Weekly Update: 2 May 2025

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Highlights this week:

• The ABA provided a statement to multiple publications following reports of banking credentials being available online, saying ‘The issue that’s been identified relates to data being accessed from individual personal devices such as phones and laptops, not from any breach of bank security systems.’

Quote of the week:
“We’ve made about $10 billion worth of commitments, four billion of those were in the Budget or the PEFO, and the other six billion have been more than offset by the Budget improvements that Katy Gallagher and I announced on the other side of the river yesterday.”

– Jim Chalmers, Treasurer. Press conference at Stones Corner, 29 April.

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Parliamentary Update:

• 7News hosted the final leaders’ debate of the election on Sunday night. A panel of undecided voters judged the debate in Albanese’s favour, with 50% backing him and 25% supporting Dutton.
• Labor released its costings, citing a $1bn improvement over PEFO, funded through $6.4bn in savings, including cuts to consultancy spending.
• The Coalition’s costings pledged a $40bn debt reduction, primarily through $10bn in cuts to climate and energy programs, and a reduction of 41,000 public service roles.

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Policy Update:

• The ABA provided a submission to the Australian Communication and Media Authority’s (ACMA) consultation on a mandatory SMS Sender ID Registry. ACMA is consulting on how to prevent scammers from using alphanumeric sender IDs to impersonate well-known brands. The ABA submission recommended further consideration of stronger onboarding checks and the need for iterative refinement of the scheme. The mandatory Sender ID Registry is due to be implemented by no later than 15 December 2025.
• Made a submission to ASIC’s consultation, Advancing Australia’s regulatory roadmap for public and private capital markets.
• Co-hosted an anti-scams workshop together with Communications Alliance exploring opportunities for cross-industry collaboration.
• Met with AUSTRAC to discuss implementation issues for the revised SWIFT address standards.
• Met with the Attorney-General’s Department to discuss a review of Australia’s Credit Reporting Framework.
• Attended an Agriculture Victoria roundtable on dry conditions in Southwest Victoria.

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Regulatory Update:

• ACCC reminded businesses to review their card surcharges and pricing information.
• Christopher Kent, Assistant Governor (Financial Markets) of the RBA, gave a speech on Australia’s External Position and the Evolution of the FX Markets at an address to the Australian Financial Markets Association/Bloomberg.

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Economic Update:

• March Quarterly CPI increased by 0.9% and 2.4% over the last 12 months, remaining flat on the previous 12 months to December 2024. The quarterly figure was slightly above market estimates and picked up from the low points in the September and December quarter.
• However, the trimmed mean inflation fell to 2.9% which is the first time the RBA’s preferred measure has been back within their range of 2-3%.

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Coming up next week:

• Politics:
  • Post-election
• Data:
  • 05/05 – Westpac Half Year Results
  • 06/05 – Monthly Household Spending Indicator
  • 06/05 – Building Approvals
  • 07/05 – NAB Half Year Results
  • 08/05 – ANZ Half Year Results

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Upcoming Submissions:

Published submissions

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Upcoming Events:

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Selected Media

• AFR – Regional bank levy still an option with Treasury seeking more data
• news.com.au – ‘Preventing phishing attacks’: Major bank’s plan to slow down cybercriminals
• AFR – The RBA’s rate cuts are coming, but hold the avalanche
• The Australian – US economy shrank in first quarter as imports surged ahead of tariffs
• AFR – The two worrying trends revealed in Australia’s AAA warning

Warm regards,
The ABA Team

Weekly Update