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Latest submissions
The Australian Banking Association provides submissions to Governments, regulators and other organisations about issues affecting the banking and financial services industry.
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The digital economy and Australia’s corporate tax system
13 Dec 2018 - Banks in Australia contribute a significant quantum of total corporate taxes paid in Australia and do not structure their tax affairs through low taxing jurisdictions. They were, therefore, not the obvious target of the recent OECD Base Erosion and Profit Shifting (BEPS) actions.
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Credit and financial services targeted at Australians at risk of financial hardship
14 Nov 2018 - All Australians should be afforded consistent consumer protection, no matter which credit or financial services provider they choose. For customers at risk of financial hardship, these consumer protections are particularly important.
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Submission to the Royal Commission Interim Report
14 Nov 2018 - There are no excuses for the behaviour that has been exposed by the Royal Commission. We as Australia’s banks accept full responsibility for these failures and right now are working to make this right for customers who have been hurt. The ABA thanks all those customers who have come forward to give evidence along with Commissioner Hayne and his team for the comprehensive examination of the issues. It is clear throughout the report, and the hearings, that there were several themes of unacceptable behaviour. These include a focus on sales rather than service, poor culture and the way staff and third parties were paid.
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Regulations for Design and Distribution Obligations and Product Intervention Powers
13 Nov 2018 - These regulations would extend the operation of the Design and Distribution Obligations to additional financial products. This submission outlines the ABA's concerns regarding some aspects of this proposal.
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International Capital Framework Comparability
12 Nov 2018 - While the ABA supports ‘unquestionably strong’ capital ratios, the ABA agrees with APRA that this embedded conservatism makes it more difficult and/or costly for Australian ADIs to access international capital markets if these Australian differences are not well understood, particularly during times of market dislocation.
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Consumer Data Right Industry Designation
23 Oct 2018 - The ABA believes that each industry would be better served by a designation tailored to their industry, rather than a broad instrument that is attempting to serve as a template.
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Design and Distribution Obligations and Product Intervention Powers (Senate)
18 Oct 2018 - ABA members support the intent of the design and distribution obligations (DDO) to assist “consumers select appropriate financial products by requiring issuers and distributors to appropriately market and distribute financial products.”
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Updated Consumer Data Right Exposure Draft
16 Oct 2018 - The ABA believes that having a well-designed reciprocity mechanism within the CDR is key to ensuring customers reap the full benefits of the data that is held regarding them.
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Consumer Data Right Rules Framework - ABA response to ACCC
12 Oct 2018 - ABA members believe that the CDR is a transformative reform and are committed to its success. The CDR has the potential to fuel innovation across the economy and benefit customers through an expanded choice of products and services.
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APRA Discussion Paper: Revisions to the related entities framework for ADIs
4 Oct 2018 - The ABA is cognisant of the size and complexity of the task APRA has in finalising and calibrating a number of significant reforms to the Australian prudential framework. The ABA looks forward to continued dialogue to ensure an appropriate implementation of the capital framework for Australian ADIs.
