{
  "title": "Australia: Financial System Stability Assessment",
  "publication": "IMF Staff Country Reports, February 21, 2019",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2019/02/13/australia-financial-system-stability-assessment-46611",
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  "summary": "This paper presents Financial System Stability Assessment of Australian financial systems. The report highlights that financial supervision and systemic risk oversight have been enhanced.",
  "sections": [
    {
      "heading": "Summary findings",
      "content": "- Financial supervision and systemic risk oversight have been enhanced.\n- Authorities have taken successful policy action to calm rapid growth in riskier segments of the mortgage market.\n- Restrictions on the growth of investor loans and the share of interest-only mortgages, and the introduction of stronger lending standards, appear to have led to a slowdown in mortgage credit growth, and the housing market is now cooling.\n- Financial supervision shows generally high conformity to international best practices, although there are opportunities to close identified gaps and strengthen arrangements.\n- Greater formalization and transparency of the work of the Council of Financial Regulators would further buttress the financial stability framework."
    },
    {
      "heading": "Policy recommendations and institutional measures",
      "content": "- Bolster the independence and resourcing of the regulatory agencies by:\n  - Removing constraints on their policy making powers.\n  - Providing additional budgetary autonomy and flexibility.\n- Close identified gaps in supervisory arrangements to strengthen conformity with international best practices.\n- Formalize and increase transparency of the Council of Financial Regulators’ work to reinforce the financial stability framework."
    },
    {
      "heading": "Key statistics and publication metadata",
      "content": "- Publication date: February 21, 2019\n- Pages: 83\n- Volume: 2019\n- Issue: 054\n- Series: Country Report No. 2019/054\n- DOI: https://doi.org/10.5089/9781484398999.002\n- Stock No: 1AUSEA2019007\n- ISBN: 9781484398999\n- ISSN: 1934-7685"
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Bank credit, Banking, Credit, Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, Housing prices, Money, Mortgages, Prices, Systemic risk\n- Keywords: asset quality, bank exposure, banking sector, capital requirement, CR, Credit, financial condition, Financial sector stability, financial system, Global, housing market, Housing prices, ISCR, loan portfolio, mid-sized bank, monetary policy, resolution modality, Systemic risk\n\nInternational Monetary Fund. Monetary and Capital Markets Department \"Australia: Financial System Stability Assessment\", IMF Staff Country Reports 2019, 054 (2019), accessed 9/10/2026, https://doi.org/10.5089/9781484398999.002\n\n---\n\n Content in this bundle\n\n- Australia: Financial System Stability Assessment; IMF Country Report No. 19/54; January 18, 2019\n  - Australia: Financial System Stability Assessment; IMF Country Report No. 19/54; January 18, 2019 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Australia: Financial System Stability Assessment; IMF Country Report No. 19/54; January 18, 2019 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: February 21, 2019",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484398999.002",
    "Financial supervision and systemic risk oversight have been enhanced.",
    "Authorities have taken successful policy action to calm rapid growth in riskier segments of the mortgage market.",
    "Restrictions on the growth of investor loans and the share of interest-only mortgages, and the introduction of stronger lending standards, appear to have led to a slowdown in mortgage credit growth, and the housing market is now cooling.",
    "Financial supervision shows generally high conformity to international best practices, although there are opportunities to close identified gaps and strengthen arrangements.",
    "Greater formalization and transparency of the work of the Council of Financial Regulators would further buttress the financial stability framework.",
    "Bolster the independence and resourcing of the regulatory agencies by:",
    "Close identified gaps in supervisory arrangements to strengthen conformity with international best practices.",
    "Formalize and increase transparency of the Council of Financial Regulators’ work to reinforce the financial stability framework.",
    "Publication date: February 21, 2019",
    "Pages: 83",
    "Volume: 2019",
    "Issue: 054",
    "Series: Country Report No. 2019/054",
    "DOI: https://doi.org/10.5089/9781484398999.002",
    "Stock No: 1AUSEA2019007",
    "ISBN: 9781484398999",
    "ISSN: 1934-7685",
    "Subject: Bank credit, Banking, Credit, Financial regulation and supervision, Financial sector policy and analysis, Financial sector stability, Housing prices, Money, Mortgages, Prices, Systemic risk",
    "Keywords: asset quality, bank exposure, banking sector, capital requirement, CR, Credit, financial condition, Financial sector stability, financial system, Global, housing market, Housing prices, ISCR, loan portfolio, mid-sized bank, monetary policy, resolution modality, Systemic risk",
    "**Australia: Financial System Stability Assessment; IMF Country Report No. 19/54; January 18, 2019**"
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