Weekly Update: 7 February 2025

Highlights this week:

1. ABA CEO Anna Bligh announced her retirement from the ABA, saying banks have an enormous impact on the economy and people’s lives, and she’s relished the chance to play a part in improving the banking system and making a difference.
2. The Scams Protection Framework Bill passed the House of Representatives, with two amendments from Zali Steggall. Speeches on the bill from MPs are listed here.
3. The ABA distributed a media release urging the Parliament to modernise the payment system regulation to ensure the framework remains fit-for-purpose as digital payments continue to skyrocket.

Quote of the week:
“Across the sector, Australia’s banks are playing a leadership role in building the digital economy, tackling scams and financial fraud, supporting customers experiencing vulnerability and financial stress, including those experiencing domestic violence and elder abuse.”

– ABA CEO Anna Bligh. Media Release announcing retirement, 3 February 2025.

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Media & Communications Update:

The ABA distributed a media release urging customers in North Queensland affected by the floods to reach out to their bank if they are in need of financial assistance.

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Parliamentary Update:

Payments System Regulation Act (PSRA) reforms remain in the Senate, and are listed on the Government’s draft legislative program for next Thursday 13 February.

Assistant Treasurer Stephen Jones released a further exposure draft of regulations governing Australia’s Buy Now, Pay Later (BNPL) sector for technical consultation.

The Prime Minister announced that the federal government was activating additional financial support for communities directly affected by the recent floods in North Queensland through the Australian Government Disaster RecoveryPayment (AGDRP).

The Treasurer held a press conference on the Queensland Floods, US tariff policy and deregulation calls.

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Policy Update:

The ABA participated in an RBA convened meeting on cash distribution.

The ABA Policy team attended:

• NSW Land Registry Forum with the Office of the Register General.
• Tasmania eConveyancing Mortgagee Working Group.

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Economic Update:

The ABS released the December 2024 retail trade data on Monday, which highlighted a fall of 0.1% month-on-month and a rise of 4.6% compared to December 2023. This is slightly higher than the long-term average pre-COVID of 3.4% annual growth in retail trade.

The ABS releases chain volume measures to try and account for demand vs cost changes in the retail trade value. The chain volume estimate rose 1.0% in the December quarter illustrating growth in value slightly above inflation.

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Coming up next week:

Data:

• 10/02 – Building Approvals
• 10/02 – Monthly Business Turnover

Parliament:

• Both House and Senate are sitting.
• PSRA reforms listed for debate on Thursday 13-Feb.

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Upcoming Submissions:

Published submissions

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Upcoming Events:

ABA & Circle Economic Forecast 2025

Date: February 20, 2025

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Selected Media:

• The Mandarin – Bank lobbyists want Apple peeled for wallet fees
• 7 News – SMS and call spoofing and deepfakes: Cyber experts sound alarm over sophisticated scams and offer tips on how to not be tricked
• AFR – Bank of England cuts key UK interest rate to 4.5pc
• SMH – Rate cuts are onthe horizon. Will it spell gloom for big banks?
• The Australian – ABA chief Anna Bligh to step down, credits banks with restoring trust

Warm regards,
The ABA Team

Anna BlighWeekly Update