Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Banking survey endorses Government action on Y2K.

Download WordDownload Word




The Hon. John Moore, MP

Minister for Industry, Science & Tourism



27 April 1998


Banking Survey Endorses Government Action on Y2K


A survey by the Australian Bankers’ Association of small to medium sized companies has endorsed the Federal Government’s position on the so-called Millennium Bug computer problem.


The results, released today, indicate that although most Australian businesses surveyed are aware of the Y2K problem, more than 40% of them didn’t plan to take action against it.


According to the ABA survey, the results underline ‘the critical importance of the Federal Government-funded Y2K Industry Programme and its national marketing programme which is due to begin in May.’


The $4.35 million national television awareness campaign was announced by the Federal Government earlier this month and it will focus on small and medium sized businesses.


“The Government remains very concerned that many businesses, especially those in the categories surveyed by the ABA, are underestimating the potential seriousness of the Y2K problem,” Mr Moore said.


“The survey indicates that many businesses aren’t giving due consideration to their supply chain dependencies and that they’re ignoring the potential, indirect impact from suppliers who might also have Millennium Bug problems.”


Mr Moore said any company that ignored or delayed remedial action is at risk, until its computer systems are given the all clear.


“The Federal Government has undertaken a number of initiatives to help business tackle this inherited problem. A National Steering Committee was established to develop a national strategy to increase awareness of the Y2K problem and already we’re seeing results through the development of the publicity campaign,” Mr Moore said.


“I cannot emphasise enough the important role that Australia’s businesses and industry associations can play in encouraging their members to investigate and rectify potential Millennium Bug problems,” said Mr Moore.


“The ABA survey reinforces the messages the Government has been sending out for some time and I hope it will encourage more businesses to take positive action, now.


The Y2K or Millennium Bug problem arises in computer systems that cannot recognise dates beyond 31 December 1999.



Chris Wordsworth, Media Adviser, 02 62777580; 0419 982482

Fax: 02 62734104


Web site:


Ref : CMR1055