Reserve Bank governor Philip Lowe has urged bank bosses to keep lending, as he expresses fears of a second spike in unemployment when government assistance winds down after September 30 and companies restructure their operations.

Dr Lowe was speaking at a meeting on Friday afternoon organised by Prime Minister Scott Morrison and Treasurer Josh Frydenberg to discuss with banks the need to be flexible with $226 billion in loan deferrals that are also scheduled to end on September 30.