19 December 2024
The Australian Banking Association welcomes the launch today of the Regulatory Initiatives Grid (RIG) pilot as an important step forward in improving transparency of the regulatory pipeline across key Government agencies and regulators.
ABA CEO Anna Bligh said better coordination of regulation would provide additional certainty for Australian banks.
“Banks recognise that effective regulation is vitally important for protecting customers and maintaining confidence in the financial system, however poorly designed regulation just adds cost to the system,” Ms Bligh said.
“Improved transparency of the regulatory program means banks can better navigate regulatory change and allocate resources to the programs that are the most beneficial for improving customer outcomes.
“However, for the grid to make a meaningful difference to competition in the banking landscape in Australia, it is critical that active regulatory co-ordination is a key principle.
“With almost 1200 pages of new laws and regulations placed on the banking sector in the past four years, initiatives that allow banks to better plan and coordinate future regulation are critical for maintaining a competitive sector including competitive pricing for customers.”
Contact: Benn Ayre | [email protected] | 0428 342 325
Twitter | Facebook | LinkedIn | www.ausbanking.org.au
Latest news
Good afternoon and thank you to the Trans-Tasman Business Circle for the invitation to speak today. I want to welcome you all here today for this event and the critically important subject I will be talking about, the emerging contribution gap between Australia’s domestically domiciled company and the rise of big tech. It is a timely moment to take stock. In… Read more »
Australia’s banks contributed a record $16 billion in taxes and other levies in the 2025 financial year, enough to fund over 370 million bulk-billed GP appointments, according to a new report released today by the Australian Banking Association. The Contribution Gap: Tax and regulatory imbalances in the digital age, highlights the critical role banks play… Read more »
The ABA welcomes the release today of Treasury’s exposure draft legislation to regulate Australia’s cash-in-transit sector. ABA CEO Simon Birmingham said this regulatory framework was an essential piece in the puzzle of ensuring cash remains available to Australians who still use it. “This is a welcome step and will be an important safety net in… Read more »