Albanese Govt fails critical test. Again.

Banks will *not* be made responsible for scams perpetrated on customers, as in the UK, offering zero disincentive to improve systems and leaving the risk and fault with often vulnerable individuals.

Instead, we have a complex system of shared responsibility and enforcement stretched across multiple industries and agencies.

It's like everything these fuckers do is deliberately convoluted, run through 20 committees and watered down to the path of least resistance.

theguardian.com/money/2024/nov…

#auspol

Banks and social media companies to be fined over scams under new Australian laws touted as ‘strongest in world’

Telecommunications companies, social media and banks could face penalties of up to $50m

^{Catie McLeod (The Guardian)}