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Senate Inquiry: International banking solutions may not work for Australia

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From The Sydney Morning Herald. 8/8/2012

 

Senators to gauge post-GFC impact on banks

A three-day Senate inquiry into the nation's banking system kicks off in Canberra on Wednesday with a focus on developments since the 2008-2009 global financial crisis (GFC).

 

Witnesses will be quizzed on a range of topics, including the impact of international regulatory changes on Australian banks since the GFC, the cost of funds for institutions, the relative share of specific banking markets, and borrowing and lending practices.

 

The Department of Treasury and the Australian Bankers' Association will be the first of more than 20 organisations to face the Senate Economics References Committee.

 

Hearings in Sydney on Thursday and Friday will take evidence from the four major retail banks and the Reserve Bank.

 

Committee chair, Liberal senator David Bushby, said there had been a lot of focus on the banks' cost of funds as their loan interest rates diverged from the central bank's official cash rate.

 

"I am keen to test the facts in that regard," Senator Bushby said in a statement.

 

"I'm also interested in examining the impact of Basel III and international regulatory developments, as they may play out in Australia, to ensure Australians don't pay the price for fixing problems Australia never had."

 

Australia's banking system was one of few among advanced economies that came out of the GFC virtually unscathed due to previously taken prudential reforms.

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