23 Jul 2020

NAB supports Government’s economic response to COVID-19

NAB today welcomed the Government’s economic response to COVID-19 and policy measures to help Australians through this crisis.

NAB CEO Ross McEwan said the bank had heard from many customers about how Government and banking measures had provided critical support to everyday lives.

“The path to recovery isn’t straightforward and I’ve heard first-hand from our customers the harsh economic realities many businesses are facing,” Mr McEwan said.

“We welcome the many measures the Government has put in place, including the extension of JobKeeper, which is playing an instrumental role in helping businesses survive and keep people in jobs – and JobSeeker which is helping people who are out of work.

“The expansion of the SME Loan Guarantee Scheme will ensure this support is available to more businesses, for longer, to help them rebuild – and support Australia’s recovery.”

Mr McEwan said he and other members of NAB’s Executive Leadership Team had this week spent time contacting customers and heard about how the crisis had impacted their lives.

“One customer I spoke to had lost his job as a result of the pandemic and was considering what further support he needed from us to get through this.

“I have heard first-hand how this pandemic is impacting peoples’ lives and jobs. It’s clear, that our customers need support,” Mr McEwan said.

“Every customers’ situation is different and that’s why we’re talking directly to customers about what we can do to help them, whether that’s setting up a payment plan, restructuring a loan, providing an overdraft to a business or extending a loan deferral for a further four months for those customers that really need it.

“We’ll continue to work closely with the Government and the broader industry to help get as many customers as we can, both individuals and businesses, over this hurdle.”

NAB support for customers so far:

  • 39,528 business loans deferred.
  • 98,189 home loans deferred.
  • 5,535 Business Support Loans approved under the Government’s SME Guarantee Scheme.

*Figures as supplied in NAB’s June 2020 COVID-19 update to the House of Representatives Standing Committee on Economics. 

More information on NAB’s support measures for customers can be found at www.nab.com.au/coronavirus.

 

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