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.
There are a number of changes outlined in the Regulation that will have a significant effect on the way financial institutions do business, and the ABA provided detailed comments in the submission. However the ABA is particularly concerned about the proposal to introduce the term ‘citizen’ into the Regulation,the introduction of which will have far reaching consequences for Iranian nationals and the financial services industry
The Privacy Amendment (Enhancing Privacy Protection) Bill 2012 (Bill) that includes the single national Australian Privacy Principles (APPs) with the addition of a more comprehensive credit reporting regime are welcome and timely developments towards a more seamless and nationally focused Australian privacy regime. The ABA has provided comments on the proposed privacy reforms in the Bill, in particular on the APPS.