Businesses will need to use the next six months to adapt because the post-pandemic economy will not “come back exactly as it was” according to new Westpac CEO Peter King.
Westpac customers who lost their job due to coronavirus will be eligible for a three-to-six month mortgage deferral on repayments, while struggling businesses will be able to delay business credit card payments by up to three months.
Businesses that have borrowed a total of up to $10 million may be eligible to defer payments for up to six months, with interest to be capitalised.
Mr King told Sky News it’s critical there is a “fast restart” to the economy once the COVID-19 threat abates.
However he warned it’s important businesses plan for the post-COVID-19 future.
“Our learning from previous crises, whether that be the 2008/2009 GFC or the 1992/1993 recession, is the economy never comes back exactly the way it was,” he said.
“Consumer behaviour will change, business behaviour will change.”
“Westpac is giving businesses every chance we can for them to adapt in the next six months to get ready for the restart and we need that fast re-start.
“We are realistic that not every business will be able to manage through this period because there are behaviour changes.”
Business Weekend is presented by Westpac.
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