Australian Banking Association (Banking Code of Practice)

On 31 October 2024, the Australian Banking Association Ltd (ABA) lodged an application, on behalf of its member banks and future retail member banks, to revoke authorisation AA1000441 and substitute authorisation AA1000683 for conduct set out in the ABA’s revised Banking Code of Practice.

The ABA seeks authorisation to allow its member banks to agree to:

1. set minimum criteria for eligibility for a basic account
2. mandate the minimum features of a basic account where a member bank elects to offer a basic account (such as no account-keeping fees)
3. stipulate certain special features of basic accounts, low fee and no fee accounts for eligible customers (such as no informal overdrafts) and
4. suspend default interest charges for farmers who have been provided with a loan for the purposes of a farming operation during any period that the land used for that operation is in drought or subject to a natural disaster.

The ABA submits that the proposed conduct is substantially the same as the authorised conduct under AA1000441, except that the ABA proposes modifications to the conditions of authorisation. Authorisation is sought for 10 years.

The ABA requested interim authorisation to enable participants to engage in the proposed conduct following the expiration of the authorised conduct under AA1000441 on 12 December 2024 while the substantive application for authorisation is being assessed by the ACCC.

On 4 December 2024, the ACCC granted interim authorisation with conditions. 

On 28 March 2025, the ACCC issued a draft determination proposing to grant authorisation with conditions for 5 years. A copy of the draft determination is available by following the link below.

On 29 July 2025, the Australian Securities and Investments Commission (ASIC) released Better and beyond: Expanding better banking outcomes to more low-income Australians. On 18 September 2025, the Banking Code Compliance Committee released Back to Basics – Supporting access to inclusive banking. The ACCC is considering these reports and further submissions received from the ABA and interested parties as part of its assessment and preparation of the final determination on this application.

An indicative timetable for the ACCC’s assessment is set out below.