Australia Pledges $6 Million Towards Improving Banking in the Pacific

The government will provide financial support to Australian banks to help stamp out financial crime and help them remain in the Pacific Islands.

People walk past a derelict building in the Chinatown district of Honiara, the Solomon Islands capital, on April 16, 2024. Saeed Khan/AFP via Getty Images

Australia’s government will provide $6.3 million (US$4.3 million) in Commonwealth funds to bolster banking infrastructure building in the Pacific amid ongoing competition with Beijing.

The move is set to be announced by Treasurer Jim Chalmers at Brisbane’s Pacific Banking Summit on July 9, where talks will focus on bank closures and shoring up financial stability in the region.