Weekly Update: 20 June 2025

---

New ABA CEO appointed

Former Federal Finance Minister and Senate Leader, The Hon. Simon Birmingham, will join the Australian Banking Association as Chief Executive Officer. Read the media release.

---

Highlights this week:

• The ABA distributed a media release reminding customers to be on high alert for scammers across EOFY.
• Unemployment remained unchanged at 4.1%.

Quote of the week:
“…I’ll write to regulators across Government seeking specific, measurable actions to reduce compliance costs without compromising standards.”

– Jim Chalmers, Treasurer. Speech at National Press Club, 18 June 2025.

---

Media & Communications Update:

• ABA CEO Anna Bligh was interviewed on ABC Radio Darwin highlighting EOFY scam warnings.
• In partnership with COTA, the ABA distributed a media release to mark Elder Abuse Awareness Day.

---

Parliamentary Update:

• Treasurer Jim Chalmers addressed the National Press Club regarding the Government’s productivity and growth agenda.
  • The Government’s productivity roundtable will take place on 19–21 August with around 25 invitees from government, business, unions, and civil society.
  • Chalmers stated that ideas submitted to the roundtable must be budget-neutral, specific, and in the national interest.
  • The Treasurer also acknowledge the need for “consideration of more tax reform.”
• WA Treasurer Rita Saffioti’s 2025-26 state Budget marked the state’s seventh consecutive operating surplus.
  • The Budget contains a $1.4 bn housing-supply package to enhance first-home-buyer duty concessions and fund enabling infrastructure across WA.
• PM Anthony Albanese joined partner-country sessions at the 15-17 June G7 in Alberta but his planned first bilateral with President Trump was cancelled when Trump left the summit early.
  • The PM instead met senior US economic and defence officials; Canberra now eyeing July’s NATO summit (Netherlands) for a rescheduled meeting.

---

Policy Update:

• The ABA participated in AUSTRAC’s Finance Sector Rules and Guidance Working Group.
• Met with a delegation from the Ministry of Finance of the Republic of Indonesia to share insights on the digitisation of the financial system.
• Met with COBA, Communications Alliance and DIGI to share perspectives on the SPF regulatory regime.
• Met with the Banking and Credit Branch at Treasury and discussed a range of matters including housing, financial abuse, improving access to financial services, BNPL reforms, and the Credit Reporting Framework.

---

Economic Update

Unemployment rate for May remained stable at 4.1% on a seasonally adjusted basis. Employment fell slightly by 2,000 people but this comes off the back of a stronger than expected April increase. Underemployment rate was at historic lows at 5.9% indicating a tighter labour market as the pre pandemic averages was 8.5%.

---

Regulatory Update

• APRA released for consultation a set of minor proposals for instruments relating to section 66 of the Banking Act 1959.
• APRA Chair John Lonsdale gave a speech at the Business Council of Australia boardroom lunch.
• APRA executive director of Cross-industry Risk Chris Gower gave a speech to AFIA Risk Summit 2025.

---

Coming up next week:

• Politics:
  • NSW budget will be announced on 24 June.
  • Leader of the Opposition Sussan Ley will address the National Press Club on 25 June.
• Data:
  • 25/06 – Monthly Consumer Price Index indicator
  • 26/06 – Job Vacancies, Australia
  • 26/06 – Australian National Accounts: Finance and Wealth

---

Upcoming Submissions:

Published submissions

---

Upcoming Events:

---

Reports

• Accenture has released its latest insights into the forces reshaping banking in 2025 and beyond. The report outlines how banks are leaning into digital innovation, AI, and open-source technologies to create more inclusive, efficient, and customer-centric services.
• Accenture’s also released its Banking Consumer Study 2025 that reveals a pivotal shift in the banking landscape: customer advocacy is emerging as a key driver of growth. Banks that cultivate strong advocacy see faster revenue growth and increased product holdings per customer.

---

Selected Media

• AFR – Simon Birmingham named new chief of the Australian Banking Association
• AFR – Chalmers opens door to tax changes for budget repair
• ABC -Treasurer opens door to tax debate, saying everything is on the table at productivity roundtable
• SMH – FOMO has hit the housing market, and it’s just the beginning
• The Guardian – Jim Chalmers is dreaming of big economic reform. But is history – or even Albanese – on his side?

Warm regards,
The ABA Team

Weekly Update