Transcript: Shayne Elliott on ABC AM

Sabra Lane: The emergency action by Australia's major banks to extend loan repayment deferrals by another four months is a lifeline for around 800,000 borrowers in financial stress because of the pandemic. But when the new 10-month deferral period ends late March next year, will it be a dangerous new cliff? Shayne Elliott, the chief executive of the ANZ Bank, says while many customers are getting back on their feet, the Melbourne outbreak is a setback and he concedes that some businesses will go under and some people might lose their homes. Our senior business correspondent Peter Ryan is speaking here with Mr Elliott.