
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
The ABA welcomes APRA’s commitment to boosting competition for Australia’s mid-tier and international banks. In a speech today to the ABA’s Banking 2025 Conference, Chair John Lonsdale announced that APRA would: ABA CEO Anna Bligh said it was customers who would ultimately benefit from a strong and competitive banking system. “Today’s announcements from APRA will… Read more »
Australians made a staggering $160 billion worth of payments with their mobile wallets last year, as they continue to embrace the ease and convenience of digital banking. The Australian Banking Association’s 2025 ‘Bank on It’ report released today reveals digital payments continue to surge with over four billion mobile wallet transactions made in the past… Read more »
eo&e Chris Bath (Host): Now, I had no idea this is a thing. Australians are renting or selling their bank accounts so crooks can cash in. It’s called being a money mule. Anna Bligh is the CEO of the Australian Banking Association, and she’s here to tell you all about it. Anna, thank you very… Read more »