COVID-19: The latest information on Coronavirus

COVID-19: Statement from Council of Financial Regulators

As the independent voice of older Australians, we are committed to providing factual and timely information for our members and their communities during this difficult time.

In the wake of the turmoil on the share markets, financial regulators have issued this joint statement to reassure the public the Australian financial system is well equipped to deal with the current challenges posed by the COVID-19 virus.

The statement assures investors and consumers that governments and regulators are working together to ensure “Australia’s financial markets continue to operate effectively and that credit is available to households and businesses.”

“Australia's financial system is resilient, and it is well placed to deal with the effects of COVID-19," the statement says.

"The banking system is well capitalised and is in a strong liquidity position. Substantial financial buffers are available to be drawn down if required to support the economy.”

The Council says the Reserve Bank of Australia is also working with the banking industry and authorities to support “the liquidity of the system.”

“The funding position of the banking system is strong. Australia's financial institutions, market participants and market infrastructure providers have undertaken substantial investments in their operational capability to deal with the effects of the virus,” it says.

“Given the disruption being caused by COVID-19, Council members are examining how the timing of regulatory initiatives might be adjusted to allow financial institutions to concentrate on their businesses and assist their customers.”

The Council says it will meet lenders later this week to work out the best way to support households and businesses.

Read full statement here.

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