Mo Joran. Good morning everyone, it is a great honour to be here in Nauru today to mark the official opening of the Commonwealth Bank of Australia's presence in Nauru.
Before I begin, I'd like to acknowledge the presence of:
- His Excellency President David Adeang;
- Members of the Nauruan Cabinet
- The Australian High Commissioner Mr Matthew Barclay
- China's Ambassador to Nauru, Mr Lyu Jin
- and the Executive General Manager of the Commonwealth Bank of Australia, Mr Mark Jones.
Your presence and support here today reflects our shared commitment to Nauru's economic resilience and prosperity.
This launch is more than just the opening of a bank branch – it is a milestone in our shared journey of partnership, resilience, and regional cooperation. It is a significant achievement under the Nauru–Australia Treaty, that elevates our longstanding relationship into a truly integrated partnership—one that will drive Nauru's future economic security and resilience.
This launch is a powerful symbol of Australia's enduring commitment. The Australian Government is deeply aware, as is everyone in the room, of the impacts that losing banking access would have on the people of Nauru.
Australia is proud to be Nauru's primary partner in security, development, and economic cooperation. The scale and quality of our assistance reflects our deep commitment to the wellbeing of the Nauruan people and to the prosperity of our Pacific family.
But this work is not just about banking — it's about building a safer, more stable, and more prosperous region. It's about ensuring that Nauruan and other Pacific workers in Australia can send money home to support their families.
It's about enabling governments and businesses to trade, invest, and grow.
And it's about protecting our region from economic volatility.
I want to thank the Government of Nauru for its strong support and collaboration in making the Commonwealth Bank of Australia's presence possible. Your leadership and direction have been instrumental in ensuring Nauruans have continuity and confidence in banking services.
I would like to express my appreciation to the Commonwealth Bank of Australia for your commitment to establishing banking services in Nauru. You are making a significant, meaningful investment in Nauru's future. Your decision to step forward at a critical time reflects not only your leadership in financial services, but also your dedication to supporting economic resilience and inclusion in the Pacific. We are proud to stand alongside you today.
The establishment of CBA's operations here is a direct response to a challenge that has affected many Pacific island countries: the withdrawal of banking services and the decline of correspondent banking relationships. This threatens access to cross-border payments, remittances, and the global financial system—services that are vital for economic development, trade, essential services, and the livelihoods of Pacific communities.
We are determined to reverse that trend. The Australian Government seeks to ensure that the Pacific remains connected to the global financial system. We are working with Australian banks, the World Bank, and the Asian Development Bank to strengthen financial inclusion, build digital identity infrastructure, and enhance compliance with anti-money laundering and counter-terrorism financing standards.
Over the last two years we have committed $10.7 million to improve the Pacific banking environment, including funding for digital identity systems, and electronic 'know your customer' infrastructure.
Australia is also pleased to acknowledge Nauru's commitment to strengthening its anti-money laundering and counter-terrorism financing standards. Compliance with these global standards is essential to maintain access to banking. All Pacific countries, including Australia, are judged by these standards.
And we need to work collaboratively to build these systems.
A good example of regional cooperation is the Australian Government's co-sponsorship of the Nauru Financial Intelligence Unit, alongside the Cook Islands' FIU, in gaining membership of the international Egmont Group. The Egmont Group is a vital global forum that enhances these money laundering and terror financing standards and improves financial intelligence sharing across jurisdictions.
Membership will help build Nauru's financial reputation as a secure, transparent and trusted partner. We will continue to support this work through the Pacific partnerships maintained by Australia's AUSTRAC.
Australia's support to the Pacific is comprehensive and growing.
We are investing in digital infrastructure, including undersea telecommunications cables for every Pacific Islands Forum country by the end of 2025, including Nauru.
Just last week, there was a celebration for the landing of the East Micronesia Cable here just last week.
Our development cooperation is matched by our security partnerships. We've signed landmark treaties, supported disaster response efforts, and strengthened policing and defence cooperation across the region. We are also investing in people-to-people links—from sport to education to migration pathways—because we know that strong relationships are built on shared experiences and mutual respect.
And I am really looking forward to meeting the local kids at the AusKick clinic later in my visit for a bit of a kick and a footy match.
Australia is committed to being a partner of choice for the Pacific.
We are listening to our neighbours
We are responding to their priorities.
And we are working together to build a region that is resilient, inclusive, and secure.
Together, we are delivering to each other as partners.
Which is what our Treaty was based on.
And together, we are building a region that is safer, more connected and prosperous for the future.
Thank you. Tarawong, and until next time.