Australian Securities and Investments Commission is seeking additional powers to better regulate banks, and to intervene in the sale of products that harm consumers.
Australia’s banking regulator is considering backing calls for banks to strengthen their balance sheets, saying it is also reviewing the impact bankers’ pay has on breeding work cultures that can potentially harm the stability of the country’s financial system.
The Reserve Bank of New Zealand proposes to amend existing rules by requiring all locally incorporated banks to include residential property investment mortgage loans in a specific asset sub-class, and hold appropriate regulatory capital for those loans.
The Reserve Bank of Australia has asked the Australian Securities and Investments Commission to investigate sharp movements in the Australian dollar in the minute before the March interest rates policy decision was announced on Tuesday afternoon.
Australian banks and tech companies are providing $2 million in funding to launch the country's first fintech innovation hub in Sydney this May.
Pension funds are bigger than many banks but only now are regulations catching up.
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.