Weekly Update: 08 March

Highlights this week:

• Announcement: Treasurer Stephen Jones announced the finalisation of Rules to support the full operation of the Financial Accountability Regime as it begins to come into force from 15 March. 
• Key data: GDP was up 1.5% in the year to December 2023, and 0.2% in the December quarter (seasonally adjusted, chain volume measures). 

Quote of the week:
“We cannot grow this economy without growing the participation of women”  

– ABA CEO Anna Bligh speaking at the EABC & ING Australia International Women’s Day Forum

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Parliamentary Update:

• Minister for Finance and Women Katy Gallagher announced that from 1 July 2025 superannuation will be paid on the Government Paid Parental Leave (PPL) payment. 
• The Minister also released Working for Women: a national strategy to achieve gender equality. 
• Assistant Treasurer Stephen Jones announced the finalisation of Rules to support the full operation of the Financial Accountability Regime as it begins to come into force from 15 March. 
• Leader of the Opposition Peter Dutton announced a mini-reshuffle of the shadow frontbench. The changes include:
  • Luke Howarth MP taking the role of Shadow Assistant Treasurer and Shadow Minister for Financial Services. 
  • Senator Andrew Bragg will become Shadow Assistant Minister for Home Ownership. 
  • Senator James Paterson will become the Shadow Cabinet Secretary. He will also assume responsibility for the forward policy agenda for the Coalition in preparation for the next election. 
• The Australian Greens announced a housing policy involving a public property developer that would see the federal government build homes and sell and rent them for below market prices. 
• The Treasurer held a press conference following the release of the latest National Accounts.  

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Policy Update:

The ABA:

• participated in the Scams Telecommunications Scam Taskforce, convened by the Australian Communications and Media Authority (ACMA) 
• met with Treasury regarding the climate disclosure bill 
• attended the ABAREs conference 

Submissions:

• APRA ADI Capital Reforms: Minor Updates 
• IBFED BCBS Pillar 3 Climate Disclosures  

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Regulatory Update:

• APRA amends authorised deposit-taking institution licence for Avenue Bank to remove restrictions. Read more 
• APRA revokes Islamic Bank’s restricted banking licence – Read more 
• ASIC – The National Anti-Scam Centre is warning consumers to beware of fake news articles and deepfake videos of public figures. Read more 
• ASIC shuts down nearly 3,500 scam websites, steps up surveillances in push to protect consumers. Read more 
• ASX pays $1,050,000 penalty for order information transparency failure. Read more 
• ACCC update on Tribunal’s decision to authorise ANZ’s acquisition of Suncorp. Read more 
• ACCC – Cost of living and digital economy shape 2024-25 compliance and enforcement priorities. Read more 

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Economic Update:

• GDP was up 1.5% in the year to December 2023, and 0.2% in the December quarter (seasonally adjusted, chain volume measures). 
• Agricultural income has taken a bit of slump, shrinking 3.4% in the December quarter, but still having grown 7.0% in the year to December 2023. 
• The household savings ratio grew to 3.2% in in the December quarter. Between 2015 & 2019 the household savings ration averaged just over 5% before shooting up to nearly 25% in June 2020, off the back of government stimulus. The December quarter increase is the first increase in the ratio since September quarter 2021. 
• Property income received as part of the household balance sheet increased sharply during 2023, growing nearly 40% from December quarter 2019 to December quarter 2023. 

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Communications and Media:

• On International Women’s Day, the ABA is highlighting the work the banking industry is doing to protect customers from financial abuse.  
• With new data released this week from the RBA on the uptake of least-cost routing, Anna Bligh spoke to ABC Radio National’s Drive program about the work banks are doing to promote and give businesses the choice to utilise it.  

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Coming up next week:

Parliament/ regulators:  

• 13/3 – Branches hearing – Tom Price, WA 
• Mulino report due (dynamism committee) 
• 14/3 – Senate Economics Committee (TLAB Tax Accountability and Fairness Bill) 
• 16/3 – QLD Local Govt elections 

Data announcements:  

• 12/3 – APRA quarterly ADI stats 

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Upcoming Submissions:

Published submissions

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Selected Media:

• The Australian – ACCC warns Meta woeful in handling scams 
• ABC –  Australians lose nearly $1 billion a year in card surcharges and the RBA has warned banks it has to stop  
• News.com.au – New home loan commitments slip in January as rate hikes squeezes borrowing power  
• AFR – Regional banking angst could force the Fed to cut rates faster 
• The Australian – Former ACCC boss Allan Fels calls for price inquiry after insurance premiums blowout 

Weekly Update