27 March 2023
“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.
The ABA supports accelerating the reduction of emissions by 2030 and a balanced and orderly transition to a net zero emissions economy by 2050.
We have advocated for the reform of the safeguard mechanism, which has an important role to play in achieving these goals.
The ABA has long argued that banks and businesses need certainty to manage their climate risks and to grasp the opportunities on the path to net zero.”
Latest news
Banks stand ready to support customers in north and north-west Queensland currently experiencing heavy rainfall and flooding. ABA CEO Simon Birmingham said customers didn’t have to tough it out on their own with banks on standby to assist communities get through this challenging time. “Banks recognise the significant financial and emotional toll an extreme weather… Read more »
The ABA acknowledges the release of the 2025-26 Mid-Year Economic and Fiscal Outlook. The Government’s forecasted $8.4 billion reduction in the deficit over the forward estimates including a $5.4 billion reduction for year’s deficit is welcome. Lower deficits and claimed savings of $20 billion over the next four years is a beginning towards ensuring our national finances are on a more sustainable footing. While this Budget update contains lower forecasts of spending as a share of GDP, the ABA notes the importance of ongoing spending restraint to help reduce inflationary and interest rate pressures. Banks… Read more »
ANZ CEO Nuno Matos has been appointed as the new Chair of the ABA Council, as banks continue their focus on meeting the needs of customers as well as playing a crucial role in the Australian economy. At the ABA’s Annual General Meeting today in Melbourne, ING CEO Melanie Evans was also reappointed as Deputy… Read more »