Five years after the final Hayne royal commission report, the banking industry gathered for the 10th edition of The Australian Financial Review Banking Summit to ask a question likely to carry well into the next decade.
When top bankers are saying that responsible lending laws make Australia one of the hardest places in the world to get a credit card, the danger becomes that “banking is for the affluent”, as one put it. Last year, the Australian Prudential Regulation Authority stress tested the heavily mortgage-dependent against a collapse in jobs and house prices and found the banks pulled through intact and able to finance a recovery. APRA chairman John Lonsdale told the Summit that in 2025 the authority will widen its stress testing to find any “blind spots” for banking regulation in the wider economy or overseas, where danger could spill into the finance sector and trigger a greater crisis.
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Source: FinancialReview - 🏆 2. / 90 Read more »