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Regulation of Australia's financial system

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Matthew Parsons

on 16 May 2010

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Transcript of Regulation of Australia's financial system

How is Australia's financial system regulated? Early-mid 1980s Late 1990s/2002 2008 GFC 83: Dollar floated.
Growth of NBFIs moved from bank controls to system controls.
Less control. Hawke/Keating Howard/Costello Wallis Committee.
New regulatory framework focused on all institutions not just banks. Interim short sell ban.
3 year deposit guarantee.
Agreement to national regulation of consumer credit Rudd/Swan Float Pegged to GBP Moving peg to trade weighted index Australia's financial regulation very well regarded internationally. http://www.theage.com.au/business/australia-spruiks-financial-regulation-credentials-20091013-gvcg.html The idea behind the ‘twin peaks’ model was that there would be only two financial regulators, together with the central bank, the Reserve Bank of Australia (RBA), and the competition regulator, the Australian Competition and Consumer Commission (ACCC) – one responsible for prudential regulation and the other responsible for the integrity of financial markets, largely through regulation of the participants’ conduct and the quality of their disclosure about the financial products traded on those markets.
The ‘twin peaks’ model had the advantage of creating two highly specialised agencies with clearly defined and understandable regulatory roles – in essence it created a division along functional lines. Value of $A1 in USD Source:RBA exchange rate data http://preview.bloomberg.com/video/60092072/ What's happening in the markets? http://www.guaranteescheme.gov.au/ 58M -> 60.6M Explain the RBA's role in the Australian economy. Describe the twin peaks model of Australian financial regulation. Visit the websites
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