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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.”  

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