Skip links

The Banking Code Review

The Final Report of the 2021 independent review is now available.

The Banking Code is a set of enforceable standards that customers, small businesses, and their guarantors can expect from Australian banks. The Code provides safeguards and protections not set out in the law. It complements the law and, in some areas, sets higher standards than the law. Clear, and easy to understand, it outlines protections for all bank customers.



About the Review

The Code is independently reviewed every three years. The 2021 independent review is being undertaken by Mr Mike Callaghan AM PSM. The review is being undertaken in consultation with consumer representatives, small business organisations and other stakeholders. The Terms of Reference outline the scope of the review. A Consultation Note outlining some of the issues that will be covered in the review and interested parties are invited to comment on these issues or any other matter they consider relevant to the review. The FINAL REPORT of the review was reported end of November 2021.

Final ReportDownload

Terms of ReferenceDownload

Consultation NoteDownload

Interim ReportDownload

Consultation Paper Business GroupsDownload

Industry Response

The ABA and its member banks will consider the report and determine their response and any next steps.  The banks are committed to meaningful change that is supported by independent advice and a transparent and public process.

They will have regard to the findings and options identified by the report in determining and implementing appropriate changes to the Code, consistent with their obligations, including under competition law.

Industry Response
Mike Callaghan AM PSM

The Reviewer

Mike Callaghan AM PSM

Mike Callaghan is chair of the Commonwealth Grants Commission and chaired the 2020 Review of the Retirement Income System. He spent 38 years in the Australian Treasury, including: Deputy Secretary Macroeconomic Group; Australia’s G20 Finance Deputy; Prime Minister’s Special Envoy International Economy; and Deputy Secretary Revenue Group.

He was an Executive Director at the IMF from 2000 to 2004 and served as Chief of Staff to the Treasurer, the Hon Peter Costello from 1999 to 2000.

Mike has chaired independent reviews for the Australian Government covering tax, insurance, and economic regulation. He has also undertaken reviews and consultancies for the IMF and World Bank and served as the independent chair for two replenishments of the ADB’s Asian Development Fund.

From 2018 to 2020 he was Chair on the Aged Care Financing Authority, and from 2012 to 2014, Mike was Director of the G20 Studies Centre at the Lowy Institute. He was on the Board of the Australian Reinsurance Pool Corporation from 2017 to 2019.

Mike has economic and law degrees from ANU, is a graduate of the Royal College of Defence Studies in London, and a graduate from the Australian Institute of Company Directors.

Supported by an Advisory Panel

Mike will be assisted by a Customer Advisory Panel who will be consulted at the reviewer’s discretion. The panel will include two consumer representatives and one small business representative. The ABA will seek the input of the Consumer Federation of Australia (CFA) and the Australian Small Business and Family Enterprise Ombudsman (ASBFEO) to appoint the members of this panel.

Make a Submission

If you have any questions about the review, please contact:


    Submissions can be:

    Emailed to:

    Posted to: 2021 Code Review, c’o PO Box H218, Australia Square, NSW, 1215

    Uploaded: Upload your submission as a PDF below

    ABA Interim Report

    Interim Report Submission: Australian Banking Association

    BCCC Interim Report

    Interim Report Submission: Banking Code Compliance Commission

    CAFBA Interim Report

    Interim Report Submission: CAFBA

    SWLRV Interim Report

    Interim Report Submission: Sex Work Law Reform Victoria

    TSBC Interim Report

    Interim Report Submission: Tasmanian Small Business Council

    Vision Australia Interim Report

    Interim Report Submission: Vision Australia

    FINSIA Interim Report

    Interim Report Submission: FINSIA

    Joint Consumer Interim Report

    Interim Report Submission: Joint Consumer Groups

    NSC Interim Report

    Interim Report Submission: National Shooting Council

    COSBOA Interim Report

    Interim Report Submission: COSBOA


    Submission: Australian Banking Association


    Submission: Indigenous Consumer Assistance Network

    Law Council of Australia

    Submission: Law Council of Australia

    CPA Australia

    Submission: CPA Australia

    Legal Aid NSW

    Submission: Legal Aid NSW


    Submission: National Shooting Council


    Submission: Banking Code Compliance Committee

    Consumer Groups

    Submission: Consumer Groups Joint Submission


    Submission: Financial Services Institute of Australasia


    Submission: Australian Small Business and Family Enterprise Ombudsman


    Submission: Australian Payments Network


    Submission: Shooting Industry Foundation Australia


    Submission: WEstjustice

    Chris Baulch

    Submission: Chris Baulch

    Assembly Four

    Submission: Assembly Four


    Submission: Australian Retail Credit Association

    Small Business Commissioner

    Submission: Small Business Commissioner

    Norton Rose Fulbright

    Submission: Norton Rose Fulbright Australia

    QLD Law Society

    Submission: QLD Law Society


    Submission: Dentons

    QLD Human Rights Commission

    Submission: Queensland Human Rights Commission

    Sex Work Law Reform Victoria

    Submission: Sex Work Law Reform Victoria

    Victorian Pride Lobby

    Submission: Victorian Pride Lobby


    Submission: eros: the adults only association

    Legal Aid QLD

    Submission: Legal Aid Queensland


    Submission: Queensland Adult Business Association


    Submission: Queensland Government Prostitution Licensing Authority

    Mike Shegog

    Submission: Mike Shegog

    Ross & Robyn Smith

    Submission: Ross & Robyn Smith

    Working Man

    Submission: Working Man

    Corey Purdy

    Submission: Corey Purdy

    Hailey Somerville

    Submission: Hailey Somerville


    Submission: Anonymous

    Ken Myers

    Submission: Ken Myers

    Dean Lim

    Submission: Dean Lim

    Dale Lynch

    Submission: Dale Lynch