Weekly Update: 14 February 2025

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Highlights this week:

1. The Scam Prevention Framework bill passed the Parliament with the ABA calling it a game-changer in the fight against scammers.
2. The ABA jointly announced a major boost for regional banking services with a commitment to keep regional branches open and an expansion of services at Bank@Post.
3. We distributed a media release warning Australians about the risk of romance and dating scams ahead of Valentine’s Day.

Quote of the week:
“Scam losses are down by 33 per cent, however there is still more work to be done to drive them down even further. We now have the legislative foundation to stay one step ahead of scammers and drive them out of Australia.”

–  ABA CEO Anna Bligh. Media Release welcoming SPF, 13 February 2025.

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Media & Communications Update:

ABA CEO Anna Bligh joined the Treasurer, Communications Minister and AusPost CEO for a press conference on regional banking services.

The ABA distributed a media release on HELP debts and lending, and ABA CEO did interviews on 6PR Perth & ABC Sydney Drive.

ABA CEO was interviewed on the Today Show, Channel 7 Afternoon News & ABC Riverland on the topic of romance scams.

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Parliamentary Update:

The regional banking package announced this week contains commitments from banks including:

• A moratorium on branch closures for two and a half years: NAB has committed to a new moratorium on regional branch closures, with CBA and Westpac extending their existing moratoriums. These commitments build on the conditions imposed by the Government on ANZ and Suncorp and ensure no regional branch closures by these banks before 31 July 2027; and
• New Bank@Post agreements: The Government has asked the banking sector to increase its commitment to and investment in regional banking.
• The landmark Scams Prevention Framework (SPF) Bill passed the Parliament, with amendments. Banks, telcos and digital platforms will become subject to the SPF principles following their sectors’ formal designation by the Minister. Rules and codes under the SPF will follow later and are expected to be developed over 2025.

The Treasurer requested that financial regulators update their lending guidance on the treatment of HELP debt, and announced changes aimed at unlocking the construction of more units.

Payments System Regulation Act (PSRA) reforms remained in the Senate and were not debated or voted on.

Assistant Treasurer Stephen Jones delivered his valedictory speech to the House. Jones will remain in his current ministerial positions until his retirement at the election.

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Policy Update:

The ABA participated in:

• the National Anti-Scam Centre Advisory Council meeting.
• the Oceania chapter meeting of the Global Anti-Scams Alliance.

The ABA met with:

• the United Nations Office on Drugs and Crime to discuss the linkages between scam centres in the Mekong region and human trafficking.
• Macquarie University to discuss anti-scams technology initiatives.

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Economic Update:

New lending to SMEs nearly doubled between 2020 and 2024. SMEs borrowed $154bn in 2024, up from $80bn in 2020.

Growth was particularly strong for medium businesses, which grew by 104% (from $50bn to $102bn), while small business lending grew 72% (from $29bn to $51bn).

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Regulatory Update:

APRA issued a letter clarifying expectations regarding commercial property lending.

ASIC published a financial advice round-up of regulatory developments and issues.

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Coming up next week:

Data:

• 19/02 – Wage Price Index
• 20/02 – Labour Force

Parliament:

• Federal Parliament is not sitting

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Upcoming Submissions:

Published submissions

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Upcoming Events:

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Selected Media:

• ABC – Big Four banks to keep their regional branches open until at least mid-2027 under new agreement
• SMH – Banks told to ignore student debt when weighing up home loans
• The Australian – Dick Smith pleased social media firms face $50m scam fines
• AFR – Sticky US inflation just made the RBA’s cut call harder
• The Australian – Senate to probe $800bn e-conveyancing market over PEXA competition concerns

Warm regards,
The ABA Team

Weekly Update