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Briefing

Australia: Finance and Banking

Appears in: Asia/Pacific, Finance and Banking, Australia, Pacific, Banks, Nonbank Intermediaries, Real Estate and Mortgage Finance, Securitization and Structured Finance

Critical Issues

Background:

Australia has one of the most restrictive financial regulatory regimes among the advanced industrial economies but there is room for improvement nonetheless. Australia's Big Four banks are among the last 12 banks in the world with such a high credit rating of AA1. However, Moody's issued a warning on three of them on March 2, 2009. Moreover, the need for Australian monetary and fiscal authorities to apply emergency measures to provide liquidity to the financial sector revealed its vulnerabilities, particularly banks' reliance on overseas funding and the instability of corporate bond market funding. With corporate bond issuance drying up in Australia, firms have looked to the banks for funding.

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