Stephen Jones 2022

This week, I will be representing the Treasurer in Cape Town at the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under South Africa’s 2025 G20 Presidency.

At the G20, Australia engages with the world’s largest economies and adds our voice to the global conversation.

The Albanese Government has legislated the world’s toughest anti‑scam laws to make Australia the hardest target for scammers.

Australians will be safer online and their money more secure as a result of the new laws.

The laws establish the Scams Prevention Framework, focused on stopping scams from reaching Australians.

Financial regulators will update their guidance to make it easier for Australians with a HELP debt to responsibly take out a mortgage and buy a home, and also unlock the construction of more units, following a request from the Albanese Government.

We’re tackling this housing challenge from every possible angle.

The Albanese government is progressing work to implement a total ban on the use of adverse genetic test results in life insurance underwriting.

Consultation is now open on the legislative design and technical details including the definition of a genetic test, enforcement of the ban, and implementation.

The Albanese Government has secured commitments from the banks to ensure banking services remain available in the regions.

Banks have a responsibility to regional communities and we’re holding them to it.

We are making sure bank branches stay open in the bush.

Introduction

I would like to acknowledge the Ngunnawal and Ngambri people as the traditional custodians of the land we are meeting on.

I pay my respects to their Elders past and present, and I acknowledge any First Nations Australians in attendance.

Thank you to Colin and the team at Conexus for the opportunity to contribute to your discussion this week.

The Albanese Government is rebuilding a strong and sustainable financial advice industry that ensures Australians can access high quality and affordable financial advice.

The advice industry was abandoned and decimated by the former Coalition government, as the number of advisers fell from 28,000 in January 2019 to less than 16,000.

The Albanese Government is taking the fight to scammers and this has driven a 33 per cent drop in scam losses in 2024. This is a complete reversal of the trend under the Coalition which oversaw losses doubling year on year.

The Government has made preventing scams a priority, with more than $168 million invested in prevention measures.

The Albanese Government has released a further exposure draft of regulations governing Australia’s Buy Now, Pay Later (BNPL) sector for technical consultation.

Today, the Government tabled in Parliament its response to the independent review of legislative amendments made in 2021 and 2022 to provide for virtual company meetings and the electronic distribution, signing and execution of company documents.

The Government has accepted or accepted in principle all recommendations of the independent panel.