The Australian Banking Association (ABA) is the information source for the news media on the Australian banking industry, providing information, analysis and context on industry issues.
The ABA plays an active role in the public dialogue on banking and financial services, providing commentary on broader industry issues and facilitating access to other sources of information.
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Journalist: The question I have is, are these regulations actually necessary, because my understanding is that a lot of banks already disclose this information? Anna Bligh: These changes will mean more consistency for customers. Many banks are already doing a number of these things to make it easier for customers to get information. If these… Read more »
The ABA welcomes the release of the ACCC’s retail deposits inquiry final report today, saying competition in the Australian banking sector is critical to good customer outcomes and the Report shows that it is strong in the Australian context. “2023 has seen highly competitive market forces at work in banking from which consumers are the… Read more »
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.
“the earlier that people speak to their bank, the more likely it is that the bank can find a solution that will work and keep the customer out of financial strife.”