2025 update to Banking Code of Practice to strengthen protections for small businesses

What’s changing?

More small businesses covered

If your business borrows up to $5 million (previously $3 million), you now qualify for extra protections, giving 10,000 more small businesses better access to fair banking practices.

Stronger support for financial hardship

Banks must offer clearer options to struggling businesses, allowing earlier support before cash flow issues spiral.

Better guarantor protections

‍Planning to guarantee a loan? Banks must now meet with guarantors face-to-face to ensure they fully understand their obligations.

Inclusive & accessible banking

Expect improved access to banking services for people with disabilities, language barriers, or diverse backgrounds, including interpreter services and clearer estate management rules.

Stronger accountability

‍The Code has legal teeth. If a bank fails to meet these standards, customers can file complaints with the Australian Financial Complaints Authority (AFCA) or take legal action.

Why it matters for you

For small business owners, these changes mean fairer treatment, easier access to support, and stronger banking protections when managing loans, cash flow, and financial difficulties. The 2025 banking code aims to rebuild trust in the banking sector and make financial services simpler, clearer, and more transparent.

Next steps

With the new rules taking effect in February 2025, talk to your bank now if you want to understand how these changes impact your business.

Banking should work for you – not against you. This new Code is a step in the right direction.

Why Thriday?

We've known for a long time that business banking has been broken.

• Poor support
• Poor feature set
• Poor financial reporting

Thriday was born out of frustration with the old way of managing business cash flow.

We understood that the bank account, the system of record for financial data within a business, is the heart and soul of the business and that the cash flow is the blood supply keeping it alive.

That's why we've reimagined and rebuilt an all-in-one financial management solution with banking at the core.

Thriday gives you:

• Amazing customer support. So you're getting the full potential from the platform and the right financial advice when you need it
• All the features you need to manage business cash flow in one place. So you can get paid fast, earn interest while you sleep and have complete control of your cash flow.
• Real-time reporting. So you can make smart, educated decisions about your business and always have peace of mind and clarity about your financial position.

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