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Read the calendar to stay up to date with upcoming ABA submissions.
Employment White Paper Consultation
30 November 2022
This submission details the ABA’s views on key areas of focus including the future of work; equal opportunities for women; future labour force participation.
Download PDFStrengthening the ABN system
29 November 2022
The ABA is supportive of the government’s efforts to increase compliance with income tax lodgement requirements and the accuracy of the Australian Business Register and encourages Treasury to consider the implications on businesses particularly those affected by events outside their control, such as natural disaster events.
Download PDFIPART’s Interoperability pricing for Electronic Lodgment Network Operators Issues Paper 2 – November 2022
18 November 2022
The ABA and its members remain supportive of the realisation of a functioning interoperable e-conveyancing market. However, the ABA encourages IPART to consider more broadly the implications of its recommendations on all e-conveyancing market participants, paying particular attention to the potential additional capital and operating cost consequences of subscribers, some of which have little negotiating power.
Download PDFQuality of Advice – Conflicted Remuneration Exemptions
14 November 2022
Australian Banks make recommendations to improve the proposals to remove or modify the exemptions to the ban on conflicted remuneration. We propose further clarifying the consent proposal and retaining two exceptions that do not directly relate to the provision of financial produce advice.
Download PDFReview of the Reserve Bank of Australia
8 November 2022
The Australian Banking Association (‘ABA’) welcomes the opportunity to make this submission to the Review of the Reserve Bank of Australia. The ABA notes the significant role of Australia’s central bank in delivering good economic outcomes for the nation. We support the ongoing independence of the Reserve Bank of Australia in executing its mandate. The ABA’s responses to the panel’s questions in the Issues Paper (15 September 2022) raises these key points: We consider the three objectives to be appropriate, noting there may be an opportunity to update the expression of the objectives in Section 10(2) of the Reserve Bank Act (1959). We see opportunities for Reserve Bank of Australia (‘the RBA’ or ‘the Bank’) to augment its communications to explain the complexities underlying the decisions as well as greater explanation of the trade-offs made between the Bank’s objectives. We see the independence of the RBA as critical to ensuring a well-functioning economy.
Download PDFABS Australian and New Zealand Standard Industrial Classification
7 November 2022
The ABA submitted a response to ABS consultation on updating the 2006 standard industry classification. The submission outlined the degree of difficulty and cost in implementing any major reform. The ABA requested access to the Australian Business Register so banks have a ‘source of truth’ about the industry of each business they bank, rather than relying on frontline staff to apply classifications to each business.
Download PDFGlobal agreement on Corporate Taxation
1 November 2022
Australian Banks support the intent of this global agreement to address the risks and leverage the opportunities arising from the digitalisation of the global and domestic economy. The ABA recommends that where possible, Australia’s implementation of the proposes measures should align with existing reporting and administrative requirements, and should be consistent with international approaches to ensure a streamlined and effective implementation.
Download PDFASIC industry funding model
28 October 2022
The ABA considers the ASIC industry funding model is broadly meeting its objectives. The funding model promotes equitable outcomes across the financial services industry and for the community, by ensuring that entities that create the need for regulation bear the costs rather than taxpayers. However, there is scope to increase the transparency of the ASIC funding and improve some aspects of the reporting mechanisms.
Download PDFProperty Tax (First Home Buyer Choice) Bill 2022
26 October 2022
The ABA supports the Property Tax (First Home Buyer Choice) Bill 2022 in its current form before NSW Parliament.
Download PDFCDR Action Initiation
24 October 2022
The ABA notes the rollout of write access should be done safely, with the protection of customer data being a key principle. We also recommend that there should be a strategic assessment ahead of declaring any actions, and that payment initiation will need to align with the broader payments work.
Download PDFAPRA’s Remuneration Disclosure and Reporting Requirements
14 October 2022
The ABA is supportive of simplified and consistent remuneration disclosure requirements, and the continued focus on strengthening remuneration practices. However, we have significant concerns regarding aspects of the draft CPS 511 and CRS 511, and propose opportunities for APRA to consider further simplification to reduce duplication; recognise the variety of remuneration frameworks and impact of different organisational contexts; treatment of confidential and commercially sensitive information and changes to the timing of disclosures to enhance the efficacy of these disclosures and reduce the compliance costs.
Download PDFPublic Disclosure Requirements for ADIs (APS 330)
7 October 2022
The ABA acknowledges APRA’s objective to align disclosures with international standards and is supportive of the objectives to promote transparency, improve comparability for prudential metrics across ADIs, and enhance proportionality by removing disclosure requirements for smaller ADIs. The ABA provides the feedback contained in this letter for APRA’s consideration. However, industry expects to raise additional observations and points for clarification as part of the transition to BCBS-based standards.
Download PDFIndependent Review of Australian Carbon Credit Units
30 September 2022
This submissions provides response to questions raised in the consultation in respect to rigor and integrity of ERF methods and projects; governance of the ERF; co-benefits and other impacts
Download PDFAustralian Government Drought Plan
30 September 2022 Private
Banks in Australia recognise that drought in Australia is not a new phenomenon, and the focus on drought should not be restricted to times of drought. Drought will continue to be an enduring, challenging experience and a feature of the Australian lands cape for which preparation is needed. The ABA remains supportive of the Australian Government having a drought plan, focusing on long term preparedness and resilience activities to ensure farmers and communities in Australia are adequately prepared when the next drought occurs.
Download PDFTasmanian Land Titles Bill
29 September 2022
The Australian Banking Association (ABA) welcomes the Department of Natural Resources and Environment Tasmania’s engagement with industry regarding the proposed amendment to the Land Titles Act 1980. The ABA and its members are broadly supportive of the proposed amendment but make two observations for the Land Titles Office’s consideration.
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