Victoria moves to stage three social distancing laws, Scott Morrison upgrades Australian COVID-19 response

Australian Banking Association chief executive Anna Bligh said increasing the threshold to $10 million would mean an extra 30,000 businesses could access the repayment deferrals.

“The type of businesses this applies to includes commercial landlords of properties such as local shopping centres, pubs, clubs and restaurants, who must agree not to terminate leases or evict current tenants for rent arrears due to COVID19 in order to access support,” Ms Bligh, a former premier of Queensland, said.

“This will help protect many more thousands of small businesses from being evicted if they are struggling to pay the rent as it covers approximately 90 per cent of commercial property owners who have loans with an Australian bank.”

Unpaid interest during this time would be added onto the customer’s loan balance.

To get the relief, commercial property borrowers must promise not to evict tenants or terminate leases for rent arrears during the period of the six month loan deferral.

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