ANZ Banking Group
(ASX:ANZ) and Commonwealth Bank of Australia
(ASX:CBA) have announced a range of new measures to deliver drought support for farmers.
The banks have outlined two separate packages for farmers impacted by drought across Queensland and New South Wales.
ANZ’s package includes a 12-month moratorium on farm repossessions, steady interest rates or interest rate relief, financial assistance for farmers choosing to relocate off the land and increased funding for rural counselling.
CBA’s measures will consider a business loan or mortgage repayment holiday, interest free period for an agreed term, extending business or mortgage loan term agreements and waiving fees and charges.
ANZ CEO Australia Philip Chronican says parts of Queensland and northern New South Wales are experiencing some of the worst conditions in a generation.
ANZ boosted its net profit by 15 per cent to $7.23 billion in the 12 months to September 30.
