The Australian Banking Association


The Australian Banking Association Inc (ABA) seeks authorisation to implement, in the 2019 Banking Code, recommendations made in the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry relating to informal overdrafts, dishonour fees, and default interest charged on loans secured by agricultural land. In addition, the ABA seeks authorisation to prescribe certain minimum requirements relating to basic bank accounts. The ABA proposes to bring all of these amendments into effect on 1 March 2020.

The ABA has requested authorisation for a period of 10 years.

The ABA also seeks interim authorisation to enable ABA members to agree to amend the Banking Code, and to enable Member Banks to implement the Code, subject to final authorisation being granted, ahead of the 1 March 2020 commencement date.

On 11 July 2019 the ACCC granted interim authorisation to the ABA and its members to amend the Code and for individual members to implement changes in accordance with the recommendations of the Royal Commission.

The ACCC will now prepare a draft determination, planned for release in August/September.

The ACCC will progress its assessment of the application in a timely manner. An indicative timetable is set out below for your information.

22 May 2019

Lodgement of application and supporting submission.

28 May 2019

Public consultation process begins.

11 June 2019

Closing date for submissions on interim authorisation.

25 June 2019

Closing date for submissions from interested parties.

11 July 2019

Interim authorisation decision

July 2019

Applicant responds to issues raised in the public consultation process.


Draft determination.


Public consultation on draft determination including any conference if called.


Final determination.


  • The Australian Banking Association

Authorisation number(s)

  • AA1000441-1