11 March 2024
The Australian Banking Association welcomes the Federal Government’s decision to introduce a financial sector regulatory initiatives grid.
ABA CEO Anna Bligh said providing a clearer picture of the future regulatory landscape would allow the Government to implement policy initiatives whilst at the same time reducing the compliance burden on industry.
“Banks recognise that regulation is vitally important for maintaining confidence within the financial system and protecting customers,” Ms Bligh said.
“With almost 1200 pages of new laws and regulations placed on the banking sector in the past four years, any initiatives that will allow banks to better plan and coordinate future regulation is welcome.
“We’ve seen a similar initiative in the UK deliver productivity gains and more innovation, and now the same will be able to be achieved here in Australia.
“Better coordination of regulation will provide more certainty for banks and ensure the sector continues to deliver for customers and the economy.
“The industry has been calling for a regulatory roadmap for some time and we welcome the Federal Government’s recognition of a pathway forward.
“Being able to better navigate regulatory reform will allow banks to reduce compliance costs and invest more in areas such as innovation and new technology.
“The introduction of this grid will also be good for competition within the industry, with mid-tier banks having better visibility of regulatory change, enabling them to better plan and allocate resources more effectively.”
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