“Artificial intelligence, the energy transition, digital infrastructure and defence capabilities are all changing the world we live in, at pace, and posing fundamental questions for our societies,” he said.

“The scale of these dynamics is immense. Spending on AI, defence and energy transition could exceed US$10 trillion globally next year.”

However, he said that investment in AI could lead to a massive boon for the economy.

Moving to the priorities needed to secure Australia’s future, Matos said improving regulatory efficiency should be a top priority, followed by enhancing sovereign payment capabilities.

The third priority, however, is ensuring that the Australian banking system is safe and able to deal with rising scams and cyber crime that have arisen as a result of the technological innovation he previously mentioned.

However, he celebrated the way that banks have adapted to the aforementioned technological growth, as well as what the government has achieved with the Scam Prevention Framework (SPF).

“In 2025 alone, Australian banks invested $2.5 billion in protecting the banking system and customers from all types of financial and cyber crime,” he said.

“Through the voluntary and industry-led Scam-Safe Accord and initiatives like Confirmation of Payee – already used more than 100 million times – banks are strengthening safeguards, improving detection and sharing intelligence more effectively.

“Policy settings are also evolving, and we welcome the government’s work on the Scams Prevention Framework.

“The framework’s success will require a clear focus on prevention, making Australia less attractive to scammers, and ensuring consistent obligations are shared across the ecosystem.

“A well-calibrated framework should close gaps and reinforce shared accountability, with a strong focus on preventing harm at its source.

“Banks stand ready to meet these and other clearly defined obligations that help protect our customers.”

Matos added that the best way to fight scammers is at the source, emphasising why a strong ecosystem is the best defence against cyber crime.

“Digital platforms should be accountable for blocking the advertising of known investment or romance scams, just as banks should be accountable for stopping payments to known scam accounts,” he said.

“The framework should avoid the mistakes of some markets overseas that focus on redistributing losses or, worse, creating incentives that encourage scammers to target Australians.“

He also emphasised that educating customers so they can protect themselves from criminals is critical, particularly as these actors will target customers directly, and only when notified in time can the bank step in and assist.

“We need a societal firewall where customers, banks, telecommunications providers, digital platforms, and other sectors each play a role in defending against scams, without creating moral hazard,” Matos said.

“While the banks have acted quickly, we must be agile to stay ahead of new threats beyond scams, which are becoming more complex.

“Cyber attacks are becoming more frequent, faster, and harder to detect, and are increasingly enabled by artificial intelligence.

“In turn, the industry is strengthening its defences and working collaboratively to keep the banking system safe.”

Matos concluded that the work it would do to empower a safe banking ecosystem would be supported by the Australian Banking Association (ABA).

ABA CEO Simon Birmingham concurred that preventing scam losses rather than recovery is the key to protecting customers.

“Scams are a global scourge that no government nor any single industry can solve alone, which is why Australia’s world-leading ecosystem approach is critical,” he said.

“The SPF builds on the strong protections Australia’s banks have already put in place through our industry’s Scam-Safe Accord, such as Confirmation of Payee and the flagging of high-risk payments.

“Stopping consumers from being exposed to scams is the best way to drive down losses and make it harder for scammers to operate in Australia.

“Banks particularly welcome obligations that close gaps in scam prevention, such as the other sectors being required to identify who their customers are, as banks are already expected to do.

“Such basic obligations could have a profound impact on ending tragic losses such as those that begin with scam investment advertisements on social media platforms.”