BUDGET 2004-5
Sydney, 11 May, 2004: The Australian Bankers’ Association (ABA) welcomes the key initiatives contained in the Budget 2004-5 to boost retirement incomes, funding for protection of Australia’s critical infrastructure and continuing drought assistance.
Boosting retirement savings
The banking industry has welcomed the enhancement of the superannuation co-contribution scheme and the reduction of the superannuation surcharge.
David Bell, Chief Executive of the ABA, said the Federal Government has introduced strong measures to assist the challenges of an ageing population.
Critical infrastructure protection
The ABA welcomes the funding of $50.2 million over four years for protection of Australia’s critical infrastructure, of which the financial system is a key component.
The banking industry will continue to work with the Federal Government on the nation’s approach to critical infrastructure protection.
The Banking and Finance Infrastructure Assurance Advisory Group (IAAG) is chaired by the ABA and participates in the Federal Government’s Trusted Information Sharing Network (TISN). Other important sectors such as transport, health, energy and utilities participate in the TISN. The ABA also represents the Banking and Finance IAAG on the Government’s Critical Infrastructure Advisory Council (CIAC).
Mr Bell said: “The funding is important because the Australian community and economy are reliant on the provision of robust and resilient infrastructure, such as the financial system. The private sector owns most of the critical infrastructure and has the primary responsibility for security of those assets.”
“In order to make informed decisions as to the level of investment in risk mitigation, the private sector requires current and relevant information on generic threats and vulnerabilities in their own industry segments and an understanding of the risks posed to them by their dependence on other critical infrastructure.”
Drought assistance
The ABA welcomes the funding of $73 million in this budget for direct assistance to farmers in drought affected areas.
For further information:
Heather Wellard
ABA Public Relations
Phone: 02 8298 0411
Mobile: 0409 830 439
ENDS |