We represent our members to shape positive industry change - driving public policy debate through active engagement with all political parties,
submissions to Government and industry regulators on legislative reform, change and frameworks, and extensive stakeholder consultation via our leadership and working groups.
ECONOMIC RECOVERY CAMPAIGN
The COVID-19 pandemic has had a significant impact on the Australian economy. While the immediate and collective action of Australian Governments, businesses and citizens has resulted in Australia being in an enviable position to deal with the ongoing health and economic challenges caused by the COVID-19 pandemic, there is still a lot to do. We encourage our Government and business leaders to continue to work together on this common purpose of protecting Australians from the coronavirus and supporting Australians as we re-open and rebuild the economy. AFIA strongly supports the Government’s objectives and initiatives to deal with the immediate impact of the COVID-19 crisis on our economy by shoring up the banking system and stabilising the capital markets, all of which is aimed at promoting access to credit and competition in financial services.
AFIA advocates for measures to support our ongoing response and economic recovery which includes:
For more information on AFIA’s economic recovery campaign please see AFIA’s submissions to the Senate Inquiry into Financial Technology and Regulatory Technology, the COVID-19 Senate Inquiry and to the 2020 Federal Budget.
SMALL LENDERS CAMPAIGN
Smaller ADIs, non-bank lenders and fintech lenders (together referred to as ‘smaller lenders’) play a critical role in our economy, especially where other lenders do not have the business infrastructure, technology, risk appetite or have chosen not to serve certain parts of the economy.
As of April 2020, smaller lenders equated to around $100 billion in credit facilities and between 3 – 4 million Australian customers, both consumer and small business.
Smaller lenders are critical to ensuring the flow of credit and liquidity, especially to SMEs, and provide businesses with access to a diversified pool of working capital and the cashflow support that best match their business needs.
AFIA’s advocacy work including submissions to the Senate Inquiry into Financial Technology and Regulatory
Technology, the COVID-19 Senate Inquiry and to
the 2020 Federal Budget, we have advocated for support for smaller
lenders and fintechs particularly the establishment of a $5billion Smaller Lender and Fintech Fund. For more details of AFIA’s smaller lender campaign please our submissions to these inquiries.
BUY NOW PAY LATER CAMPAIGN
AFIA BNPL members represent over 95% of the BNPL market, include, Afterpay, Brighte, flexigroup, Klarna, Latitude, OpenPay, Payright and Zip Co. BNPL is an emerging sector providing simple and low-cost payment solutions. As a new fintech, the BNPL sector recognises the importance of establishing best practices and setting high standards, to ensure the appropriate balance between consumer outcomes and preserving customer choice to make purchases and payments in a way that suits their needs.
AFIA is supporting the BNPL sector through the establishment of a world first Buy Now Pay Later Code of Practice and has consistently advocated for the Buy Now Pay Later industry across government and regulatory stakeholders as well as through participation in the Senate Inquiry into Financial Technology.
INSURANCE PREMIUM FUNDERS CAMPAIGN
The IPF product is a simple loan that is provided predominantly to businesses from SMEs to large corporates and strata companies to fund insurance premiums and help businesses manage cashflow and working capital. AFIA has been working with its IPF members to:
ELECTRONIC TRANSACTIONS CAMPAIGN
AFIA supports digital transformation across our economy - streamlining and simplifying digital and online business transactions are integral components of a modern economy.
A coalition of associations including AFIA, the Australian Banking Association, the Business Council of Australia,
the Australian Institute of Company Directors, Council of Small Business Association, the Financial Services Council, the Real Estate Institute of NSW and the Australian Property Institute
are writing to each member of National Cabinet to make the temporary introduction of COVID-19 related measures such as electronic mortgages, witnessing a document over video call and signing
documents electronically should be made permanent. See here.
CAR RENTAL PROVIDERS CAMPAIGN
The car rental sector is paramount to both urban and regional economies, directly and indirectly through supply chains both retail and wholesale. With the impact of COVID-19 and its restrictions, the car rental sector significantly reduced the size of their fleet – which services supply chains in the travel, transport and aviation sector, and is also a key component in the automotive, agriculture, mining and resources and construction sectors.
AFIA has been advocating to both the Federal and State and Territory Governments for support and relief for the sector, including: