Weekly Update: 10 November

“Inflation is the biggest concern around the kitchen tables, just as it’s the major concern around the Cabinet table and of course the Reserve Bank Board table.”

– Treasurer Jim Chalmers on ABC 730

---

Parliamentary Update:

• The Federal Government tabled amendments to Treasury Laws Amendment (2023 Measures No. 1) Bill 2023, which relates to off-market share buybacks and the treatment of franking credits.  
• Treasurer Jim Chalmers held a press conference following the RBA’s November rates decision and appeared on ABC’s 730 program. Last Sunday, the Treasurer appeared on ABC Insiders.  
• Small Business Minister Julie Collins issued a media release on Unfair Contract Terms laws which came into effect on 9 November.  
• Assistant Treasurer Stephen Jones and Assistant Minister Andrew Leigh issued a joint media release coinciding with the release of the ATO’s Corporate Tax Transparency report. Assistant Minister Leigh also held a press conference on the report.  
• Assistant Treasurer Jones appeared on 2GB Radio to discuss superannuation industry complaints and AFCA data relating to delays to super access.  

---

Policy Update:

The ABA:

• The Federal Government tabled amendments to Treasury Laws Amendment (2023 Measures No. 1) Bill 2023, which relates to off-market share buybacks and the treatment of franking credits.  
• Treasurer Jim Chalmers held a press conference following the RBA’s November rates decision and appeared on ABC’s 730 program. Last Sunday, the Treasurer appeared on ABC Insiders.  
• Small Business Minister Julie Collins issued a media release on Unfair Contract Terms laws which came into effect on 9 November.  
• Assistant Treasurer Stephen Jones and Assistant Minister Andrew Leigh issued a joint media release coinciding with the release of the ATO’s Corporate Tax Transparency report. Assistant Minister Leigh also held a press conference on the report.  
• Assistant Treasurer Jones appeared on 2GB Radio to discuss superannuation industry complaints and AFCA data relating to delays to super access.  

• hosted a workshop with banks and Indigenous Business Australia (IBA) to discuss opportunities for the industry and government to work closer together to help more First Nations customers into home ownership, including the complexities of lending on First Nations-titled land. The roundtable was a follow-up from a meeting between senior bank representatives, IBA and Minister for Indigenous Australians Linda Burney at the Garma Festival in August. 
• hosted the next webinar in the Financial Crime Roundtable series, held in partnership with McKinsey, examined the transformation of financial crime defence internationally and its potential applications for Australian banks.  Europe-based expert in financial crime prevention Mikael Bjertrup and ABA’s Head of Future Policy, Nicholas Giurietto led the discussions along with members from McKinsey’s client support in Financial Crime Operations transformation in North America and the Asia Pacific, Scott Werner, Anke Raufuss, Olivia Loadwick and Tim Schenk. 
• attended the finance roundtable on the development of the National Adaptation Plan hosted by Assistant Minister Jenny McAllister. A focus of the NAP is upgrading buildings, supply chains and transport systems to better withstand heatwaves and extreme weather events. Discussion included the importance of the ongoing availability of insurance.    

---

Regulatory Update:

• APRA/ASIC plans on boarding ADIs into the FAR regime have been postponed; APRA/ASIC have not provided further content, ABA has raised concerns with Treasury and will continue to follow up.
• The ACCC and its counterpart competition, consumer protection, and economic regulators from across the Pacific will share information, investigative techniques, and authority best practice, in a newly formed initiative to be called the Pacific Island Network of Competition Consumer and Economic Regulators or PINCCER. Read more 
• Statement by Michele Bullock, Governor: Monetary Policy Decision. Read more 
• ASIC releases new alert list highlighting suspicious investment opportunities. Read more 

---

Economic Update:

The RBA released it’s quarterly Statement on Monetary Policy. They revised their economic outlook due to “lingering demand pressures in the economy”. Revisions included:

• Unemployment is forecast to be 4.25 per cent in late 2024, down from 4.5 per cent.
• CPI inflation forecast to “reach a little below 3 per cent at the end of 2025”
• Output economic growth is expected to slow from 3.5 per cent in 2023 to 3 per cent in 2024

---

Communications and Media:

The ABA’s four-week Financial Hardship campaign continued to be rolled out, with advertisements airing across key radio and digital channels. We shared a video message to our LinkedIn channel with CEO Anna Bligh encouraging Australians struggling with loan repayments to contact their bank, and to do so as early as possible. Read more about the campaign here. 

---

Upcoming Submissions:

Published submissions

---

Selected Media:

• AFR – This RBA rise will consolidate voters’ negative mood 
• AFR – How CBA is using AI to shield female customers from financial abuse  
• AFR – Westpac embarks on huge tech project to rebuild spaghetti IT systems  
• SMH – Westpac chief says rates may need to rise as profit hits $7.2b  

Weekly Update