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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.
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