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Review of the Reserve Bank of Australia

18 November 2022

The Australian Banking Association (‘ABA’) welcomes the opportunity to make this submission to the Review of the Reserve Bank of Australia. The ABA notes the significant role of Australia’s central bank in delivering good economic outcomes for the nation. We support the ongoing independence of the Reserve Bank of Australia in executing its mandate. The ABA’s responses to the panel’s questions in the Issues Paper (15 September 2022) raises these key points: - We consider the three objectives to be appropriate, noting there may be an opportunity to update the expression of the objectives in Section 10(2) of the Reserve Bank Act (1959). - We see opportunities for Reserve Bank of Australia (‘the RBA’ or ‘the Bank’) to augment its communications to explain the complexities underlying the decisions as well as greater explanation of the trade-offs made between the Bank’s objectives. - We see the independence of the RBA as critical to ensuring a well-functioning economy.

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Global agreement on Corporate Taxation

1 November 2022

Australian Banks support the intent of this global agreement to address the risks and leverage the opportunities arising from the digitalisation of the global and domestic economy. The ABA recommends that where possible, Australia’s implementation of the proposes measures should align with existing reporting and administrative requirements, and should be consistent with international approaches to ensure a streamlined and effective implementation.

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ASIC industry funding model

28 October 2022

The ABA considers the ASIC industry funding model is broadly meeting its objectives. The funding model promotes equitable outcomes across the financial services industry and for the community, by ensuring that entities that create the need for regulation bear the costs rather than taxpayers. However, there is scope to increase the transparency of the ASIC funding and improve some aspects of the reporting mechanisms.

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Property Tax (First Home Buyer Choice) Bill 2022

26 October 2022

The ABA supports the Property Tax (First Home Buyer Choice) Bill 2022 in its current form before NSW Parliament.

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CDR Action Initiation

24 October 2022

The ABA notes the rollout of write access should be done safely, with the protection of customer data being a key principle. We also recommend that there should be a strategic assessment ahead of declaring any actions, and that payment initiation will need to align with the broader payments work.

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Public Disclosure Requirements for ADIs (APS 330)

7 October 2022

The ABA acknowledges APRA’s objective to align disclosures with international standards and is supportive of the objectives to promote transparency, improve comparability for prudential metrics across ADIs, and enhance proportionality by removing disclosure requirements for smaller ADIs. The ABA provides the feedback contained in this letter for APRA’s consideration. However, industry expects to raise additional observations and points for clarification as part of the transition to BCBS-based standards.

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Tasmanian Land Titles Amendment Bill

29 September 2022

The Australian Banking Association (ABA) welcomes the Department of Natural Resources and Environment Tasmania’s engagement with industry regarding the proposed amendment to the Land Titles Act 1980. The ABA and its members are broadly supportive of the proposed amendment but make two observations for the Land Titles Office’s consideration.

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APRA Finalising Bank Capital Requirements

26 August 2022

The Australian Banking Association welcomes the Australian Prudential Regulation Authority’s ongoing engagement with industry regarding the development of the revised capital framework including the consequential amendments to Liquidity, Securitisation and Counterparty Credit Risk and the release of the final Prudential Practice Guides for bank capital – APG 110, APG 112 and APG 113 – and... Read more »

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ELNOs Interoperability Pricing Issues Paper July 2022

12 August 2022

The ABA and its members remain supportive of the realisation of a functioning interoperable e-conveyancing market. A functioning interoperable e-conveyancing market should benefit subscribers and other stakeholders, including everyday Australians. The ABA and its members encourage IPART to consider the implications of its recommendations on all e-conveyancing market participants, paying particular attention to the potential cost consequences of subscribers, some of which have little negotiating power.

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Farm Debt Mediation Better Practice Guide Consultation

19 July 2022

The ABA acknowledges the challenges experienced to date in implementing uniform farm debt mediation (FDM) legislation nationally however, despite these challenges, the ABA position remains that farmers across Australia should have access to the same safeguards and support regardless of their postcode.

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