25 February 2022
Increasing the macroprudential policy options available to APRA and transparency regarding when and how they may be used, should assist with enhancing the financial stability and resilience of the Australian economy. The ABA is supportive of these measures which offer a useful complement to the resilience provided by Australia’s well capitalised and well managed banks.
In developing and implementing market interventions, such as macroprudential policies, it is vitally important that unintended consequences, regulatory burden and competition distortions are minimised. As such, and considering the system wide consequences of macroprudential interventions, the ABA strongly recommends APRA incorporates and imbeds processes to ensure early and close engagement with the banking industry before any macroprudential policies are implemented.
Additional recommendations and points for clarification are included in the ABA’s submission to APRA.
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The ABA strongly supports extension of the exemption for a period of a further two years to 3 October 2026 and requests the Treasury explore making the exemption permanent to ensure certainty and reduce regulatory restrictions and barriers for small businesses seeking access to credit.
Banks play an active role to support customers during natural disasters. ABA’s submission is made in two parts, first, outlining banks’ active support of customers during natural disasters and second, responding to the questions in respect to impacts of insurance unaffordability put to the ABA.
Banks continue to strongly support measures to allow companies and registered schemes to fulfil their legal obligations to hold meetings and execute documents using electronic means under the Corporations Act 2001 (Cth). The ABA makes four key recommendations, including providing optionality for companies to host AGMs in either hybrid or wholly online formats; amendments to… Read more »