Financial Institutions and Banking
Australian Government Regulatory Agencies | Semi-Regulatory
Agencies | Financial
Market Facilitators | Financial Institutions | Industry Associations | Consumer Issues | Parliamentary Scrutiny
Following the recommendations of the Wallis Inquiry into Financial Reform
(March 1997), the Federal Government established a new regulatory framework.
The new structure is based on the following three independent statutory
agencies.
Reserve Bank of Australia: The
RBA is Australia's central bank. Its main responsibility is monetary
policy. Other key roles are to maintain financial system stability and
enhance the safety and efficiency of the payments system.
Australian Prudential Regulation Authority:
APRA is the prudential regulator of banks, insurance companies and superannuation
funds, credit unions, building societies and friendly societies.
Australian Securities
and Investments Commission: ASIC is the last of the three Australian
government bodies that regulate financial services. It is the single
national regulator of Australia's companies.
Australian
Accounting Standards Board: formulates standards with the aim to contribute to high-quality financial reporting.
Australian Stock Exchange: The ASX
formed on 1 April 1987, is one of the two major self-regulatory organisations
operating in the Australian financial market. It is a profit-making company
with an obligation to its shareholders, as well as to its customers.
APRA maintains a complete list of Authorised deposit-taking institutions
including:
- Australian-owned banks
- Foreign subsidiary banks
- Branches
of foreign banks
- Building societies, and
- Credit unions.
Life insurers and friendly societies also come under the scrutiny of APRA.
APRA maintains
an excellent list of industry and professional associations operating
within the finance sectors, including insurance and superannuation. The
following are examples:
CHOICE: compares financial and banking products.
Parliamentary
Joint Committee on Corporations and Financial Services
Senate
Committee on Finance and Public Administration
Senate
Committee on Economics
House of Representatives Committee on Economics
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