Weekly Update: 14 November 2025

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Key News:

• The ABA distributed a media release reminding shoppers to be vigilant about the risk of scams in the lead up to Black Friday sales.
• Reuters released a special investigation showing that Meta projected 10% of its 2024 revenue would come from ads for scams and banned goods.
• The unemployment rate fell to 4.3% in seasonally adjusted terms for October.

“If we want our economic prosperity to continue, we need to be ambitious and collaborative in our thinking and our approach. We need to seize opportunities before us.”

–  ASIC Chairman Joe Longo. Opening remarks to ASIC Annual Forum 2025, 12 November 2025.

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Media & Communications Update:

• ABA CEO Simon Birmingham spoke with Graeme Goodings on FiveAA Adelaide about the rising risk of shopping scams ahead of Black Friday.
• The ABA provided a statement to The Australian on AUSTRAC’s call for more oversight of tobacco and convenience stores with private ATMs and eftpos: ‘Banks share the concerns raised by AUSTRAC and already have capabilities to detect suspicious transactions related to the sale of illicit tobacco…’
• Also provided a statement to the Daily Mail on Meta profiting from scam ads: ‘The exposure of Meta as deliberately profiting from scam ads is akin to when the tobacco industry was exposed as having known but ignored the harms in its industry. These are unacceptable acts of deliberate profiting from human suffering.’

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Political Update:

• RBA Deputy Governor Andrew Hauser spoke at the UBS Australasia Conference to explain why the Board is keeping monetary policy in a “clearly restrictive” stance until it is confident inflation will return sustainably to the 2 to 3 per cent band.
• The House Economics Committee released the terms of reference for its review into the major banks.
• ASIC Chair Joe Longo told the Annual Forum that Australia must “innovate or stagnate,” with AI, quantum computing and tokenisation set to reshape financial markets.
• The Treasurer and Assistant Treasurer released a consultation on the proposed News Bargaining Incentive, a levy on large digital platforms that do not reach acceptable deals with Australian news publishers.
• APRA published notes from its 13 November Insurance Council CEO roundtable.

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Policy Update:

• The ABA attended the annual ASIC forum held in Melbourne.
• Met with AUSTRAC to discuss AML/CTF reform implementation planning and transitional arrangements.
• Presented to the ATO’s GST Stewardship Group on anti-fraud initiatives undertaken by banks.
• Met with the American Bankers Association to compare approaches on scam prevention and regulation.
• The ABA hosted a briefing session for members delivered by Housing Australia on the Help to Buy Scheme.

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Economic Update:

• Australia’s monthly business turnover rose 2.2% in September, led by record 7.0% growth in manufacturing, driven by strong metal exports and mining demand.
• Overall turnover was 6.9% higher than a year ago, with 12 industries reporting annual gains.

Regulatory Update

• APRA has clarified how authorised deposit-taking institutions should treat trail commissions under APS 112 to ensure consistent capital treatment across the industry. The guidance explains the implications of two accounting approaches and confirms when netting of trail commission assets and liabilities is permitted.
• AFCA is urging small business owners to check whether their lenders are AFCA members, after complaints hit record highs for a second year. Many complaints couldn’t be resolved because the lender wasn’t an AFCA member, leaving business owners without access to dispute resolution.
• ASIC Deputy Chair Sarah Court says enforcement momentum is at record levels, with more investigations, tougher penalties and the longest-ever ASIC-related prison sentence in 2025. New 2026 priorities include private credit, financial reporting failures, insurance claims and misleading pricing, alongside continued action on super, vulnerable consumers and market integrity.

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Coming up next week:

• Politics:
  • 18-19/11: House Economics Committee – Review of Australia’s four major banks
  • 18/11: Parliamentary Joint Committee on Law Enforcement – Capability of law enforcement to respond to money laundering and financial crime
• Data:
  • 18/11: Minutes of Monetary Policy Meeting (RBA)
  • 19/11: Wage Price Index, Australia (ABS)
• 21/11: National Agriculture Day
  • The ABA will release a report highlighting the support banks provide to help agricultural businesses grow – and reminding farmers they don’t have to tough it out on their own when times get tough.

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Events

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Selected Media

• ABC – Australia’s unemployment rate slips to 4.3 per cent
• AFR – RBA warns economy may be ‘boxed in’ by low productivity
• ABC – Non-bank sector in ASIC, RBA’s gaze as customers chasing property loans drift their way
• The Australian – Austrac warns banks over dirty money from illicit tobacco sales

Warm regards,
The ABA Team

Weekly Update