News

The Interim Report for 2021’s Banking Code Review is now available. Drawing on the submissions and consultation meetings to date, the interim report draws outsome overarching themes and issues surrounding the review of the Code, along with some preliminary observations on these issues. All published submissions to the code review can be found here. Summary… Read more »

In this survey, 74% of Australians bank digitally each week. More than the US (73%), but less than India (83%).

Credit card lending decreased significantly by $1.9 billion or 6.3 per cent in July.
Total residents assets increased by $58.8 billion or 1.3 per cent in July

balance sheets that are generally in good shape.

“As customers change their banking behaviour and new technology arrives, the Government should not look only at the regulatory regime for these new advances but also work to remove outdated regulation that is stifling competition and innovation across the industry”

This review has found that our regulatory architecture needs to progress in three aspects:
1. Enhanced payments leadership.
2. Aligned payments regulation.
3. Simplified payments licensing.

People across NSW who have received both doses of a COVID-19 vaccine will be allowed more freedoms next month after NSW hit the target of six million jabs.

“Broadening the eligibility criteria means banks can help more small and medium businesses, and that couldn’t be more important right now.”

The Banking Code Review continues. Submissions received to date can be found at bankingcodereview.com.au.

•Unemployment rate decreased to 4.6%.
•Participation rate decreased to 66.0%.
•Employment increased to 13,156,400.

Under the baseline scenario, GDP was forecast to grow by a little above 4 per cent over 2022,and around 2½ per cent over 2023.

Finance Sector Union (FSU) National Secretary Julia Angrisano said retail banking workers were at a high risk of being exposed to Covid