ARTICLE · 30 APRIL 2012

Doing Business in Australia - Banking and Finance

DLA Piper Australia

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This article discusses aspects of the banking and financial systems in Australia necessary for foreign investors.

AustraliaFinance and Banking

REGULATORY BODIES

The Reserve Bank of Australia (RBA) is Australia's central bank. Deregulation of Australia's financial system began in the early 1980s. Prior to this, banks' activities were restricted by highly rigid legislation.

Financial markets' deregulation has included removing the barriers between classes of financial institutions and integrating Australia into world capital markets. Exchange controls were abolished and foreign banks allowed entry. Restrictions remain for institutions properly describing themselves as banks.

Since 1998, financial institutions have been supervised by the Australian Prudential Regulation Authority (APRA). This sector now includes banks, insurance companies, superannuation funds and building societies.

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