CANBERRA, ACT, Oct. 23 -- The Treasurer of Australia issued the following media release:
Today we are opening consultation on the next phase of our deregulation agenda to boost productivity and competition in the financial sector.
We are cutting red tape across the financial services industry by $780million a year which is good for customers and good for the economy.
These reforms will make it easier for mid‑sized banks to compete and streamline reporting requirements for smaller banks to make the sector more efficient and dynamic.
These reforms will:
* increase the cap on banks' covered bond issuance to support access to stable and cost‑effective sources of funding;* align Financial Accountability Regime (FAR) reporting re...