Banks’ compassionate response to hardship helps to make up for past sins

Big banks are often called our fair-weather friends. They’re around during the good times but nowhere to be seen when you need them the most.

But in the past two years, a new pattern has emerged. They are providing more products and services that help the vulnerable and the needy. We saw this early this year when they helped those affected by the bushfires.

Then came a once-in-a-century test that stretched the banking system to the limit. Millions of Australians were caught out in an unprecedented wave of sudden business closures, job losses and stand-downs because of Covid-19.

In what is called compassionate banking,