Stephen Jones 2022

NADIA MITSOPOULOS:

SARAH MACDONALD:

PATRICIA KARVELAS:

The National Anti‑Scam Centre says hundreds of Australians are losing millions of dollars to these deep fake scams each year. In January, it announced mandatory safeguards for what it says were risky AI tools in response to the rapid rise in the use of the technology. Stephen Jones is the Assistant Treasurer, and he joins us now. Welcome.

The Albanese Government is strengthening the financial system to provide victims of financial services misconduct with access to redress and compensation.

The Compensation Scheme of Last Resort (CSLR) is now beginning to process claims for compensation payments from eligible consumers.

The Albanese Government urges Australians to be vigilant to scammers targeting ATO log in details to commit tax fraud.

The ATO has received a large number of reports of scammers using fake myGov sites to steal myGov sign in details that can be used to commit tax and refund fraud in other people's names.

Today, the Albanese Government has introduced the first tranche of legislation to deliver its comprehensive package of reforms to ensure Australians have access to quality and affordable financial advice.

Today, the Assistant Treasurer has accepted the Australian Competition and Consumer Commission’s recommendation to implement a new safety standard for bicycle helmets.

STEPHEN JONES:

A new report by the Australian Competition and Consumer Commission shows the Albanese Government’s plan to crack down on scammers is working. Today, the Assistant Treasurer released the National Anti‑Scam Centre’s second quarterly report that shows scam losses in October to December 2023 have almost halved compared to the same period in 2022.

The Albanese Government is opening consultation on draft legislation to regulate Buy Now, Pay Later (BNPL) products in Australia.

The government is committed to a financial system that leads to good consumer outcomes with appropriate safeguards in place.