Australia’s largest banks were among financial institutions that defended their corporate tax practices in submissions to the Senate inquiry, which is currently looking into the adequacy of the country’s corporate tax laws.
Two men have been charged with defrauding Australia’s biggest banks in an alleged A$110 million home loan scam, raising questions over the internal controls of some of the country’s top lenders.
The Financial Markets Authority cited governance and culture, and issues around conflicts of interest among areas it will apply much of its regulatory effort in the medium-term.
Australia’s prudential regulator has installed new guidelines for banks’ lending to the property sector to address risks in the country’s housing market.
Australian banks may have to hold more capital to ensure it can survive future financial crises, according to the Financial System Inquiry report.
Australian Securities and Investments Commission said it aims to develop innovative, digital financial product disclosures as part of a broader program to use new media to engage investors.
Australian Securities and Investments Commission chair Greg Medcraft said the threat of cyber crime was a growing focus for regulators around the world, and it had become a "fact of life" in the financial markets that it regulates.
China has allowed Australia to clear renminbi trades in a bid to boost increased economic cooperation between the two countries.
ANZ, one of Australia’s major banks, has suspended seven traders pending completion of an investigation into potential rigging of key interbank interest rates.
Australian Securities and Investments Commission has issued guidelines aimed at making it easier for businesses to deliver financial services disclosures electronically.