25 October 2022
The Australian Banking Association (ABA) tonight welcomes the first Budget from the Albanese Government which looks to chart a steady course through the challenging economic environment.
Federal Treasurer Jim Chalmers has set out that this Budget is focussed on ensuring a resilient economy and support for families.
The Budget deficit has improved to $36.9 billion, down from the $78 billion previously predicted in the March budget and the April pre-election fiscal update.
As noted by the Treasurer, international factors are creating uncertainty in the Australian economy, so a prudent approach is appropriate at this time.
“Tonight’s Budget is set against a worsening global economic outlook, with many risks weighing on the economy. Against this backdrop, the Government has laid the foundations to put Australia on a solid footing, whilst continuing support for important initiatives.”
ABA CEO, Anna Bligh
The ABA also welcomes the following important initiatives:
- Significant commitments to providing more housing for Australians;
- Additional resources to review the regulatory framework for managed investment schemes;
- Funding towards the establishment of a new National Anti-Scam Centre to help protect consumers against financial crime; and
- New funding towards the development of climate reporting standards, which will help to address climate change.
“The Government’s commitment to establish a national scams centre and review managed investment schemes is an overdue and very welcome investment in protecting customers from financial harm.”
ABA CEO, Anna Bligh
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