The trade association for the Australian banking industry – the Australian Banking Association (ABA) – launched a cost of living inquiry to closely examine the impact of the COVID-19 pandemic, global supply chain constraints and geopolitical tensions, among others, on Australia.
An analysis of the simultaneous rise and fall of inflation from three major traditional banks – Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank – recently proved that more than 186 banks in the US are at the same risk of death if depositors decide to withdraw. all funds. The ABA Inquiry aims to identify ways to reduce the cost of living in Australia and the Government’s fiscal policy response.
The ABA acknowledges that many Australians will struggle to adjust to the higher cost of living, but it may be easier for some, adding:
“ABA notes most customers will manage their higher living costs and mortgage commitments by changing their spending patterns, using accumulated savings for higher repayments in anticipation of higher debt levels, or remortgaging.”
One of the biggest pressures for banks is when people move from fixed rate mortgages to variable rates. However, ABA urges customers to be proactive and ensure they get the best deal for banking services.
Property rents across Australia have also seen steady increases as the market normalizes following the COVID-19 restrictions. Citizens experiencing financial difficulties can contact banks and ask for help, including fees and fee waivers, emergency credit limit increases and scheduled loan payment deferrals, to name a few.
related: National Australia Bank makes first cross-border stablecoin transaction
In addition to this effort to prevent Australians against rising fiat inflation, the Reserve Bank of Australia and the Treasury have held private meetings with executives from Coinbase, discussing the future of crypto regulation in Australia.
Consultation is open! Today we are releasing a token mapping consultation paper. This consultation is part of a multi-step reform agenda to develop appropriate regulatory settings for #crypto sector. Read the paper & post your views @ https://t.co/4W2msjhP9B @ASIC_Connect @AUSTRAC pic.twitter.com/OGHuZEGvDp
– Australian Treasury (@Treasury_AU) February 2, 2023
Cointelegraph confirmed from an RBA spokesperson that Coinbase met with the RBA’s Payments Policy and Financial Stability department in mid-March “as part of the Bank’s ongoing relationship with the industry.”