The Australian Digital Finance Advisory Council (ADFSAC), an initiative of the ADC Forum, welcomes the Australian Government Response to ‘Potential Policy Responses to De-banking in Australia’. This response document represents a significant step forward in addressing the critical issue of de-banking and provides valuable guidance on potential policy measures. 

The government’s response to the Council of Financial Regulators (CFR) advice strikes a thoughtful balance between regulatory oversight and promoting innovation in the financial sector. Their approach, best described as “light touch,” demonstrates an understanding of the pivotal role that banks play in setting industry standards. We commend the government for recognising this dynamic and their commitment to introducing guidelines that enhance accountability. These proposed guidelines will foster transparency, ensuring that banks act in the best interest of their clients while considering the broader societal and economic impact of their decisions. 

Of particular significance is the inclusion of “education and outreach” as a key aspect of the response. The emphasis on education will empower individuals and new industry businesses to make informed organisational and governance decisions while fostering a better understanding of the de-banking phenomenon. By increasing awareness and knowledge, we can collectively work towards mitigating the adverse effects of de-banking and promoting a more inclusive financial system. 

ADFSAC appreciates the government’s commitment to engaging in a constructive dialogue and seeking meaningful solutions to the challenges posed by de-banking. We believe that collaboration between industry stakeholders, policymakers, and regulatory bodies is crucial to developing a robust framework that safeguards the interests of all parties involved. 

As ADFSAC, we remain committed to advocating for a sustainable and inclusive digital finance ecosystem. We applaud the government’s proactive approach to addressing de-banking and look forward to continued collaboration in implementing the proposed policy responses. By working together, we can foster an environment that encourages innovation, protects consumers, and ensures the long-term stability and growth of Australia’s financial sector. 

About the ADC Forum: ADC Forum is an independent, not–for–profit think tank organisation founded in 1996 bringing together the nation’s foremost decision-makers and thought leaders across all sectors to focus on the issues that are critical to future prosperity. 

ADFSAC Website: www.adcforum.org/about-adfsac 

MEDIA CONTACTS: 

ADFSAC Contact: Ronald M. Tucker ADC Forum Contact: Matt Faubel [email protected] [email protected] | Tel: +61 3 8689 2300