5 July 2018
The ABA supports the Government’s announcement of an economy-wide cash payment limit of $10,000 for payments to businesses for goods and services, to apply from 1 July 2019. However we raise four points around the operation of the $10,000 limit to ensure it meets the Government’s intentions and does not lead to any unintended consequences or unnecessary red tape.
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The ABA submission to the Senate Economic Committee, the submission addresses the importance of certainty regarding capital raises and distributions to banks.
Australian banks operate in a competitive and dynamic environment. They compete with each other and with other financial service providers, including tech companies, to provide products and services to consumers. Given the pace of technological change and transformation, banks are constantly innovating their customer offerings and processes to remain competitive. To compete effectively, banks continually adapt to respond to customer needs and preferences. As such, banks have, over the past several decades, become increasingly digital.
This submission details the ABA’s views on key areas of focus including the future of work; equal opportunities for women; future labour force participation.