16 July 2021
ABA reiterates our view that there is significant potential economic benefit in the government’s digital identity initiative for consumers and businesses. ABA also reiterates that the ability of a government digital identity system to achieve wider adoption, and therefore realise the potential economic benefits of this government policy, will likely depend on factors such as clarity of legislative framework, flexibility to innovate and incentive to participate, security of protections for data and privacy, and clarity and effectiveness of governance arrangements.
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The Committee should recommend a policy and regulatory framework that manages risk and maximises opportunity, giving businesses the confidence to invest, innovate and deploy AI at scale for the benefit of customers, while preserving Australia’s capacity to use AI to protect and advance the national interest.
The Australian Banking Association (the ABA) welcomes the opportunity to comment on the Consultation Paper that will inform the direction and development of the Second Action Plan under Australia’s National Plan to End Violence against Women and Children 2022-2032 (the National Plan).
The ABA continues to support the intent of the CSLR as a last-resort scheme that compensates genuine victims where they have suffered actual financial loss as a result of financial misconduct that they have otherwise been unable to recover.