Fiona Phillips (Gilmore, Australian Labor Party) Share this | Link to this | Hansard source

My question is to the Minister for Financial Services. How is the Albanese Labor government supporting Australians and taking the fight to scammers? What has the response been?

Stephen Jones (Whitlam, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source

I thank the fabulous member for Gilmore for this question. I note the fact that she's been campaigning for over two years on this important issue. I remember attending a forum in her electorate back in 2021 where she pointed out to me that her constituents have been left to fight on their own against the scammers who are ripping off $3 billion from Australian households and small businesses. She pointed out to me back then that the Morrison government was leaving these people on their own to fight against these criminals.

Well, things have changed. Under this government, we have a comprehensive policy to take the fight to these criminals. It includes an $86 million investment to establish a new National Anti-Scam Centre. We've got the Australian Securities and Investments Commission pulling down fake investment websites. Over 2,500 fake investment websites have been pulled down because of that investment. With the great work of the Minister for Communications, we've got the Australian Communications and Media Authority putting in place a new SMS ID registry to block those annoying SMSs that are becoming a major vector for scammers.

There are early signs that it is working. I'm pleased to inform the House that the first quarterly report of the National Anti-Scam Centre was released today, and it has shown that there has been a 16 per cent decrease in overall scam losses. Investment scams, for the first time, are down by six per cent. Romance scams—there wouldn't be a member in this place who hasn't had a constituent come to them and talk to them about the horror and the heartbreak of a romance scam—are down by 28 per cent over the quarter. This is a great result. In fact, the month of September has seen the lowest monthly loss since October 2021. There is more to come, with new codes of practice to be rolled out over the year ahead.

I've been asked about the stakeholders' response. Well, it's been fantastic. On Friday I stood up with the Australian Banking Association and COBA to support a new package, a banking accord, which will put new measures in place to keep Australians' money safe. It includes confirmation of payee and a range of other measures to help bank customers keep their money safe. It is broadly supported by consumer organisations. But there is one stakeholder who is not yet on board, because in government it could not have been less interested in consumers, and it has been over seven months since it's had a shadow minister responsible for consumer affairs. They are not interested in consumers. They're not interested in taking on the scammers. We are. (Time expired)