13 March 2023
Attributable to a spokesperson for the ABA:
“The Treasurer has indicated that the federal government is closely monitoring the situation.
The SVB case in the US has been brought about by a particular set of factors, including a high exposure to the tech industry.
Australia’s banks in contrast are strong and subject to a different set of regulatory frameworks.
ABA members are well diversified and therefore well positioned in the event that one sector experiences challenging financial circumstances.
They are well capitalised and already meet Australian Prudential Regulation Authority’s (APRA) “unquestionably strong” benchmarks. Further to this, Australian banks have this year implemented revised capital requirements, further strengthening financial resilience.”
Latest news
Australian banks strongly support the RBA’s proposed ban on debit and credit card surcharges, while overwhelmingly calling for an alternative pathway forward on interchange fees. The ABA has made the following calls in a submission to the RBA’s current consultation on the Review of Merchant Card Payment Costs and Surcharging: ABA CEO Simon Birmingham said… Read more »
Australia’s banks welcome the passing through the Senate of new legislation to ensure payments laws are up-to-date and reflect today’s digital economy. The new laws will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly enhancing protections for customers. ABA CEO Simon Birmingham said… Read more »
The ABA welcomes the passage through the House of critical legislation to ensure Australia’s payments regulatory framework is brought up-to-date and urges the Senate to quickly pass this overdue legislation too. The proposed legislation will bring digital wallets, cash distribution services, buy now, pay later schemes and other emerging payment methods within regulatory oversight, significantly… Read more »