Australian banks are offering support to customers who are struggling with debt repayments and higher living costs amid fuel supply challenges created by the Middle East conflict, the Australian Banking Association (ABA) said Wednesday.

The assistance on offer potentially includes moving customers to interest-only payments, deferring payments temporarily, reducing or waiving fees, and loan restructuring to lower monthly repayments.

Depending on individual circumstances, the banks may also provide flexible access to savings and term deposit products to support short-term cash flow requirements, or allow clients to make us of emergency credit limit increases or temporary overdrafts.

As part of the support initiative, the ABA has also re-launched its Financial Assistance Hub, an online resource and information repository.

Shares of ABA member Commonwealth Bank of Australia (ASX:CBA) rose 1% in recent Wednesday trade, while Macquarie Group's (ASX:MQG) shares jumped 2%. Bendigo and Adelaide Bank (ASX:BEN), Westpac Banking (ASX:WBC, NZE:WBC), and ANZ Group (NZE:ANZ, ASX:ANZ) shares each added about 1%.