27 September 2019
The new Banking Code of Practice, came into operation on 1 July 2019.
On the 22nd May, the ABA applied for authorisation from the ACCC to further amend the Code by adopting the recommendations from the Royal Commission. These recommendations relate to default fees on farm properties during natural disasters, prevention of informal overdrafts on basic accounts and overdrawn fees.
We welcome the ACCC’s proposed authorisation for these changes. We note the ACCC has raised three further conditions which the ABA will consider in more detail following discussions with members.
ENDS
Contact: Nathalie Samia 0475 741 007
Latest news
Australian banks are stepping up to help customers struggling with loan repayments and higher cost of living challenges. ABA CEO Simon Birmingham said banks stand ready with practical support measures to help customers and businesses get through this tough time. “Banks know many of their customers are making tough financial decisions right now as… Read more »
Today’s decision by the RBA to slash the funding that maintains Australia’s payments system will undermine Australia’s sovereign capabilities and advantage foreign multinationals over local companies. “The RBA’s decision will see foreign multinationals extract an increasing share of revenue from the payments system to the long-term detriment of Australia,” ABA CEO Simon Birmingham said. “Australian… Read more »
E&OETV InterviewSky News Business with Ross Greenwood31 March 2026. Topics: RBA decision on surcharging and interchange. Ross Greenwood (Host): Chief Executive of the Australian Banking Association, Simon, thanks for your time. You’re not happy, are you? Simon Birmingham (Guest): No, Ross, we’re not. Look we understand why many Australians find surcharging to be a bugbear,… Read more »