Canindia News

Aus PM calls on banks to step up amid COVID-19 crisis

Canberra, April 24 (IANS) Australian Prime Minister Scott Morrison on Friday slammed the country’s banks for failing to provide loans to struggling businesses amid the coronavirus pandemic, declaring that the sector need to step up.

Business groups have reported that staff across the country have been laid off because businesses have not been able to secure loans to pay wages, reports Xinhua news agency.

In order to be eligible for the government’s A$130 billion ($82 billion) JobKeeper wage subsidy scheme, businesses must continue to pay their staff until the government payments begin in the first week of May.

Australia’s big four banks had previously pledged to provide loans to underwrite wage bills until May but Morrison said they have not delivered.

“It is important that the banks stay up to the mark here,” Morrison told the media here on Friday.

“I am aware that there has been some frustration among businesses, in particular, in accessing bridging finance with banks. We are aware of that. I have no doubt the banks are aware of that as well and we need to be addressing that.”

Australia has reported 6,661 coronavirus cases, with 75 deaths.




UK Covid-19 situation ‘back under control’ after 2nd lockdown

CanIndia New Wire Service

Russia ‘actively’ dovetailing Eurasian bloc, BRI

CanIndia New Wire Service

Apple hires venture capitalist Josh Elman to ramp up App Store

CanIndia New Wire Service

Arizona certifies Biden’s victory over Trump in prez polls

CanIndia New Wire Service

NY Governor calls for stopping small gatherings

CanIndia New Wire Service

Guterres urges greater inclusion of specially-abled persons in society

CanIndia New Wire Service

Spotify testing Instagram-like Stories feature

CanIndia New Wire Service

Here are top games you must play on Sony PS5, Xbox Series

CanIndia New Wire Service

S.Korea to toughen quarantine measures

CanIndia New Wire Service

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More


Stay up to date with the latest news and exclusive offers directly in your inbox