Media Releases

WELCOME RELIEF FOR BORROWERS AND SMALL BUSINESS

March 20, 2020

with
BRENDAN O’CONNOR MP
SHADOW MINISTER FOR EMPLOYMENT AND INDUSTRY SHADOW MINISTER FOR SCIENCE
SHADOW MINISTER FOR SMALL AND FAMILY BUSINESS
MEMBER FOR GORTON
and
STEPHEN JONES MP
SHADOW ASSISTANT TREASURER
SHADOW MINISTER FOR FINANCIAL SERVICES
MEMBER FOR WHITLAM
and
JASON CLARE MP
SHADOW MINISTER FOR HOUSING AND HOMELESSNESS
SHADOW MINISTER FOR REGIONAL SERVICES, LOCAL GOVERNMENT AND TERRITORIES
MEMBER FOR BLAXLAND

Labor welcomes today’s announcement by Australian banks that they will provide much needed relief for borrowers and small business during this challenging time.

Labor also welcomes moves by some banks to support households with home loan repayment deferrals and calls on other lenders to do what they can to assist Australians as the impact of this virus outbreak continues to worsen.

The Government needs to immediately develop and implement a plan to ensure that people who rent don’t get kicked out onto the street because of the virus.

Coronavirus is having a substantial economic impact and there is already evidence that businesses are closing, that workers are already being laid off and that vulnerable Australians are at serious risk.

No one should lose their home or their businesses because they are affected by the virus.

These extraordinary economic challenges require extraordinary economic responses, and every decision maker in the economy has a role to play.

While these steps are welcome, more needs to be done to support the economy and protect Australian households and businesses that are already under immense pressure.

Each day, it becomes clearer that the first stimulus package was insufficient.

We need urgent action to ensure that families, workers, business and communities are protected.

The Morrison Government needs to better ensure its policy response to Coronavirus is coordinated across government, including better coordination of its health and economic measures.

Labor’s priority is to protect jobs, help Australian workers, businesses, families and communities through this difficult time, and ensure vulnerable Australians are supported.

Labor will continue to be supportive, responsible and constructive and that means injecting a sense of urgency where it is lacking or absent.

WE'LL PUT PEOPLE FIRST