Cyclone-hit residents get bank support

Australian banks have announced emergency relief packages for customers adversely affected by Cyclone Yasi.

Steven Munchenberg, chief executive of the Australian Bankers' Association (ABA), said the banks are aware that people in Queensland are still dealing with the effects of the recent floods and will continue to support them following the latest disaster.

"Banks will continue to provide affected customers with emergency relief packages which can be tailored to suit individual needs," he added.

"Banks are urging any customers who may be adversely affected by the cyclone to contact their bank."

According to International Business Times, relief on offer to those affected by the cyclone include the suspension of loan repayments for a specified period, the waiving of bank fees on residential, business and agricultural loan re-structuring and the waiving of early withdrawal fees for customers who had previously opted to compare term deposits and put their cash away for a specified period.

The news comes after CBA commodity strategist Luke Mathews told this week that food-price inflation is likely to increase because of Yasi.

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