27 May 2019
The Australian Banking Association welcomes the reappointment of Treasurer the Hon Josh Frydenberg MP and the new appointments of the Hon Michael Sukkar MP as Assistant Treasurer and Minister for Housing and Senator Jane Hume as Assistant Minister for Superannuation, Financial Services and Financial Technology.
The industry is committed to earning back the trust of the Australian people and looks forward to working with the new ministers appointed to implement the recommendations of the Royal Commission and ensure lending conditions remain geared for economic growth.
CEO of the Australian Banking Association Anna Bligh welcomed the new appointments and looks forward to working closely with the Government on important policies such as improving protections for customers through overhauling the Banking Code of Practice, Open Banking and the Government’s First Home Buyers policy announced during the campaign.
“Congratulations to Josh Frydenberg on his reappointment as Treasurer, to the Hon Michael Sukkar MP on his appointment as Assistant Treasurer and Senator Jane Hume on her appointment as Assistant Minister for Superannuation, Financial Services and Financial Technology.
“The Royal Commission clearly set out a number of key changes to banking, particularly around the Banking Code of Practice, which the industry have been working tirelessly to implement over the past few months.
“There are a number of critical reforms apart from the Royal Commission, most notably Open Banking and Comprehensive Credit Reporting, which the industry is eager to continue to work closely with the Government to ensure their success.
“Australia’s banks hold a critical role in the national economy and stand ready to work with the Morrison Government to ensure the economy keeps growing, from the financing of infrastructure projects to helping everyday people get ahead in life with first homes, cars and small business lending.
“Ensuring lending remains straight forward and easy for Australian customers looking to buy a home or invest in their business is a top priority for the industry and remains a critical element in ensuring the economy is geared for growth,” she said.
Contact: Rory Grant 0475 741 007
“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC”
“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”