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The Australian Banking Association (ABA) welcomes tonight’s Federal Budget saying it places a significant focus on customer safety.

As scammers grow increasingly sophisticated and scams more complex, this year’s World Password Day is an important reminder to always stay vigilant against online criminals, the Australian Banking Association (ABA) says. 

The RBA continues to address the nation’s inflation challenge with today’s 0.25% increase. 

“The online gambling credit card ban will go a long way to help people experiencing gambling harm to keep control of their finances.”

“Remember the money and funds available to banks, the majority of them are other people’s deposits. So they need to be very careful about how they use that money. I think there’s a real question there about whether your deposits and your bank should be paying out to someone who decided to take a big investment risk”

“Robbers don’t come with a sawn off shotgun anymore. They come through your phone, and banks are putting their resources where their customers are. And that’s in the digital world.”

The Australian Banking Association (ABA) has launched a new campaign designed to raise awareness of a series of scam scenarios and steps that should be taken in the fight against scams.

“if somebody comes to them in financial difficulty, they can help them set up one of these vetoes. It’s not a difficult thing to do”

“it’s a very competitive environment out there at the moment, there’s about 2400 Australians every single day refinancing every working day, have been for six months, it’s the highest rate of refinance we’ve ever seen in Australia. So you’re right, people are going out and getting a better deal”

“Australian banks are certainly better equipped now than they were in the GFC. They’ve got 2 to 2.5 times the capital reserves put aside for a rainy day than they had in the GFC. And that’s, that’s been 10 years of just gradual build up, required by the regulator put aside by banks. It’s an incredibly strong buffer if things do go rocky”

“The Australian Banking Association (ABA) welcomes the agreement reached today on the proposed safeguard mechanism reforms, given it paves the way for the passing of a critical piece of legislation for Australia.

“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”

“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”

The Treasurer has indicated that the federal government is closely monitoring the situation.

This International Women’s Day, it is so important to acknowledge the change that has occurred, the women and organisations who are forging this change, and also ensure we continue strongly on this positive path

As the RBA seeks to address the inflation challenge, overall bank data indicates Australian mortgage holders remain well-placed to navigate this difficult period. Household savings are high, and unemployment remains at close to record lows. Feedback from banks is that there have been no increases in hardship applications so far.

“in two years, there was an 88% drop in the number of cash withdrawals made at that branch, and there was an 89% drop in cash deposits”

Whether you’re in a remote part of the country, or in the middle of a capital city, the data shows us that if you have reliable internet, then people are choosing to bank and do their basic transactions online

“The hardship teams are dedicated groups within banks who work closely with families who have experienced floods and other difficult situations. They have a range of very practical measures to support people to get through these experiences.”

“Vigilance is required at all times of the year as scammers grow increasingly persistent and sophisticated in their tactics”