Skip to main content
Financial Assistance Hub

ABA welcomes solid Budget in challenging times

<strong>ABA welcomes solid Budget in challenging times</strong>

25 October 2022

The Australian Banking Association (ABA) tonight welcomes the first Budget from the Albanese Government which looks to chart a steady course through the challenging economic environment.

Federal Treasurer Jim Chalmers has set out that this Budget is focussed on ensuring a resilient economy and support for families.

The Budget deficit has improved to $36.9 billion, down from the $78 billion previously predicted in the March budget and the April pre-election fiscal update.

As noted by the Treasurer, international factors are creating uncertainty in the Australian economy, so a prudent approach is appropriate at this time.

“Tonight’s Budget is set against a worsening global economic outlook, with many risks weighing on the economy. Against this backdrop, the Government has laid the foundations to put Australia on a solid footing, whilst continuing support for important initiatives.”

ABA CEO, Anna Bligh

The ABA also welcomes the following important initiatives:

  • Significant commitments to providing more housing for Australians;
  • Additional resources to review the regulatory framework for managed investment schemes;
  • Funding towards the establishment of a new National Anti-Scam Centre to help protect consumers against financial crime; and
  • New funding towards the development of climate reporting standards, which will help to address climate change.

“The Government’s commitment to establish a national scams centre and review managed investment schemes is an overdue and very welcome investment in protecting customers from financial harm.”

ABA CEO, Anna Bligh

Latest news

1 / 3
Media Releases
Australian banks support card surcharging ban, urge alternative on interchange fees
9 September 2025

Australian banks strongly support the RBA’s proposed ban on debit and credit card surcharges, while overwhelmingly calling for an alternative pathway forward on interchange fees.  The ABA has made the following calls in a submission to the RBA’s current consultation on the Review of Merchant Card Payment Costs and Surcharging:  ABA CEO Simon Birmingham said… Read more »

Read more
Media Releases
New payments system rules welcomed by banks
4 September 2025

Australia’s banks welcome the passing through the Senate of new legislation to ensure payments laws are up-to-date and reflect today’s digital economy. The new laws will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly enhancing protections for customers. ABA CEO Simon Birmingham said… Read more »

Read more
Media Releases
Banks welcome passage of Payments System Modernisation Bill through the House
3 September 2025

The ABA welcomes the passage through the House of critical legislation to ensure Australia’s payments regulatory framework is brought up-to-date and urges the Senate to quickly pass this overdue legislation too. The proposed legislation will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly… Read more »

Read more