There are new economic challenges in light of the Coronavirus. As the share markets have plummeted, many people are living in fear of economic disaster. However, the Council of Financial Regulators released a statement on 23rd March 2020 to reassure Australian citizens that Australia is resilient and will get through this. The Council of Financial Regulators is the coordinating body for the main financial regulatory agencies in Australia. This is made up of four member. Firstly, it includes the Australian Prudential Regulation Authority (APRA). Secondly, it includes the Australian Securities and Investments Commission (ASIC). It also includes the Australian Treasury and the Reserve Bank of Australia (RBA).
Well, the statement says that “Council members, the Government and the banking sector have been cooperating extensively on measures to address the impact of COVID-19 on the economy.”
The quarterly meeting statement aimed to reassure consumers and businesses, adding “that credit is available to households and businesses.”
The statement also said that council members and AFCA representatives met with major lenders “to discuss further ways in which the banking sector could support continued flow of credit to the economy.”
They suggested that in light of COVID-19, the Australian financial system will be able to deal with it.
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