Global regulation may stifle Australian economic growth
Australian financial institutions are concerned that the country’s stated aim to comply with a raft of new global banking regulations could stifle economic growth and create a series of unexpected and unpleasant consequences. Have they got a point? Wietske Blees reports
Australia’s banks may have made it through the crisis in ship-shape condition, but that does not deliver immunity from regulatory reforms. As the world moves towards regulatory convergence, questions are being raised about the extent of change in regulation that is necessary in the country, and if regulations that are designed with the US and European industry and experience in mind, will work efficiently in Australia.
“While Australia’s banks and financial system managed the stresses of the
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