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. **[Ends]**