Weekly Update: 30 January 2026

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Key News:

• The ABA provided a statement to News Corp calling for social media platforms to stop allowing scam advertisements on their platforms: ‘New scam prevention laws must hold Meta and the other social media giants to account if they allow scams like this one to circulate on their platforms.’
• The ABA has written to all Federal MPs and Senators providing them with materials for their constituents on what to do in the event of experiencing a scam.

“Unfortunately, banking products are exploited by the perpetrators of totally unacceptable financial abuse. It’s despicable behaviour that we want to stamp out. Through this coordinated action, Australia is setting a new benchmark for how financial institutions can work together to prevent abuse and safeguard customers.”

–  ABA CEO Simon Birmingham, statement on the launch of the Financial Safety Alliance, 27 January 2026.

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Media & Communications Update:

• Simon Birmingham appeared on ABC Adelaide morning radio on the need to expand the current Scam Prevention Framework to other scam types including dating apps and online marketplaces.
• The ABA announced the launch of the Financial Safety Alliance – a joint initiative with Flequity Ventures, the Australian Finance Industry Association, the Customer Owned Banking Association and Arca to prevent financial abuse.

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Political Update:

• The ABA has formally written to Assistant Treasurer Daniel Mulino reiterating actionable scams intelligence must be at the centre of the SPF and the AFCA authorisation instrument should align the jurisdiction over receiving banks with the commencement of IDR and EDR.
• Parliament returns next week for a fortnight.

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Policy Update:

• ABA CEO Simon Birmingham met with the CEO of the Consumer Action Law Centre, Stephanie Tonkin, to discuss emerging consumer issues and the Scams Prevention Framework.
• The ABA made a submission to the House of Representatives Economics Committee inquiry into Schemes, Digital Wallets and Innovation. 
• The ABA attended a Treasury workshop on CDR in Canberra.

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Economic Update:

• The Consumer Price Index (CPI) rose 3.8% in the 12 months to December 2025, up from 3.4% in the 12 months to November. Over the same period, trimmed mean inflation was 3.3% up from 3.2%.
• To the year ending September 2025, 618,966 housing loans were refinanced.
  • This represents an increase of 20% from the year prior where 516,904 loans were refinanced.
  • Refinanced loans account for more than half (53%) of all loans that were taken out over the same period.

Regulatory Update

• ASIC released their key issues outlook for 2026.
• ASIC proposed updates to legislative instruments about financial reporting.

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Coming up next week:

• Politics:
  • 4-6/2: Both Houses sitting
  • 6/2: House Economics Committee Review of the Reserve Bank of Australia Annual Report 2025

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Upcoming Submissions

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Events

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Selected Media

• Broker News – Banks form Financial Safety Alliance to tackle abuse
• AFR – Visa in fight with Reserve Bank over plans to cut credit card fees
• ABC – Rate hike pain is on the way for Australian borrowers, but will they be able to tolerate it?
• AFR – Budget will tackle inflation, productivity, says Jim Chalmers
• The Australian – ALP banks on inflation-fuelled income tax windfall

Warm regards,
The ABA Team

Weekly Update