10 May 2018
The announcement by the Federal Government of a phased approach for introducing Open Banking is a sensible path forward for this important reform, enabling banks to design a secure system which benefits Australian consumers.
Open Banking will allow customers, at their request, to share their personal information with other financial institutions to allow them to find a better deal on expenses such as electricity bills, telecommunications and other items.
Australian Banking Association CEO Anna Bligh said it was important to get this reform right with the security of customer data at the forefront of policy making.
“The ABA welcomes the Government’s announcement on Open Banking which charts the way forward for this important reform which will empower customers,” Ms Bligh said.
“The industry is pleased that the Government has outlined a phased introduction that enables it to design a good system the will both benefit customers and protect their data.
“Banks are committed to delivering this reform within the tight timeframe and are looking forward to seeing further details contained in the draft legislation as soon as possible,” she said.
ENDS
Contact: Rory Grant 0475 741 007
Latest news
E&OERadio InterviewABC Radio Sydney29 July 2026 Topics: ASIC report into offset accounts Thomas Oriti: Do you have an offset account? I think most people with a mortgage do. If you don’t know what I’m talking about, it’s an account that’s linked to your mortgage and it saves you interest. So, I’ll give you an example…. Read more »
E&OETV InterviewABC News29 July 2026. Topics: ASIC report into offset accounts Ros Childs: Borrowers are being advised to check if they have paid more interest than they should following an ASIC review. The two-year review conducted by the corporate watchdog has found weaknesses in how eight banks monitored and managed offset accounts, resulting in borrowers… Read more »
E&OETV InterviewDoorstop29 July 2026 Topics: ASIC report into offset accounts Journalist: Simon, what’s your reaction to the report from ASIC today? Simon Birmingham: ASIC’s report is really important and it’s welcomed by the banking industry. This report shows that in well over 99 per cent of cases, mortgage offset accounts are working exactly they should… Read more »