19 December 2024
The Australian Banking Association welcomes the launch today of the Regulatory Initiatives Grid (RIG) pilot as an important step forward in improving transparency of the regulatory pipeline across key Government agencies and regulators.
ABA CEO Anna Bligh said better coordination of regulation would provide additional certainty for Australian banks.
“Banks recognise that effective regulation is vitally important for protecting customers and maintaining confidence in the financial system, however poorly designed regulation just adds cost to the system,” Ms Bligh said.
“Improved transparency of the regulatory program means banks can better navigate regulatory change and allocate resources to the programs that are the most beneficial for improving customer outcomes.
“However, for the grid to make a meaningful difference to competition in the banking landscape in Australia, it is critical that active regulatory co-ordination is a key principle.
“With almost 1200 pages of new laws and regulations placed on the banking sector in the past four years, initiatives that allow banks to better plan and coordinate future regulation are critical for maintaining a competitive sector including competitive pricing for customers.”
Contact: Benn Ayre | [email protected] | 0428 342 325
Twitter | Facebook | LinkedIn | www.ausbanking.org.au
Latest news
The ABA welcomes today’s release of the exposure draft legislation to modernise the regulation of payment service providers. ABA CEO Simon Birmingham said the proposed reforms represent another important step towards ensuring Australia’s payments system remains safe, secure and fit-for-purpose. “Australians now have access to a range of payment options and no matter how they… Read more »
Deloitte Access Economics has now determined its recommended regulated pricing model for Armaguard’s Cash-in-Transit services. The final independent pricing mechanism report has been provided to Armaguard as well as the major banks and major retailers. This is an important milestone in working to keep cash available around Australia, even while people are using less of… Read more »
E&OERadio InterviewABC RN Breakfast with Sally SaraWednesday, 24 September 2025. Sally Sara (Host): Reserve Bank Governor Michelle Bullock has hit out at Australia’s big four banks for standing in the way of making shopping cheaper for customers. The RBA wants to ban surcharges on card payments. To fund the ban, it wants to dramatically cut… Read more »