Open banking
29 September 2020
A new digital plan announced by the Federal Government is a major step forward that will modernise the way Australians do business and deliver significant benefits to consumers.
“COVID-19 has highlighted century-old regulations slowing business down”, said ABA Chief Executive Anna Bligh AC.
The ABA is part of a coalition of business groups advocating for the fast tracking of moves to a paperless, contactless digital economy.
“These changes will make banking faster and easier”, Ms Bligh said.
The Australian Banking Association applauds the permanent changes allowing electronic transactions and virtual annual general meetings.
“It’s now vital that state governments follow suit, and work together through the national cabinet to ensure state and territories laws are consistent and enable consumers to conduct a range of everyday activities such as electronic mortgages”, Ms Bligh said.
“It’s now vital that state governments follow suit, and work together through the national cabinet to ensure state and territories laws are consistent and enable consumers to conduct a range of everyday activities such as electronic mortgages”
ABA CEO Anna Bligh
The Government’s funding for implementing and expanding the Consumer Data Right for open banking is also a welcome move.
Open banking will enable Australians to switch banks more easily and find products that suit their needs. The consumer data right will enable the safe and secure transfer of consumer data.
The Australian Banking Association looks forward to working with the Government to deliver the changes.
A new digital economy
Latest news
E&OERadio InterviewABC Radio National Breakfast with Sally Sara12 November 2026. Topics: Loan applications; Hardship support; Productivity; EU-Australia free trade deal Sally Sara: You’re listening to Breakfast, Sally Sara, with you, coming to you from Melbourne this morning. Well, two of Australia’s big four banks, ANZ and Westpac, are in the hot seat today at a… Read more »
Banks are warning shoppers to keep their guard up as they grab a bargain during the Black Friday sales period, after Australians reported losing more than $22 million to buying and selling scams across the past year. Common shopping scams to watch out for: ABA CEO Simon Birmingham said scammers would be out in force… Read more »
This op-ed was originally published in the Australian Financial Review More rates pain denotes an even greater focus on the fight against inflation. Rightly so. As the Reserve Bank pulls harder on the monetary policy lever to reduce aggregate demand, a proper focus also falls on the role of all governments to do likewise through… Read more »