses and the Australians they employ in these challenging times. It will also provide a reprieve for the vast majority of commercial tenants."
The measures also extend support to nearly 90% of Australian commercial landlords on the condition that they agree not to terminate leases or evict tenants due to rent arrears caused by COVID-19. This provision aims to assist numerous small and medium-sized enterprises in enduring the crisis.
These industry-wide measures are pending approval from the Australian Competition and Consumer Commission.