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.”
Latest news
Gary Adshead (Host): And what’s happening is the ACCC, Australian Competition and Consumer Commission are going to be given some funding to tackle this as an issue and then potentially ban debit card charges from January 1, 2026 that seems a long way away anyway. Let’s talk about it now with Anna Bligh, the CEO… Read more »
The ABA welcomes the Federal Government’s announcement to extend the Responsible Lending Obligations (RLO) exemption for small businesses. ABA Acting CEO Vanessa Beggs said it was critical banks were able to provide small businesses with the finances they need to operate and expand. “One in four SMEs report wanting to increase their capital investment, so… Read more »
Today the Australian Banking Association Council has appointed Melanie Evans, CEO of ING Australia, as its new Deputy Chair. The Council thanked the outgoing Deputy Chair, Marnie Baker, for her outstanding leadership during her tenure as Deputy Chair since 2019 and throughout her 35 years in the banking industry. Ms Evans said she was honoured… Read more »