Weekly Update: 4 September 2026

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Key News:

• The ABA announced that former ASIC Deputy Chair Peter Kell will undertake the five yearly independent review of the Banking Code of Practice.
• The RBA designated Armaguard under the Cash Distribution Framework, the ABA welcomed this development.
• ABA CEO Simon Birmingham spoke to ABC Sunshine Coast’s Tim Wong-See about the upcoming card surcharge ban.

“The Cash Distribution Framework is an important piece of regulatory reform to ensure the continued availability of cash given the decline in its usage and recent uncertainties across the sector.”

ABA CEO Simon Birmingham. Media release, 3 September 2026.

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Media & Communications Update:

• Simon Birmingham spoke to Catherine Fitzpatrick on the Before you say yes podcast, unpacking what the Banking Code of Practice requires when a joint account needs to change and what to ask for if you ever need to change or exit one.

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Political Update:

• The Government released a consultation paper and draft legislation to modernise and strengthen Australia’s privacy laws for the digital age. The reforms will aim to bolster privacy protections amid emerging risks from new technologies including Artificial Intelligence.
• Assistant Treasurer Daniel Mulino released the Government’s Financial Innovation Strategy and announced the establishment of a Financial Innovation Committee.
• Mulino also addressed Fintech Australia Intersekt Conference, touching on ATO data sharing, payments and scams.
  • “AI is being used by the perpetrators and big data and technology, but AI is now also being used by the financial sector organisations and by the regulators. And when I go to scams workshops, it’s really interesting to talk to the members of the community about that. There’s now a lot of activity with banks and with telcos and others to adopt preventative approaches using the very most advanced technologies. So for me that’s an example of technology being used directly in consumer protection, and that will build more trust in our system.” – Daniel Mulino on technology in scams prevention
• ATO Commissioner of Taxation Rob Heferen addressed the Tax Institute to discuss Corporate tax, debt recovery and other matters.
  • “Our largest corporates are among the most scrutinised taxpayers in the system. And for Australia, that’s appropriate. These taxpayers make a significant contribution to Australia’s revenue base. Given the scale of that contribution, the community rightly expects these businesses are paying the right amount of tax under the law.” – Commissioner of Taxation Rob Heferen.

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Economic Update:

• In July 2026, total value for building approvals for dwellings fell 4.9% to $11.26bn in seasonally adjusted terms, while the value of non-residential building rose 14.4% to $9.93bn. 
• Much of the increase in non-residential building is due to the build of data centres. Before 2020 building approvals for non-dwelling commercial buildings not elsewhere classified (n.e.c.) (which captures data centres) hovered around 1-2% of all building approvals. In recent quarters it has accounted for as much as 44.4% of all investment.

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Regulatory Update

• APRA and ASIC launched a joint consultation on streamlining the Financial Accountability Regime, proposing to simplify accountability maps and key functions reporting.
• The RBA published non-confidential submissions on the Review of Payments System Regulation.
• APRA announced the appointment of David Bradbury as Deputy Chair, overseeing APRA’s work in superannuation.
• ASIC released new data on received misconduct reports, with retail investor issues and governance matters continuing to dominate reports.
• The RBA launched a consultation on the Role of RITS in Supporting Settlement in a Tokenised Ecosystem. The consultation seeks views on how the RBA’s settlement services could support the development and growth of tokenised asset markets.
• The Council of Financial Regulators published its quarterly statement for September 2026.

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Upcoming Submissions

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Selected Media

• ABC – Australia’s economy grows faster than expected, raising RBA interest rate rise risk
• AFR – Hundreds of borrowers will switch lenders today. Here’s what it costs the sector
• Capital Brief – Battlelines drawn as big banks and big tech square off over agentic AI regulation
• Cyber Daily – 4 in 5 SMEs report being exposed to scams
• AFR – APRA urges banks to bolster AI risk controls, not slow down deployment

Warm regards,
The ABA Team

Weekly Update