I have been flagging the potential for IFRS 9 to amplify the impact of the COVID 19 pandemic. This announcement from APRA is broader than IFRS 9 but does seem to be responding to this risk. This is obviously a welcome response to the immediate issue but I still believe the design issue with procyclicality needs to be addressed once the crisis is over.
This link takes you to APRA’s announcement
https://www.apra.gov.au/news-and-publications/apra-advises-regulatory-approach-to-covid-19-support
From the outside 