Skip to main content
Financial Assistance Hub

A sensible path forward for Open Banking

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

1 / 3
Media Releases
Banks welcome passage of legislation to regulate Australia’s cash-in-transit sector
20 August 2026

The ABA welcomes today’s passage through the Parliament of the Cash Distribution Framework Bill 2026, an important safety net shoring up the ongoing distribution and availability of cash across the economy. ABA CEO Simon Birmingham said banks continued to support customers who choose to use cash and this regulatory framework would provide greater certainty for… Read more »

Read more
Media Releases
Banks welcome much-needed CSLR reset
19 August 2026

The ABA welcomes the commitment today by the Assistant Treasurer and Financial Services Minister Daniel Mulino to make the Compensation Scheme of Last Resort (CSLR) more sustainable by reducing the losses and costs associated with it. ABA CEO Simon Birmingham said changes to the CSLR must help contain losses that generate claims and place the… Read more »

Read more
Media Releases
Small business reaping benefits of stronger competition in lending market 
17 August 2026

Small businesses are benefiting from more favourable lending conditions thanks to stronger competition, as the full extent of banking support for these businesses is laid out in a new report released today by the Australian Banking Association.  The ABA’s latest industry report focusing on small and medium businesses finds:  ABA CEO Simon Birmingham said the… Read more »

Read more