The Australian Banking Association (ABA) is the information source for the news media on the Australian banking industry, providing information, analysis and context on industry issues.
The ABA plays an active role in the public dialogue on banking and financial services, providing commentary on broader industry issues and facilitating access to other sources of information.
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Australia’s banks have today backed the Federal Government’s move to limit cash payments to $10,000 to tackle the ‘black economy’, however have highlighted the need for any reform to be implemented carefully.
Australians use credit cards for a wide range of reasons, from paying for that overseas holiday to helping spread out payments and reduce financial stress when several bills come in at once.
Today the Australian Banking Association has elected David Carter, CEO of Suncorp as new Deputy Chair to replace the retiring Mike Hirst.
Australia’s four major banks have reached an agreement to protect vulnerable customers from being unfairly treated in the new mandatory Comprehensive Credit Regime.
The South Australian Government’s introduction into parliament today of a bill to establish an Adult Safeguarding Unit delivers on a key change campaigned for by Australia’s banks and senior’s groups to establish a body to make good faith reports of suspected elder financial abuse that can then be investigated.
Australians can now get on board the drive for change to tackle Elder Financial Abuse in a new campaign launched today by the Australian Banking Association, National Seniors, the Council on the Ageing, the Older Persons Advocacy Network and the Finance Sector Union.
Today’s agreement by the nation’s top lawmakers to identify options to standardise Power of Attorney orders across the country is a significant step in tackling the issue of elder financial abuse however there remains more work to be done.
The banking industry, along with COTA Australia and National Seniors, are calling on all the nation’s Attorneys General to agree their COAG meeting tomorrow to key changes which will empower bank staff to help detect and prevent elder financial abuse.
Australians are urged to be on guard against unscrupulous, unsolicited callers, claiming to represent the Australian Banking Association and asking for bank details to issue a ‘refund’, survey customer satisfaction or record banking history.
The announcement by the Federal Government of a phased approach for introducing Open Banking is a sensible path forward for this important reform, enabling banks to design a secure system which benefits Australian consumers.
The announcement in this year’s budget of a move to standardise power of attorney orders and create a national online register will help empower bank staff as they play their part in tackling the growing problem of financial abuse against the elderly across the country.
The past few days of hearings at the Royal Commission have been sobering for the entire industry. The issues raised have been unacceptable and do not meet the high standards the community rightly expects of banks.
The challenges and opportunities facing small and medium businesses in Australia today were the focus of discussions at a Roundtable hosted by the Reserve Bank of Australia.
Today’s release of the final report of independent governance expert, Mr Ian McPhee AO PSM, shows that Australia’s banks have made significant progress on the Better Banking Reform Program, including finalising many of its measures.
Australia’s banking industry is committed to the success of open data and believes that if done properly it can empower customers to achieve better deals and make more informed choices.
In a first for the industry, retail banks in Australia will be required to sign up to the new Banking Code of Practice as a condition of membership to the Australian Banking Association.
The Australian Banking Association welcomes the work of the Federal Government and the Financial Adviser Standards and Ethics Authority with the release of proposed guidelines on education standards for financial advisers.
Thousands of vulnerable Australians, from newly arrived refugees to customers experiencing domestic violence, have been helped by Australia’s banks as they roll out new programs aimed at improving access to financial products and increasing financial literacy.
The Australian Banking Association welcomes today’s ACCC interim report into residential mortgages, which clearly shows very high levels of discounting in the Australian home loan market. It’s clear that competition is delivering better deals for customers, shopping around works and Australians should continue to do so to get the best discounts on the advertised rate.
The upcoming Comprehensive Credit Reporting (CCR) reforms must be fair for all and ensure Australians who have experienced past financial difficulties are not discriminated against.