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“The bounce-back has been quicker and stronger than was widely expected”

Key points from the minutes of the RBA’s monetary policy meeting on 1 June 2021

Authorities now treat the financial exploitation as a form of elder abuse, not dissimilar to harming an older relative through physical violence, emotional or psychological abuse, socially controlling behaviour or neglect.

Banks have been told to be on guard for biases in artificial intelligence technology used to assess customer credit worthiness

“Through improvements to training and processes, banks are playing their part, however the more people are aware of it, the more chance Australians can help reduce the problem.”

Global regulators are calling for cryptocurrencies to carry the toughest bank capital rules of any asset, arguing that requirements for holding bitcoin and similar tokens should be far higher than those for conventional stocks and bonds.

“During disasters like this, the message from banks is always clear: don’t tough it out on your own, your bank is ready to help.”

“The Board confirmed in May that the TFF will proceed as planned, with final drawings of
3-year funding due by the end of this month.”

“The fintech juggernaut faces a proposed class action complaint filed in the US Northern District Court of California by two US law firms.”

“Banks know that these lockdowns can have devastating consequences, especially for small businesses”, said ABA CEO Anna Bligh.

SENATE ECONOMICS LEGISLATION COMMITTEE – ESTIMATES (FED)

Transcript of Senate Economics Legislation Committee – Estimates. Wednesday, 2 June 2021, Canberra. Witnesses: Department of the Treasury, Australian Taxation Office (pg 4), Australian Charities and Not-for-Profits Commission (pg 42), Australian Securities and Investments Commission (pg 50), Australian Prudential Regulation Authority (pg 66), Reserve Bank of Australia (pg 82), Financial Adviser Standards and Ethics Authority (pg 92), Australian Competition and Consumer Commission (pg 96), Australian Bureau of Statistics (pg 108), and National Housing Finance and Investment Corporation (pg 115).