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Australian Prudential Regulation Authority
The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the . Regulatory scope APRA was established on 1 July 1998. It oversees banks, credit unions, building societies, friendly societies, general insurance, health insurance, reinsurance, and life insurance companies, and most members of the superannuation industry. It ensures that these institutions keep their financial promises; that is, that they will remain financially sound and able to meet their obligations to depositors, fund members and policy holders. APRA currently supervises institutions holding A$8.6 trillion in assets for Australian depositors, policyholders and superannuation fund members. APRA is largely funded by levies on the financial in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statutory Authority
A statutory body or statutory authority is a body set up by law (statute) that is authorised to implement certain legislation on behalf of the relevant country or state, sometimes by being empowered or delegated to set rules (for example regulations or statutory instruments) in their field. They are typically found in countries which are governed by a British style of parliamentary democracy such as the United Kingdom and the Commonwealth countries like Australia, Canada, India and New Zealand. They are also found in Hong Kong, Israel and elsewhere. Statutory authorities may also be statutory corporations, if created as a body corporate. Australia Definitions Federal statutory authorities are established under the ''PGPA Act 2013''. "A statutory authority is a generic term for an authorisation by Parliament given to a person or group of people to exercise specific powers. A statutory authority can be established as a corporate Commonwealth entity or a non-corporate Common ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Health Insurance
Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among many individuals. By estimating the overall risk of health risk and health system expenses over the risk pool, an insurer can develop a routine finance structure, such as a monthly premium or payroll tax, to provide the money to pay for the health care benefits specified in the insurance agreement. The benefit is administered by a central organization, such as a government agency, private business, or not-for-profit entity. According to the Health Insurance Association of America, health insurance is defined as "coverage that provides for the payments of benefits as a result of sickness or injury. It includes insurance for losses from accident, medical expense, disability, or accidental death and dismemberment". A health insurance policy i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Australia Bank
National Australia Bank Limited (abbreviated NAB, branded and stylised as nab) is one of the four largest Banking in Australia, financial institutions in Australia (colloquially referred to as "Big Four (banking), The Big Four") in terms of market capitalisation, earnings and customers. NAB was ranked the world's 21st-largest bank measured by market capitalisation and 52nd-List of largest banks, largest bank in the world as measured by total assets in 2019. , NAB operated 3,500 Bank@Post locations—including 7,000+ ATMs across Australia, New Zealand, and Asia—and served 9 million customers. NAB has an "AA−" long-term issuer rating by Standard & Poor's. History 1982–1999 National Australia Bank was formed as National Commercial Banking Corporation of Australia Limited in 1982 by the merger of National Bank of Australia, National Bank of Australasia and the Commercial Banking Company of Sydney. The resulting company was subsequently renamed National Australia Bank Limite ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
HIH Insurance
HIH Insurance was Australia's second-largest insurance company before it was placed into provisional liquidation on 15 March 2001. The demise of HIH is considered to be the largest corporate collapse in Australia's history, with liquidators estimating that HIH's losses totalled up to $5.3 billion. Investigations into the cause of the collapse have led to conviction and imprisonment of a handful of members of HIH management on various charges relating to fraud. A Royal Commission was formed in the wake of the collapse. It also led to the 2002 Review of the Law of Negligence led by David Ipp and subsequent Tort reform. History In 1968, Ray Williams and Michael Payne formed M W Payne Underwriting Agency Pty Ltd, which was acquired in 1971 by British company CE Heath plc. Ray Williams was appointed to the board of CE Heath in 1980. The business operations of CE Heath were subsequently transferred to CE Heath International Holdings Limited in 1989 with CE Heath plc retaining 90% ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Securities And Investments Commission
The Australian Securities and Investments Commission (ASIC) is an independent commission of the Australian Government tasked as the national corporate regulator. ASIC's role is to regulate company and financial services and enforce laws to protect Australian consumers, investors and creditors. ASIC, which reports to the treasurer, was established on 1 July 1998 following recommendations from the Wallis Inquiry. Areas of responsibility ASIC's authority and scope are determined by the ''Australian Securities and Investments Commission Act 2001''. ASIC's areas of responsibility include: *corporate governance *financial services *securities and derivatives *insurance *consumer protection *financial literacy ASIC's consumer websitwww.moneysmart.gov.auwas launched on 15 March 2011. MoneySmart replaced ASIC's two previous consumer websites, FIDO and Understanding Money. MoneySmart aims to help people make good financial decisions by providing free, independent and unbiased inform ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Industry Superannuation
An industry superannuation fund (or, simply, 'industry fund') are Australian superannuation funds that historically were established by Australian trade unions to manage retirement savings for workers in their industry. Funds other than industry funds are referred to as ' retail funds'. Most, though not all, industry funds are member of the sector peak body Industry Super Australia. Nevertheless, all industry super funds have operation from inception through a not-for-profit, mutual fund structure. All profits from fund operations are retained by the fund membership, a fact prominent in marketing campaigns run by the peak body. Formerly, specific industry funds could only be joined and contributed to by employees working in the establishing union's corresponding industry. Following reforms, most fund memberships are not restricted in this way, instead being 'public offer funds' regulated by the Australian Prudential Regulation Authority. For circumstances relating to their ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Authorised Deposit-taking Institution
Financial institutions in Australia are only permitted to accept deposits from the public if they are authorised deposit-taking institutions (ADIs). The ADI’s authority is granted by the Australian Prudential Regulation Authority (APRA) under the ''Banking Act 1959'' (Cth). The term was adopted to formalise the right of non-bank financial institutions — such as building societies, credit unions and friendly societies — to accept such deposits. All ADIs are subject to the same prudential standards as banks but for a corporation to use word 'bank', 'building society' and 'credit union' in its name, it must meet certain requirements. The concept of an ADI replaced that of "bank" following the recommendations of the Wallis Report in March 1997. The statutory requirements of an ADI are elucidated in case ''Commissioners of the State Savings Bank of Victoria v Permewan, Wright & Co Ltd'' (1914). The case was seminal in characterising essential elements of a bank as being the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to affect monetary and other financial conditions to accomplish broader objectives like high employment and price stability (normally interpreted as a low and stable rate of inflation). Further purposes of a monetary policy may be to contribute to economic stability or to maintain predictable exchange rates with other currencies. Today most central banks in developed countries conduct their monetary policy within an inflation targeting framework, whereas the monetary policies of most developing countries' central banks target some kind of a fixed exchange rate system. A third monetary policy strategy, targeting the money supply, was widely followed during the 1980s, but has diminished in popularity since then, though it is still the official strategy in a number of emerging economies. The tools of monetary policy vary from central bank to central bank, depending on the country's stage of development, inst ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial System In Australia
The Australian financial system consists of the arrangements covering the borrowing and lending of funds and the transfer of ownership of financial claims in Australia, comprising: * authorised deposit-taking institutions (ADIs) or financial institutions, comprising banks, credit unions and building societies, * non bank financial institutions (NBFI), * insurance (life and general), * superannuation, * financial markets—debt, equity and derivative markets, and * payments systems—cash, cheques, EFTPOS, RTGS and other high-value payment systems. Financial markets The main stock exchange operators in the Australian financial market are the Australian Securities Exchange (ASX) and the smaller National Stock Exchange of Australia (NSX), both of which provide stock exchange facilities for Australian listed securities. NSX acquired the Bendigo Stock Exchange in June 2012 and merged its operations. Most foreign exchange transactions are largely free from regulation, and the Reserve ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Canberra
Canberra ( ; ) is the capital city of Australia. Founded following the Federation of Australia, federation of the colonies of Australia as the seat of government for the new nation, it is Australia's list of cities in Australia, largest inland city, and the list of cities in Australia by population, eighth-largest Australian city by population. The city is located at the northern end of the Australian Capital Territory at the northern tip of the Australian Alps, the country's highest mountain range. Canberra's estimated population was 473,855. The area chosen for the capital had been inhabited by Aboriginal Australians for up to 21,000 years, by groups including the Ngunnawal and Ngambri. history of Australia (1788–1850), European settlement commenced in the first half of the 19th century, as evidenced by surviving landmarks such as St John the Baptist Church, Reid, St John's Anglican Church and Blundells Cottage. On 1 January 1901, federation of the colonies of Australi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Wayne Swan
Wayne Maxwell Swan (born 30 June 1954) is an Australian politician serving as the 25th and current Australian Labor Party National Executive#National Presidents, National President of the Labor Party since 2018, previously serving as the 14th deputy prime minister of Australia and the Australian Labor Party#ALP Federal Deputy Parliamentary Leaders, deputy leader of the Labor Party from 2010 to 2013, and the treasurer of Australia from 2007 to 2013. Swan was first elected to the Australian House of Representatives, House of Representatives in 1993 Australian federal election, 1993 for Division of Lilley, Lilley in Queensland, although he lost this seat in 1996 Australian federal election, 1996. He regained the seat in 1998 Australian federal election, 1998 and represented it until retiring in 2019 Australian federal election, 2019. Following Labor's victory in 2007 Australian federal election, 2007, Swan was appointed Treasurer of Australia by Prime Minister Kevin Rudd. In this po ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Peter Costello
Peter Howard Costello (born 14 August 1957) is an Australian businessman, lawyer and former politician who served as the treasurer of Australia in Howard government, government of John Howard from 1996 to 2007. He is the longest-serving treasurer in Australia's history. Costello was a member of parliament (MP) of the Australian House of Representatives from 1990 to 2009, representing the Division of Higgins. He also served as the Liberal Party of Australia#Liberal federal deputy leaders, Deputy Leader of the Liberal Party from 1994 to 2007. On 18 September 2008, Costello was appointed as chairman of the World Bank's new Independent Advisory Board (IAB) to provide advice on anti-corruption measures. Costello served as Chairman of Nine Entertainment from February 2016 until June 2024. Costello is Chairman of the Board of Guardians of Australian Future Fund. Early life Costello was born on 14 August 1957 in Melbourne into a middle-class family of practising Christians. He was t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
