Regulation

The prudential regulator said it is closely monitoring the risk posed by house prices overtaking wages growth to the financial system and financial stability.

The corporate regulator has escalated its work in monitoring cyber activity and attacks amid the rise in both cyber activity and rapid digitisation over the COVID-19 period, it said.

The prudential regulator has outlined to the Senate economics legislation committee what its role will be if and when the responsible lending laws are repealed later this year.

A banking association has alerted flood-impacted residents to be aware of scammers posing as organisations, and has suggested tips to avoid them.

APRA has stated that the federal government’s SME loan schemes can be regarded as an eligible guarantee by the government for risk-weighting purposes.

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The government has appointed a full-time APRA member to replace Geoff Summerhayes, while APRA has made changes in responsibilities for its members.

The prudential regulator has launched a consultation on its updated approach to licensing and supervising new authorised deposit-taking institutions.

APRA has closed its investigation of Westpac into possible breaches of the Banking Act 1959 in relation to allegations of breaches of anti-money laundering laws.

The Senate economics legislation committee has recommended that the bill repealing responsible lending laws be passed.