13 March 2023
Attributable to a spokesperson for the ABA:
“The Treasurer has indicated that the federal government is closely monitoring the situation.
The SVB case in the US has been brought about by a particular set of factors, including a high exposure to the tech industry.
Australia’s banks in contrast are strong and subject to a different set of regulatory frameworks.
ABA members are well diversified and therefore well positioned in the event that one sector experiences challenging financial circumstances.
They are well capitalised and already meet Australian Prudential Regulation Authority’s (APRA) “unquestionably strong” benchmarks. Further to this, Australian banks have this year implemented revised capital requirements, further strengthening financial resilience.”
Latest news
“This is about engaging with the entire banking ecosystem in order to ensure the accessibility of the sector’s services are best serving our diverse community now, and into the future.”
“What is underpinning this bank failure is a number of things, but not least of all, it’s a very niche bank with high exposure to one part of the economy. And that’s the part of the economy that’s been quite volatile and troubled”
This International Women’s Day, it is so important to acknowledge the change that has occurred, the women and organisations who are forging this change, and also ensure we continue strongly on this positive path