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
Love is in the air, but so are scammers looking to exploit the season of hearts and flowers. As Valentine’s Day approaches, the Australian Banking Association (ABA) urges everyone to be extra cautious and scam-proof their heart from romance scams and other fraudulent schemes. “Scammers play the part and prey on people’s emotions,” ABA CEO… Read more »
Banks have dedicated hardship teams on standby to help those impacted by Tropical Cyclone Kirrily and the Australian Banking Association has urged those in need of financial assistance to reach out. “With the second major cyclone in as many months followed by torrential rain, people in Queensland have been dealt yet another serious blow. I… Read more »
Today the Australian Banking Association has told Queenslanders impacted by major flooding as a result of cyclone Jasper that banks have teams on standby to help those in need. “The ABA urges anyone in need of financial assistance to reach out to their bank, and to do so as early as possible. Dedicated hardship teams… Read more »