ABA chief Anna Bligh to step down, credits banks with restoring trust

Former Queensland premier Anna Bligh will step down from running Australia’s peak banking body after nearly eight years, saying the industry has restored trust in the wake of scandals.

Australian Banking Association chief executive Anna Bligh. Picture: Josh O’Reilly

Anna Bligh has warned the fight against financial scammers is not over yet, as the former Queensland premier announced she would step down from steering Australia’s peak banking body once a replacement is found.

Ms Bligh said she would leave the Australian Banking Association in mid 2025 after nearly eight years in the top job, noting the industry had restored trust in the wake of scandals.

But the former Sunshine State premier, who has steered the ABA since 2017, said more work was needed to stamp out scams and fraud which have cost Australians billions of dollars.

Ms Bligh said Australia was making progress in a war against scammers, but warned the banking sector “can’t do this alone”, calling for more work from the tech sector to stop the financial scourge.

“While scam losses are down, there is still more work to be done. We need to continue to hit the criminal gangs who orchestrate scams from all angles,” she said.

“That means more action from the digital platforms to protect Australians. Stopping users from being exposed to scams in the first place is our best form of defence.”

Ms Bligh and the banking sector has played a key role in the push for new anti-scam laws, with the Albanese government announcing plans for a series of scams codes to force the banking, telco, and social media sector to play a role in stopping scams or face penalties.

Ms Bligh said it was “completely unacceptable” that social media platforms continue to allow scams on their platforms.

The former Queensland premier, who ran the state from 2007 to 2012, joined the ABA as the banking industry faced the call for a royal commission, amid a string of scandals revealed in the media.

The sector ultimately faced a gruelling 68-day inquiry, exposing the shortcomings of major players in the industry and triggering a shake-up of the banking landscape.

Ms Bligh said the banking industry “had lost the trust of the Australian community” when she took on the top job.

But the 64-year-old said the sector has “since worked tirelessly to earn back that trust”.

“Every bank stepped up to support Australians during the Covid pandemic, deferring mortgage and loan repayments for every customer who needed it,” she said.

“Across the sector, Australia’s banks are playing a leadership role in building the digital economy, tackling scams and financial fraud, supporting customers experiencing vulnerability and financial stress, including those experiencing domestic violence and elder abuse.”

Ms Bligh said Australia’s major banks “pull some of the biggest levers in the economy and have enormous impact on people’s lives”.

“I’ve relished the chance to play a part in improving the system and making a difference,” she said.

A replacement for Ms Bligh will be announced by the ABA in the coming months, with industry figures noting the high-profile role would require someone with business and political expertise.

The ABA, which represents some of Australia’s largest lenders — including Commonwealth Bank, National Australia Bank, Westpac, ANZ and Bendigo Bank — acts as the go-between for the banking sector and the country’s political leaders.

It also co-ordinates industry campaigns, including recent efforts to preserve access to cash amid strife at Australia’s key cash distributor Armaguard.

NAB chief executive Andrew Irvine, who chairs the ABA, paid credit to Ms Bligh, noting her “significant impact”.

“The role of an industry association CEO is always a challenging one and we are certainly fortunate that Anna has invested so much time and energy for Australian financial services,” he said.

“It is clear that Anna has the respect of her stakeholders, formed strong working relationships with other peak bodies domestically and internationally.”

CBA chief executive Matt Comyn noted Ms Bligh’s leadership of the banking sector during a “period of significant scrutiny and change”.

“She has been a consistent driver of better outcomes for Australian consumers,” he said.

“We have benefited from her sound judgment, strong values and excellent communication, and she will be missed,” he said.

Treasurer Jim Chalmers said the government was “really grateful” to Ms Bligh “for always engaging with us in a considered, insightful and forthright way on all the big issues shaping the banking sector”.

ANZ chief executive Shayne Elliott said Ms Bligh had “ developed a remarkable knowledge and understanding of banking”, despite being new to the industry after a career in politics.

Originally published as ABA chief Anna Bligh to step down, credits banks with restoring trust