During her keynote address at the ABA Banking Conference on July 24, 2025, Ms. Gina Cass-Gottlieb, Chair of the Australian Competition and Consumer Commission (ACCC), discussed the significant challenges facing the financial system. She pointed out that ongoing technological advancements, geopolitical uncertainties, and economic pressures have contributed to a decline in public trust, as revealed by the 2025 Edelman Trust Barometer.

According to the findings, 62% of Australians feel grievances against the financial system, believing it serves only a privileged few. This erosion of trust poses a risk of disengagement and skepticism about the potential for meaningful change, with only 36% of respondents expressing optimism for future generations.

For competition law advisors, these insights underscore the necessity of addressing public trust in business practices and regulatory frameworks. Businesses are encouraged to engage with community concerns and demonstrate a commitment to transparency and accountability to maintain their social license to operate.

The ACCC is adapting to new regulatory challenges, particularly in areas like scam prevention and consumer data rights. A notable development is the establishment of the Scam Prevention Framework, which mandates businesses in vulnerable sectors, such as banking and telecommunications, to share scam intelligence to combat the rising threat of scams.

Additionally, the rollout of the Consumer Data Right (CDR) to the non-bank lending sector aims to enhance competition and innovation in consumer finance. The ACCC is overseeing changes that simplify compliance for data holders, ensuring privacy and security standards are met.

The ACCC's final report on the Digital Platform Services Inquiry highlights concerns regarding the significant market power held by Apple and Google, particularly in mobile operating systems and app distribution. This situation raises questions about anti-competitive practices that could hinder competition among payment providers.

Furthermore, the ACCC is authorizing collaborations focused on environmental sustainability, indicating a growing trend in the financial services sector. The ACCC encourages businesses to explore sustainability initiatives while utilizing its exemption processes to avoid legal repercussions.

Overall, the ACCC's proactive approach to regulation emphasizes the importance of transparency, consumer protection, and collaboration in navigating the evolving landscape of the financial sector.