The ABA provided comments to the Australian Prudential Regulation Authority response paper, Supervision of conglomerate groups – 2. Risk management and capital adequacy and Harmonising cross-industry risk management requirements.
This report was prepared by the Australian Bankers’ Association (ABA) and analyses the data on fees for banks’ services. Bank fees paid by households have fallen by $1.12 billion or 22 per cent over the past three years, taking total fees paid by households to the lowest level for seven years. These falls have significantly reduced the cost of banking at a time when many other household expenses are going up. This year, fees paid by households fell 0.3%, saving households $13 million.
The ABA supports money management as a key principle and objective of Centrepay. However we are concerned that the current structure and administration of the Centrepay scheme may result in negative outcomes for Centrelink recipients that are contrary to the stated objectives. The ABA’s concerns relate to three areas: firstly, access to the Centrepay system by business participants; secondly affordability; and thirdly alternative mainstream financial products and services.
The Australian Bankers’ Association (ABA) appreciates the decision to defer consideration of the small business lending regulatory proposals in this Bill and confirmation of Treasury’s advice that the Government will not be seeking passage of Schedule 2 of the Bill in the life of the current Parliament.
The ABA, however, raises concerns with other aspects of the Bill. The ABA’s principal submission is that the remainder of the Bill’s provisions, except for a modified and more targeted drafting approach for the anti-avoidance provisions, should not be taken forward.
The Australian Bankers Association (ABA), the Australian Financial Markets Association (AFMA) and the Financial Services Council (FSC) welcomed the opportunity to provide a submission to Treasury regarding their joint concerns on the potential imposition on Australian interest withholding tax on payments made under centrally cleared OTC derivatives.