9 May 2023
The Australian Banking Association (ABA) welcomes the 2023-24 Federal Budget which invests significantly towards fighting scams and fraud, bolstering online safety and increased gambling protections.
Key initiatives include an $86.5 million package to combat scams and online fraud, including $58 million to build the National Anti-Scam Centre plus establish ‘Fusion Cells’ to target specific scams.
“This is a Budget that prioritises customer safety,” ABA Chief Executive Anna Bligh said this evening.
“Given the scourge of scams on our society, the Federal Government clearly understands that combating scams needs to be a cross-sector fight.”
“Many of the initiatives announced this evening were raised during discussions at the Assistant Treasurer Stephen Jones’ industry roundtable in March and we congratulate the government for listening and taking such decisive action.”
The ABA welcomes the Federal Government’s scams and digital safety announcements which include:
- $26.9 million towards the next steps for Digital ID.
- $86.5 million over four years to combat scams and online fraud. This includes:
- $58 million over three years to establish the National Anti-Scam Centre within the ACCC and establish public-private sector Fusion Cells to target specific scams.
- $17.6 million over four years (and $4.4 million per year ongoing) for ASIC to identify and take down phishing websites and other websites which promote investment scams.
- $10.9 million over four years (and $2.2 million per year ongoing) to establish and enforce an SMS sender ID registry.
- Implementing the ban on the use of credit cards for online gambling in Australia. The ABA recently welcomed this announcement here.
- Funding to support the National Self-exclusion Register (BetStop).
The ABA also welcomes announcements on clean energy and sustainable finance, including:
- $1.3 billion Household Energy Upgrades Fund, which includes:
- $1 billion in funding for the Clean Energy Finance Corporation towards low-cost financing and to support energy efficient home upgrades.
- $36.7 million over four years to improve energy efficiency in housing, including through the Nationwide House Energy Rating scheme.
- $1.6 million to support the initial development of a sustainable finance taxonomy.
“Development of a sustainable finance taxonomy is an important step in decarbonising the economy and is an issue the ABA has been advocating on for several years,” Ms Bligh said.
“This Budget’s clean energy initiatives will enable everyday Australians to access lower cost funding to reduce their household emissions footprints.”
Australian banks today launched a new digital platform that will facilitate the quick reporting of fraudulent payments en route or transferred to another bank.
“Speed is the essence when it comes to getting your money back from a scammer. Even if you’re not sure, even if you just suspect something’s not right, ring your bank as fast as you possibly can.”
The nation’s shift to digital banking is gathering pace, with the number of people leaving home without their wallet or cards, relying on their phone or another device instead, doubling in three years. The rapid changes are captured in a new ABA interactive Spend the Day site.