Companies

Apr 7, 2014

APRA, Treasury remain unenthused about the Murray financial inquiry

The financial services regulator APRA is unenthusiastic about the financial services inquiry, but has used it to complain about its resourcing.

Glenn Dyer — <em>Crikey</em> business and media commentator

Glenn Dyer

Crikey business and media commentator

The Australian Prudential Regulation Authority — the country’s key regulator of financial groups, such as banks, building societies, big super funds and activity such as home lending — has made an unprecedented series of criticisms of past Labor and Coalition governments over funding policies, which it warns could place the integrity of the regulation of the country’s financial system in jeopardy.

In its submission to the Financial System Inquiry, chaired by former Commonwealth Bank CEO David Murray, APRA warned that efficiency dividends, the preferred method of forcing cost cuts on the public service, “is not well-suited to an organisation such as APRA, and can constrain APRA’s strategic planning and the pursuit of its statutory objectives”. The sustained level of complaints and fears about the level of future funding and resources dominates the APRA submission. By contrast, the submissions from the Reserve Bank and Treasury do not discus resources or funding of their supervisory roles and powers.

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