ANZ boss Shayne Elliott backs loan deferral lifeline but warns "we can't save everybody .. this is not a get out of jail free card"

ANZ chief executive Shayne Elliott tells AM the four month extension to loan repayment deferrals is "critically important" in supporting distressed customers reeling from the pandemic. 

Mr Elliott says it's a lifeline but concedes some borrowers could ultimately lose their homes or businesses warning "we can't save everybody .. this is not a get out of jail free card".

Shayne Elliott was frank about the challenges when he spoke with the ABC's Peter Ryan.