Skip to main content
Financial Assistance Hub

Banks welcome Budget investment to further strengthen and secure our financial system for Australians   

Banks welcome Budget investment to further strengthen and secure our financial system for Australians   

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

1 / 3
Media Releases
Banks welcome more progress to modernise payments system rules
9 October 2025

The ABA welcomes today’s release of the exposure draft legislation to modernise the regulation of payment service providers. ABA CEO Simon Birmingham said the proposed reforms represent another important step towards ensuring Australia’s payments system remains safe, secure and fit-for-purpose. “Australians now have access to a range of payment options and no matter how they… Read more »

Read more
Media Releases
Finalisation of independent pricing model report to support cash distribution
3 October 2025

Deloitte Access Economics has now determined its recommended regulated pricing model for Armaguard’s Cash-in-Transit services. The final independent pricing mechanism report has been provided to Armaguard as well as the major banks and major retailers.  This is an important milestone in working to keep cash available around Australia, even while people are using less of… Read more »

Read more
Transcript
ABA CEO Simon Birmingham transcript of interview on ABC RN Breakfast with Sally Sara
24 September 2025

E&OERadio InterviewABC RN Breakfast with Sally SaraWednesday, 24 September 2025. Sally Sara (Host): Reserve Bank Governor Michelle Bullock has hit out at Australia’s big four banks for standing in the way of making shopping cheaper for customers. The RBA wants to ban surcharges on card payments. To fund the ban, it wants to dramatically cut… Read more »

Read more