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
Australian banks are rolling out disaster support to customers affected by the current bushfires in Victoria. ABA CEO Simon Birmingham said banks were continuing to monitor the evolving situation across Victoria and are on standby to assist impacted customers. “This is an extremely challenging time for many Victorian communities, households and businesses,” Mr Birmingham said. “There are now special arrangements in place for those who may need additional financial assistance from their bank in the coming days, weeks and months. “Banks have highly… Read more »
Banks stand ready to support customers in north and north-west Queensland currently experiencing heavy rainfall and flooding. ABA CEO Simon Birmingham said customers didn’t have to tough it out on their own with banks on standby to assist communities get through this challenging time. “Banks recognise the significant financial and emotional toll an extreme weather… Read more »
The ABA acknowledges the release of the 2025-26 Mid-Year Economic and Fiscal Outlook. The Government’s forecasted $8.4 billion reduction in the deficit over the forward estimates including a $5.4 billion reduction for year’s deficit is welcome. Lower deficits and claimed savings of $20 billion over the next four years is a beginning towards ensuring our national finances are on a more sustainable footing. While this Budget update contains lower forecasts of spending as a share of GDP, the ABA notes the importance of ongoing spending restraint to help reduce inflationary and interest rate pressures. Banks… Read more »