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“Our relationship with China is full of complexity and it’s full of opportunity. We recognise that a more stable economic relationship between Australia and China is a good thing for Australian workers and businesses, investors and our country more broadly.”

“I recently announced a reset for the consumer data right. It is a good idea, executed badly by our predecessors. The compliance costs have been high. And the consumer uptake is low. The government believes in the right of consumers to access and unlock the value of their data. But we need to do things differently to justify the substantial public and private investment in the CDR. Key to this is reducing costs.”

“…yes, there needs to be liability not only for our banks but for our telecommunications companies and social media platforms as well. The business that would have the most to gain through making the banks always pay is Meta…Meta are making up between $5 billion and $6 billion here every year in Australia… Let’s ensure we have a robust framework that puts obligations in place on banks, on telecommunications companies, on social media platforms, and let’s ensure that we do it in a way that stands up for our sovereignty.”

Quote of the week:
“Accordingly, the Board’s message following its meeting only a few weeks ago was that it is premature to be thinking about rate cuts. Circumstances may change, of course, and if economic conditions don’t evolve as expected, the Board will respond accordingly. But if the economy evolves broadly as anticipated, the Board does not expect that it will be in a position to cut rates in the near term.”

“We are in a constant war now with some of the world’s most sophisticated international criminal gangs, and that means that banks together have to step up to the mark and take the war to the scammers, and that’s just what we’re doing with a range of initiatives. Doesn’t matter whether you bank with one of the big four or one of Australia’s smallest credit unions or building societies, some of the work that we’re doing together is just that, working together to put a wall up of protection around customers wherever we can.” 

“The market volatility that we’ve seen has been driven by weaker than expected jobs growth and tech earnings in the US, as well as rising Japanese interest rates impacting Asian markets as well. Australia’s not immune from these global developments. We’ve seen them play out in the Australian dollar and in our own share markets as well.”

“Our laws will simplify and speed up the process for mergers that are in the national interest and give the regulator stronger powers to identify and scrutinise transactions that pose a risk to competition, consumers and the economy.”

“A competitive market is one that delivers the best results for as many people as possible. When done right, it creates a race to the top to deliver the best service possible. That clearly should be the aim of any reforms to employment services – innovation to support a dynamic and inclusive labour market where workers, businesses and communities can thrive.”

Highlights this week: Quote of the week:“Banks are working on how best to design their products and services with a safety by design lens. This must be done with a measured approach and informed by consultation with advocacy groups and victim-survivors, because as our world continues to digitise and evolve – so too does the… Read more »

“I think the story that you’ve got on the front of your paper today from the ABA is a reminder that there are substantial challenges when it comes to the consumer data right, and I think some of that analysis makes that clear. We inherited the consumer data right from our predecessors, as you know. They designed something which has very high compliance costs and has had very low take up. I think that’s really clear. And we will work methodically through those sorts of issues in a legislative sense but also working with the various stakeholders to see if we can get it right.” 

Quote of the week:
“Australia is one of the few economies in the world where scam and fraud losses are falling, and that’s encouraging because these scammers go where the money is. To use an analogy, we want to be the best alarm system on the street, and Australia is leading the way in that space.”

“The payments landscape is very different to when surcharging was introduced. Many consumers have shifted from paying by cash to cards and there is increased public concern about payment surcharges. So, it is time to ask whether the surcharging framework is still fit for purpose and whether any changes need to be made.”