This audit would assess the effectiveness of the Australian Competition and Consumer Commission (ACCC), the Australian Prudential Regulation Authority, the Reserve Bank of Australia, the Australian Securities and Investments Commission, and the Australian Communications and Media Authority in responding to financial scams in Australia.

Scams are a growing threat to Australian consumers and businesses, with financial losses to scams reported to be at least $3.1 billion in 2022 (an 80 per cent increase on losses recorded in 2021). In 2022, 65 per cent of Australians were exposed to a scam attempt. Since 1 July 2023, the National-Anti Scam Centre has been set up in the ACCC, which aims to link government organisations and Australians. The audit would examine whether the entities properly discharged their responsibilities responding to scams and whether they effectively coordinated efforts where appropriate.