De-Banking Worse Under Labor

Australian innovation is being hampered by Labor’s inaction on digital asset regulation.

‘De-banking’ is a scourge which is best addressed through setting down new regulations.

In August 2022, the Treasurer, Jim Chalmers and Assistant Treasurer, Stephen Jones, received the Potential Policy Responses to De-banking in Australia from the Council of Financial Regulators.

It has taken Chalmers and Jones 10 months to tell Australians they have no plan to stop de-banking.

The only recommendation the government will adopt is to implement a voluntary monitoring scheme.

Regulating digital assets is the best way to stop de-banking. With no plan to regulate crypto and stop de-banking, Labor is making a bad situation worse.

Speaking on the Paper in October 2022, Chalmers and Jones stated:  “ The government is committed to promoting innovation and competition in the financial services sector and will continue to work with affected customers.”

Without any plan, these are empty words.

This approach is hurting Australians and only hurts our chances of becoming a global hub for digital assets.

This means higher prices, fewer new ideas and fewer jobs.