Borrow
How $800m could make banking better
The federal government’s digital business plan to drive Australia’s economic recovery “will make banking faster and easier”, according to an industry group.
How $800m could make banking better
The federal government’s digital business plan to drive Australia’s economic recovery “will make banking faster and easier”, according to an industry group.
The Australian Banking Association (ABA) has applauded the government’s plan to “enable businesses to take advantage of digital technologies to grow their businesses and create jobs”.
In a statement from Prime Minister Scott Morrison that detailed the proposals, he acknowledged that the COVID-19 pandemic had accelerated the adoption of digital technologies across Australia, which had enabled many businesses and consumers to continue to trade through the crisis.
As part of the JobMaker suite of funding, the digital business plan will see $800 million put towards various digital purposes, including acceleration of the rollout of 5G, support for small-business digital solutions, increased support of fintechs, new regulatory technology commercialisation, digital skill training, and the modernisation of business registers, among other elements.
It’s a major step forward for banking in Australia, according to the ABA, which said it will modernise the way Australians do business as well as deliver significant benefits to consumers.
From ABA chief executive Anna Bligh’s perspective, “COVID-19 has highlighted century-old regulations slowing business down”.
Ms Bligh said the proposals put forward in the digital plan “will make banking faster and easier”, with her comments coming as a number of business groups advocate for a move towards a paperless and contactless digital economy.
The statement from the ABA also applauded the revelation that consultations would take place regarding a permanent move towards electronic transactions and virtual annual general meetings, while also welcoming the associated funding for implementation and expansion of the consumer data right for open banking purposes.
About the author
About the author
Banking
ANZ cops $10m penalty for wrongful fees
The Federal Court of Australia has found that banking giant ANZ engaged in unconscionable conduct and breached its obligations as a financial services licensee. ...Read more
Banking
How sneaky fees could be costing you hundreds
As many as a quarter of Australians are being stung with unknown, unfair or incorrect banking fees, with the costs adding up during the COVID-19 pandemic, an expert has revealed. ...Read more
Banking
Westpac hit with biggest fine in corporate history
Australian banking and financial services giant Westpac has reached an agreement with AUSTRAC to pay $1.3 billion for breaching anti-money laundering and counter-terrorism financing laws. ...Read more
Banking
6 ways to know you need a new bank
Unhappy with your current bank? Here’s how to know if you need to make a change. ...Read more
Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more
Banking
‘There’s no shame in deferring payments’
Deferring mortgage repayments is “a lesser evil” than having to sell property in the current market if you can hold off, a mortgage broker has advised. ...Read more
Banking
Standing on the shoulder of giants: How Australia’s fintechs can tap into open source
Australia has developed a vibrant fintech scene, which, in one year alone, grew by a staggering 37 per cent. The surge has ushered in a new era of financial products and services, from fully online ho...Read more
Banking
Billion-dollar bank blowout for fees for no service
To date, six of Australia’s largest financial institutions have reported a need to return more than $1 billion in compensation to customers who suffered as a result of fees for no service or non-com...Read more
Banking
ANZ cops $10m penalty for wrongful fees
The Federal Court of Australia has found that banking giant ANZ engaged in unconscionable conduct and breached its obligations as a financial services licensee. ...Read more
Banking
How sneaky fees could be costing you hundreds
As many as a quarter of Australians are being stung with unknown, unfair or incorrect banking fees, with the costs adding up during the COVID-19 pandemic, an expert has revealed. ...Read more
Banking
Westpac hit with biggest fine in corporate history
Australian banking and financial services giant Westpac has reached an agreement with AUSTRAC to pay $1.3 billion for breaching anti-money laundering and counter-terrorism financing laws. ...Read more
Banking
6 ways to know you need a new bank
Unhappy with your current bank? Here’s how to know if you need to make a change. ...Read more
Banking
The banks beating the big 4 when it comes to customer satisfaction
Midsize banks are the biggest winners in a new survey of bank customer satisfaction. ...Read more
Banking
‘There’s no shame in deferring payments’
Deferring mortgage repayments is “a lesser evil” than having to sell property in the current market if you can hold off, a mortgage broker has advised. ...Read more
Banking
Standing on the shoulder of giants: How Australia’s fintechs can tap into open source
Australia has developed a vibrant fintech scene, which, in one year alone, grew by a staggering 37 per cent. The surge has ushered in a new era of financial products and services, from fully online ho...Read more
Banking
Billion-dollar bank blowout for fees for no service
To date, six of Australia’s largest financial institutions have reported a need to return more than $1 billion in compensation to customers who suffered as a result of fees for no service or non-com...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.
