Ms PAYNE (Canberra) (20:14): I rise in strong support of the legislation to amend the Competition and Consumer Act through the introduction of the Scams Prevention Framework Bill 2024, a critical step forward in protecting Australians from the devastating impact of scams in our rapidly evolving digital economy. I'd like to take this opportunity to acknowledge the work of the Assistant Treasurer and Minister for Financial Services in bringing together this framework and acknowledge all the work that he's done on scams, putting this on the agenda even before we were in government and taking leadership to ensure that Australians are protected from scams. I note that this is one of many significant contributions that he's made in his 15 years in parliament. I was really sorry to hear last week that he will be leaving parliament at the next election, and I just wanted to take this opportunity to say what an inspiration he's been to me and to many, always standing up for the issues that matter most and for people that need a voice. Even when it's been difficult, he's always done that. Scams is an example of that, and this is another great piece of work that he's delivered that will make a difference to the lives of so many Australians. I just want to thank him for that.

As everyone in this chamber knows, the scourge of scams has touched the lives of far too many in our community. Every week we, as local members, hear heartbreaking stories from constituents, from people of all ages who have lost their life savings, who have had their personal information exploited or who have suffered immense emotional distress. This legislation before us today is one part of our government's strong coordinated response to this growing and ever-evolving threat.

In July this year I held a forum with the Assistant Treasurer in my electorate. Over 300 people turned up to that forum, which shows the immense interest and concern in this issue and the fact that many of those people had their own experiences. We've all experienced attempted scams—we're all familiar with the text messages, emails and phone calls that we get—but I have heard some truly heartbreaking stories from my constituents who have lost significant, life-changing amounts of money. One case—a constituent who was investing money on her mother's behalf—involved very sophisticated scams. It took many months of groundwork to get to the point of the actual scam impersonating trusted organisations.

In our forum we heard stories that made it clear that scams are not mere inconveniences. They are attacks on people's trust, financial security and digital confidence. This engagement and the insights shared confirmed to me just how urgently we must act to protect everyone from these scams, particularly those most vulnerable. As a member of the House Economics Committee I can say that this has long been a focus of questioning from members on all sides. I've had the chance to question the CEOs of the four big banks about their measures to combat scams against their customers.

This bill builds on a strong foundation of work by the Albanese government to combat scammers and protect consumers. Since coming into office, our government has taken decisive action to reverse years of rising scam losses and put the needs of Australians front and centre. The establishment of the National Anti-Scam Centre in July last year marked a turning point. The centre—a world-leading collaboration between government, law enforcement and the private sector—is equipped with cutting-edge technology to disrupt scams before they reach consumers. Already we have seen remarkable early successes. Scam losses reported to Scamwatch decreased by 60 per cent in just one week of January this year compared to the same period in 2023. Over the last year, the centre's coordinated efforts drove a significant 43 per cent reduction in scam losses for the October to December quarter, reversing a troubling trend that saw scam losses double year on year under the previous government. For the first time since 2016, scam losses have actually gone in the right direction. In 2023, Australians lost $2.74 billion to scams, down 13 per cent from $3.15 billion the previous year. There's more work to do, but this is a significant impact that our policies are already having.

Central to these efforts is the innovative work of the National Anti-Scam Centre's fusion cell initiative. By bringing together banks, telecommunications providers and digital platforms, the fusion cell has been able to intercept and disrupt scams in real time. This coordinated approach recently prevented a consumer from transferring $300,000 to a fraudulent investment scheme, demonstrating the power of collaboration to keep Australians safe. We are also implementing advanced technologies such as Call Stop to disrupt scam calls. Additionally, our intel-sharing partnership with the Australian Financial Crimes Exchange enables near-real-time data sharing, helping us rapidly identify and disrupt scam tactics.

To ensure our strategy remains comprehensive, we've invested an additional $67½ million in the 2024-25 budget to support the introduction of new industry codes. These codes will impose strict obligations on banks, telcos, social media platforms and digital messaging services to prevent, detect, disrupt, respond to and report scams. Importantly, this legislation sets out tough penalties for noncompliance, reinforcing our commitment to consumer protection.

While this progress is very welcome, we want the amount lost by Australians to scammers to be zero. It is clear that we need stronger coordinated and enforceable protections across all sectors. The Scams Prevention Framework delivers exactly that. It establishes a robust set of principles—prevention, detection, disruption, reporting and response—that regulated entities must adhere to. These principles will bring together telecommunications companies, social media platforms, banks and digital platforms to act decisively against scams. It will no longer be enough to say, 'We've done what we can.' Under this framework, all relevant entities will be held to account.

For the first time, we will see a sophisticated network for sharing and reporting actionable scam intelligence across both government and industry. This level of collaboration and information sharing will enable us to not only react to scams more effectively but also proactively disrupt scam activities before they cause harm. The penalties for non-compliance are significant, and rightly so. With fines reaching up to $50 million, there is no room for complacency. The impact of scams on Australian consumers is too severe for us to accept anything less than full accountability from those who provide the platforms, services and channels through which scammers operate. This framework ensures that consumers have clear and accessible paths to dispute resolution. By mandating internal dispute resolution schemes and establishing a single external mechanism for cross-sector investigations and redress, we are putting the needs of scam victims front and centre. This legislation is not about punishing legitimate businesses. It is about ensuring they play their role in protecting the communities they serve. By working together, we can make the digital economy a safer, more trustworthy place for all.

I'm proud to be a member of a government that takes scams seriously and is acting decisively to combat them. For a decade the former government was asleep at the wheel while the modern-day bank robbers took advantage. Our government is acting. We're acting to protect Australians, empower our communities and send a clear message to scammers: Australia is ready, resilient and united against you.

I'm aware some in the community would like to see the government take a different approach. Scams, as I have said, can have a devastating effect on individuals and families, and it is crucial that we take effective action to ensure that Australians are protected. Some in my community would like to see us go down the route of the UK model, and I understand why that model is attractive to many. However, I'm convinced it is not the best or right approach for Australia. In the UK, regulators are requiring banks to reimburse customers who have lost money to scams, even when the transaction has not been a failing on the part of that bank. Many scam victims are targeted through social media advertisements or via a telecommunications provider. To me, it would seem illogical that these businesses, who have made money transmitting the scammer's crimes, would be exempt from any liability, and that is the case in the UK.

If the government were to implement such a scheme, it also might provide an incentive for scammers to further target Australians. In the UK, that is shown in their data. In contrast, the actions of the Australian government since we came to office has seen scam losses decrease. In 2023 Australians lost $2.7 billion to scams, down from $3.1 billion in 2022. The UK regulator has now significantly scaled back their reimbursement scheme. There is, obviously, a role for the banks to play here. If there genuinely has been a failing on the part of the bank to stop a scam, in a way which they could, they should be held liable and should be required to reimburse their customer, and this is exactly what this bill implements.

I'm incredibly concerned about the attitude of some of the big banks to scam victims, from what I've heard from my constituents, as well as there having not been enough work done to shut down mule accounts as they appear. I've asked the banks about this in recent House economics hearings with their CEOs, but this bill strikes the right balance. It protects Australians. It puts obligations on the banks, on the telcos and on social media giants. It builds on the strong reforms our government has already implemented, and it goes a long way to ensuring that Australians are the hardest targets for scammers to commit their insidious crimes.

We won't stop until Australians are fully protected. To all my constituents who have spoken with me about their experiences, we are really listening to you. That is why we're taking this action and implementing this bill.