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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

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