The Australian Banking Association welcomed comments by Australian Shadow Treasurer Tim Wilson calling for regulators, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC), to give more weight to economic growth in their decision-making, according to a Wednesday Statement.
Regulations focused on "real risks" lead to benefits flowing through to a stronger economy, the association's Chief Executive Simon Birmingham said.
It also welcomed the focus on proportionate regulation for smaller and mid-sized banks.
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