17 December 2025
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 will continue to work the with Federal Government on long-term reforms to boost productivity, build resilience, lift innovation and support stronger economic growth.
Latest news
In conjunction with the Australian Financial Complaints Authority (AFCA), the ABA is pleased to announce the appointment of former ASIC Commissioner Mr Sean Hughes as the next Chair of the Banking Code Compliance Committee (BCCC). Mr Hughes served as a Commissioner at ASIC from 2018 to 2023 and brings deep expertise in financial services… Read more »
The CSLR was intended to give basic protection to mum and dad-type investors. It should not be a collectively funded vehicle for removing investment risk from society.
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 »