News

Hamish MacDonald: A Senate inquiry is examining a wave of bank closures that have hit regional Australia particularly hard. More than 1600 bank branches have closed nationally in the past six years, including 309 in the last financial year. Like post offices and milk bars, bank branches form part of the architecture of regional communities… Read more »

New laws banning the use of credit cards for online gambling are one step closer with the introduction of the Federal Government’s Interactive Gambling Act 2001 Bill to Parliament.  The Australian Banking Association (ABA) has welcomed this milestone saying the new laws will make it illegal for an online gambling company to accept a credit… Read more »

The Australian Banking Association (ABA) has welcomed the introduction of new legislation to boost the security of identity verification services.

In a major step to strengthen customer protections and maintain trust in the banking sector, the Australian Banking Assocation (ABA) has submitted a proposed new Banking Code to ASIC for industry consultation. 

Research released by the ABA today shows total credit outstanding to SMEs at the end of last financial year had reached $588 billion – a 28% increase from the year prior.

Australians are under attack from scams, part of a worsening global scams scourge, and all sectors need to ramp up the fight against these criminals, including government, law enforcement, banks, telcos, social media and crypto platforms and individuals. 

The ABA welcomes the appointment of Michele Bullock as the new Reserve Bank of Australia (RBA) Governor. 

The ABA acknowledges RBA Governor Phillip Lowe’s strong leadership of the central bank during one of Australia’s most turbulent periods, the COVID-19 pandemic.

The Australian Banking Association (ABA) has welcomed the launch of the Federal Government’s National Anti-Scam Centre (NASC), a key government and regulator initiative to help fight the scams scourge. 

It’s World Micro, Small and Medium Sized Enterprises Day today, which highlights the importance of the Australian small business sector as the engine of the country’s economy. 

“…we anticipate seeing branches as a part of Australia’s banking system for a very long time. It’s not about closing all branches, but we do expect from time to time, there will be some branches closing as more and more Australians choose to bank differently.”

The ABA has developed a new Branch Closure Support Protocol to improve transparency, ensure better communication, and provide improved customer support when banks close branches. 

With one in six older Australians experiencing some form of abuse, today’s World Elder Abuse Awareness Day is an important reminder to look out for the warning signs.

“There’s no doubt there’s a lot of stress and that’s one of the reasons people are talking to those hardship teams in banks. And I encourage people to do that.”

The Australian Banking Association (ABA) has welcomed the Treasurer’s announcement today of a major overhaul of Australia’s payments system. 

“Australia has witnessed a phenomenal shift in customer banking and payment preferences in recent years,” ABA CEO Anna Bligh said. 

The RBA continues to address the nation’s inflation challenge with today’s 0.25% increase in the cash rate target, to 4.10%.

Australian banks today launched a new digital platform that will facilitate the quick reporting of fraudulent payments en route or transferred to another bank.

“Speed is the essence when it comes to getting your money back from a scammer. Even if you’re not sure, even if you just suspect something’s not right, ring your bank as fast as you possibly can.”

The nation’s shift to digital banking is gathering pace, with the number of people leaving home without their wallet or cards, relying on their phone or another device instead, doubling in three years. The rapid changes are captured in a new ABA interactive Spend the Day site.

Australia’s financial counselling services will receive a $7.75 million boost following a cross-industry donation.