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Legislative Council - Fifty-Fourth Parliament, Second Session (54-2)
2020-06-30 Daily Xml
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HomeBuilder Program

The Hon. F. PANGALLO (15:29): Supplementary to that: I am sure the Treasurer read The Australian yesterday, where it was reported that banks are now reverting to—

The PRESIDENT: The Hon. Mr Pangallo, you just have to ask your supplementary question. You can't give an explanation.

The Hon. F. PANGALLO: Is he aware that banks are now reverting to more scrutiny of home loan applications that may well take it beyond the 28 days?

The Hon. R.I. LUCAS (Treasurer) (15:29): The answer to the honourable member's question is yes, I am aware of that, and it's an issue that the industry has raised with me and with other state treasurers. It's an issue we have raised with the federal Treasurer and the federal government officers.

In the discussions I have had with Treasurer Frydenberg, he and others have met with the CEOs of the four major banks to put the point of view that it is not going to be in the national interest to have problems in relation to the processing of these loans. Also, the issue that was raised with the financial institutions was that, at the end of the September period, the six-month period, the introduction of even more stringent business loan conditions on businesses in South Australia would not be supportive of national recovery.

There is some concern in business and industry that, at the end of this six-month period when business loans and home mortgages have been deferred, the hammer might come down from some of the banks and financial institutions. I know the federal government has raised those issues and sought assurances from the leaders of the banks and, from public reports, they have given some assurance to the commonwealth government and others that that's not their intention post the September period.

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