Skip to main content
Financial Assistance Hub

Statement regarding ACCC and the Banking Code of Practice

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

1 / 3
Media Releases
Australian banks support card surcharging ban, urge alternative on interchange fees
9 September 2025

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 »

Read more
Media Releases
New payments system rules welcomed by banks
4 September 2025

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 »

Read more
Media Releases
Banks welcome passage of Payments System Modernisation Bill through the House
3 September 2025

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 »

Read more