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Financial Regulation In Australia
Financial regulation in Australia is extensive and detailed. History In 1984 the Government of Australia established the Financial System Inquiry following a period of financial deregulation that started in the early 1970s. In 1997, leading business figure Stan Wallis produced a report of his inquiry into Australia's financial system, entitled the ''Final Report of the Financial System Inquiry'' and commonly referred to as "the Wallis report." Wallis recommended that the best structure for Australia at that time would involve two regulators: one responsible for prudential regulation of any entity that needed to be prudentially regulated; and one responsible for market and disclosure regulation of any financial products being offered to Australian consumers. Regulators Financial regulation in Australia is split mainly between the Australian Securities & Investments Commission (ASIC) and the Australian Prudential Regulatory Authority (APRA). The Australian Securities Exchange ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Government Of Australia
The Australian Government, also known as the Commonwealth Government or simply as the federal government, is the national Executive (government), executive government of Australia, a federalism, federal Parliamentary system, parliamentary constitutional monarchy. The executive consists of the Prime Minister of Australia, prime minister, Cabinet of Australia, cabinet ministers and other ministers that currently have the support of a majority of the members of the Australian House of Representatives, House of Representatives (the lower house) and also includes the Australian Government#Departments, departments and other List of Australian Government entities, executive bodies that ministers oversee. The Albanese government, current executive government consists of Anthony Albanese and other ministers of the Australian Labor Party (ALP), in office since the 2022 Australian federal election, 2022 federal election. The Prime Minister of Australia, prime minister is the Head of gove ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Department Of The Treasury (Australia)
The Department of the Treasury, also known as The Treasury, is the national treasury and financial department of the federal government of the Commonwealth of Australia. The treasury is responsible for executing economic and fiscal policy, market regulation and the delivery of the federal budget with the department overseeing 16 agencies. The Treasury is one of only two departments that have existed continuously since Federation in 1901, the other being the Department of the Attorney-General. The most senior public servant in the Treasury is the department secretary, currently Steven Kennedy who was appointed in September 2019. Ministerial responsibility for the department lies with the Treasurer, currently Jim Chalmers who took office in the Albanese government in May 2022. Other ministers in the department are Clare O'Neil, who is the Minister for Housing, Minister for Homelessness and Minister for Cities; Anne Aly, who is the Minister for Small Business; and Da ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Economy Of Australia
Australia is a Developed country, highly developed country with a mixed economy. As of 2023, Australia was the List of countries by GDP (nominal), 14th-largest national economy by nominal GDP (gross domestic product), the 19th-largest by Purchasing power parity, PPP-adjusted GDP, and was the List of countries by exports, 21st-largest goods exporter and List of countries by imports, 24th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter. It was the 103rd quarter and the 26th year since the country had a technical recession. As of June 2021, the country's GDP was estimated at $1.98 trillion. The Australian economy is dominated by its service sector, which in 2017 comprised 62.7% of the GDP and employed 78.8% of the labour force. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. Despite the recent decline in t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Banking In Australia
Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country which includes Bendigo and Adelaide Bank, Suncorp Bank, and a large number of other financial institutions, such as credit unions, building societies and mutual banks, which provide limited banking-type services and are described as authorised deposit-taking institutions (ADIs). Many large foreign banks have a presence, but few have a retail banking presence. The central bank is the Reserve Bank of Australia (RBA). The Australian government’s Financial Claims Scheme guarantees deposits up to $250,000 per account-holder per ADI in the event of the ADI failing. Banks require a bank licence under the ''Banking Act 1959''. Foreign banks require a licence to operate through a branch in Australia, as do Australian-incorporated foreign bank subsidiaries. Complying ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Australian Transaction Reports And Analysis Centre
Australian Transaction Reports and Analysis Centre (AUSTRAC) is an Australian government financial intelligence agency responsible for monitoring financial transactions to identify money laundering, organised crime, tax evasion, welfare fraud and terrorism financing. AUSTRAC was established in 1989 under the ''Financial Transaction Reports Act 1988''. It implements in Australia the recommendations of the Financial Action Task Force on Money Laundering (FATF), which Australia joined in 1990. AUSTRAC's existence was continued under the ''Anti-Money Laundering and Counter-Terrorism Financing Act 2006'' (Cth) (AML/CTF Act). The AML/CTF Act came into effect on 12 December 2006, and extended the existing monitoring regime to cover terrorism financing and designated terrorist organisations. Under Division 103 of the ''Criminal Code Act 1995'' (Cth), it is illegal to finance terrorism. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Foreign Investment Review Board
The Foreign Investment Review Board (FIRB) is a non statutory body established in 1976 to advise thTreasurerand the Australian Government The Australian Government, also known as the Commonwealth Government or simply as the federal government, is the national executive government of Australia, a federal parliamentary constitutional monarchy. The executive consists of the pr ... on Australia's Foreign Investment Policy (the Policy) and its administration. The Board’s role is strictly advisory; responsibility for making decisions regarding the Policy and foreign investment proposals ultimately rests with the Treasurer. The FIRB assesses most foreign investment proposals under the 'national interest test' and in other cases a "narrower range of factors" under the 'national security test'. The legal authority for making decisions on foreign investments in Australia rests with the Treasurer. The FIRB's functions include: *Evaluating foreign investment proposals *Pushing A ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Money Market
The money market is a component of the economy that provides short-term funds. The money market deals in short-term loans, generally for a period of a year or less. As short-term securities became a commodity, the money market became a component of the financial market for assets involved in short-term borrowing, lending, buying and selling with original maturities of one year or less. Trading in money markets is done over the counter and is wholesale. There are several money market instruments in most Western countries, including treasury bills, commercial paper, banker's acceptances, deposits, certificates of deposit, bills of exchange, repurchase agreements, federal funds, and short-lived mortgage- and asset-backed securities. The instruments bear differing maturities, currencies, credit risks, and structures. A market can be described as a money market if it is composed of highly liquid, short-term assets. Money market funds typically invest in government se ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Clearing House (finance)
A clearing house, often written as ''clearinghouse'', is a financial institution formed to facilitate the exchange (i.e., '' clearance'') of payments, securities, or derivatives transactions. The clearing house stands between two clearing firms (also known as member firms or participants). Its purpose is to reduce the risk of a member firm failing to honor its trade settlement obligations. A clearing house provides emergency lending and assists banks when they need help. Description After the legally binding agreement (i.e., ''execution'') of a trade between a buyer and a seller, the role of the clearing house is to centralize and standardize all of the steps leading up to the payment (i.e., '' settlement'') of the transaction. The purpose is to reduce the cost, settlement risk and operational risk of clearing and settling multiple transactions among multiple parties. In addition to the above services, central counterparty clearing (CCP) takes on counterparty risk by stepping ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Extraterritorial
In international law, extraterritoriality or exterritoriality is the state of being exempted from the jurisdiction of local law, usually as the result of diplomatic negotiations. Historically, this primarily applied to individuals, as jurisdiction was usually claimed on peoples rather than on lands. Extraterritoriality can also be partly applied to physical places. For example, such is the immunity granted to diplomatic missions, military bases of foreign countries, or offices of the United Nations. The three most common cases recognized today internationally relate to the persons and belongings of foreign heads of state and government, the persons and belongings of ambassadors and other diplomats, and ships in international waters. Forms In the past, pre-modern states generally claimed sovereignty over persons, creating something known as personal jurisdiction. As people move between borders, this led, in the framework of a territorial jurisdiction, to certain persons being u ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Australian Financial Services Licence
Australian Financial Services Licence (AFSL) is a legal licence provided by the Australian Securities and Investments Commission (ASIC) enabling the operation and activities of Australian financial services businesses. It is a legal requirement for any Australian financial service business to obtain an AFSL from the day business operations begin unless provided a limited licence or exemption with special provisions under section 911A(2)(l) of the Corporations Act. The AFSL is issued by ASIC under Chapter 7 (section 911A) of the Corporations Act 2001, in line with its regulatory supervision of the financial services industry. Australian Financial Service Businesses must submit an application to ASIC coupled with supporting documents to be assessed. Licensees are obligated to provide efficient, honest and fair financial services under the conditions of their AFSL and the Corporations Act 2001. Failure to follow and uphold the policies under the AFSL and the Corporations Act 200 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Financial Services Business
Finance refers to monetary resources and to the study and discipline of money, currency, assets and liabilities. As a subject of study, is a field of Business Administration wich study the planning, organizing, leading, and controlling of an organization's resources to achieve its goals. Based on the scope of financial activities in financial systems, the discipline can be divided into personal, corporate, and public finance. In these financial systems, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. Due to its wide scope, a broad range of subfields exists within finance. Asset-, money-, risk- and investment management aim to maximize value and minimize volatility. Financial analysis assesses the viability, stability, and profit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
Council Of Financial Regulators
A council is a group of people who come together to consult, deliberate, or make decisions. A council may function as a legislature, especially at a town, city or county/shire level, but most legislative bodies at the state/provincial or national level are not considered councils. At such levels, there may be no separate executive branch, and the council may effectively represent the entire government. A board of directors might also be denoted as a council. A committee might also be denoted as a council, though a committee is generally a subordinate body composed of members of a larger body, while a council may not be. Because many schools have a student council, the council is the form of governance with which many people are likely to have their first experience as electors or participants. A member of a council may be referred to as a councillor or councilperson, or by the gender-specific titles of councilman and councilwoman. In politics Notable examples of types of counc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] [Amazon] |
