Australian banks are offering emergency relief packages to customers impacted by the floods in NSW and Queensland and other areas. Individual banks have announced assistance packages to help families and individuals, business people and farmers in the communities adversely affected by flood waters.

The Australian Bankers' Association (ABA) chief executive Steven Münchenberg said,"Many bank customers have been affected by the floods, in recent days, or over the past month. The measures banks have put in place will provide practical help by giving immediate financial relief to those in most need of assistance and will help people and businesses get back on their feet."

"If you have been impacted by the floods and are worried about your financial situation now or in the future, contact your bank as soon as possible to discuss what assistance may be available," he said.

According to the ABA, assistance provided to people will vary according to their individual circumstances, but can include deferring home loan repayments for up to three months, restructuring business loans without incurring fees, giving credit card holders an emergency credit limit increase, refinancing personal loans at a discounted fixed rate, waiving interest rate penalties if term deposits are drawn early and deferring monthly repayments on equipment finance facilities for three months.