14 May 2024
The Australian Banking Association (ABA) welcomes the significant focus in tonight’s 2024-25 Federal Budget which further strengthens the safety of our financial system and protects consumers.
Important initiatives include:
- $67.5 million for fighting scams
- $288.1 million towards Digital ID to better protect privacy and keep personal data more secure.
“This is a Budget that focuses on balancing Australia’s near-term risks and investing in addressing our longer-term challenges,” ABA CEO Anna Bligh said.
“Customer safety is front of mind for banks and we welcome the significant funding to enforce the forthcoming mandatory industry codes and funding for further public awareness of scams to protect consumers.
“This funding complements our industry’s world-leading Scams Safe Accord which sets a new standard of protections by banks to shield Australians from scammers.
“Progress is being made in the war against scams with financial losses falling by 13 per cent in 2023, but there is still more work to be done and banks will continue to work with government and other industries in the scams chain to drive scammers out of Australia.
“Further investment for the roll-out of Digital ID will also be another important layer of protection for Australians when they verify their identity online and will be an additional tool for banks to identify fraud and reduce other cybersecurity risks.”
Latest news
We write on behalf of the undersigned Alliance of Industry Associations to raise a growing concern aboutgovernment’s inadequate consultation on recent complex legislative and regulatory reforms. We represent 30groups from across the economy including small, medium and large businesses, farmers, builders, retailers,universities and tax and accounting professionals. Our organisations support genuine and timely consultation as… Read more »
The ABA welcomes the release of the Federal Government’s response to the Parliamentary Joint Committee on Corporations and Financial Services’ inquiry into financial abuse, released today. ABA CEO Simon Birmingham acknowledged the important work of the committee as well as the Government’s response and said banks were committed to protecting customers from the scourge of… Read more »
E&OERadio InterviewInterview ABC Statewide Drive Victoria9 October 2026 Topics: Regional banking Jane Nield: Well, do you still have a bank branch in your local area? If you’re one of the more than 600 regional locations nationwide that have lost a bank in the last few years, did it have a big impact? So often, it… Read more »