Australian Securities And Investments Commission - 1690 Words

During the last decade the Australian economy has experienced continuous growth and has featured contained inflation, low unemployment and a strong and stable financial system. By 2012, Australia has experienced more than 20 years of continuous economic growth, averaging 3.5% a year. Australia was comparatively unaffected by the global financial crisis (GFC) in 2008 as the banking system remained strong and inflation was controlled to a manageable point, this event has benefited Australia as a whole allowing the country to excel further than other economies that faced the worst of the Global financial Crisis, a core reason to this resistance is the strong and well established regulatory body systems that Australia had put in place. These†¦show more content†¦These laws allow for ordinary consumers to have confidence within their financial institutions and therefore allow them to deposit and borrow money with no concern for fraud or negligence to occur, a previous Deputy prim e minister Wayne Swan states Australia s financial system has performed better than any other during the global recession and these reforms will ensure that Australia s regulatory arrangements remain among the best in the world in which he refers to the ASIC s ability to control and keep consumer confidence. Another of Australia’s crucial regulatory body systems is the Australian Prudential Regulation Authority or known to many as APRA, According to http://www.apra.gov.au/ this organisation ‘primarily supervises building societies, credit unions, banks, general insurance, life insurance companies and superannuation funds. These various institutions hold an estimated 4 trillion dollars in assets for 23 million Australian depositors, policyholders and superannuation fund members’.