Weekly Update: 19 September

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Key News:

• ABA CEO Simon Birmingham spoke to Ross Greenwood on Sky News regarding the RBA’s proposed changes to surcharging and interchange. View the clip below and read the transcript here.

• ASIC Chair Joe Longo has announced he will not seek reappointment when his current term ends on 31 May 2026, with his focus for the remainder of his tenure including doubling the number of investigations, lifting civil enforcement by 20%, and securing funding to modernise critical business registers.
• The ABA distributed a media release acknowledging the contribution of outgoing ASIC Chair Joe Longo.

“Ban surcharging now, come up with targeted proposals to support small businesses in the banning of surcharges, but don’t take the big sledgehammer to interchange fees”.

–  ABA CEO Simon Birmingham. Interview on Sky News, 17 September 2025.

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Political Update:

• ASIC appeared before the Parliamentary Joint Committee on Corporations and Financial Services on Thursday. Questions centred on investigations and enforcement proceedings, largely against banks, the ASX and superannuation funds.
  • On scam prevention and disruption, ASIC Chair Joe Longo said superfunds should be “more bank-like” – a point reiterated by Senator Whiteaker.
  • Whistleblowing and the need for greater levels of personal accountability within the financial sector were also topics of focus.
• Brad Jones, RBA Assistant Governor (Financial System) appeared at the Intersekt Conference for a fireside chat.
• Sarah Hunter, RBA Assistant Governor (Economic) spoke at the AFIA Conference.

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Policy Update:

• Simon Birmingham spoke on the panel ‘Big Tech, Bigger Scams: The Shifting Sands of Responsibility in Australia’ at the Australian Financial Review’s Cyber Summit.

The ABA and NAB co-hosted a workshop for members on combatting financial abuse in small business in Melbourne this week. EACH financial counselling facilitated the event which examined the systemic implications of business-related financial abuse, the impact on institutional and credit system risk and why prevention has become a strategic priority for forward-thinking financial institutions.

The ABA attended the Intersekt Conference hosted by Fintech Australia.  Key areas of Fintech innovation on the agenda included payments licensing, stablecoins and tokenised digital assets, expansion of the Australian Government Digital Identity System to the private sector and simplification of the Consumer Data Right.

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Economic Update

• In August, Australia’s seasonally adjusted unemployment rate remained steady at 4.2%, even as overall employment fell by 5,000 people.
• The decline was driven by a drop of 41,000 full-time jobs, with 30,000 fewer females and 11,000 fewer males employed full-time.
• Part-time employment rose by 36,000, including 18,000 females and 17,000 males.
• Participation edged down to 66.8%, the employment-to-population ratio fell to 64.0%, and total hours worked fell 0.4%, reflecting fewer full-time hours.
• Underemployment eased to 5.7%.

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Regulatory Update

• APRA has announced Deputy Chair Margaret Cole’s decision to conclude her term on 30 June 2026, with the Treasurer to begin advertising for her successor. Chair John Lonsdale praised Ms Cole’s significant contributions since 2021, including her leadership on superannuation reforms, enforcement, and regulatory efficiency.
• As part of National Child Protection Week, AUSTRAC is continuing to urge financial services providers to look out for child exploitation transactions, reminding providers of the critical role they place in detecting exploitation for financial gain.
• The Australian Climate Service has released their inaugural National Climate Risk Assessment, which projects disaster costs of $40.3b annually by 2050 and $611b in lost property value, with over 1.5m Australians living in high-risk coastal zones, raising urgent challenges for housing, insurability, and disaster-response readiness.
• APRA has released a response to the consultation on a set of minor proposals for instruments relating to section 66 of the Banking Act 1959, pertaining to s66 exemption and determination instruments that are due to sunset later this year or that require updating to reflect current practice.

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Coming up next week:

• Data:
  • 24/09: Monthly Consumer Price Indicator (ABS)
  • 25/09: Job Vacancies, Australia (ABS)
  • 25/09: Australian National Accounts: Finance and Wealth (ABS)

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Upcoming Submissions:

Published submissions

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Events

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Selected Media

• AFR – The RBA is coming for your Qantas points. Who’s going to pay?
• AFR – Bank industry boss Birmingham ramps up fight with RBA over card fees
• Sky News – Australian Banking Association boss Simon Birmingham sounds alarm about scam protection under RBA’s surcharge proposal
• AFR – Jobs market sheds 5400 workers, raising possibility of rate cut
• Yahoo Finance – RBA update on the future of cash in Australia as users of physical currency declines

Warm regards,
The ABA Team

Weekly Update