International Monetary Fund
The International Monetary Fund's (IMF) Financial Sector Assessment Program (FSAP) evaluates the strength of a country's financial system and regulatory architecture. As a country deemed by the IMF to have a systemically important financial system, Australia has committed to undergo an FSAP every five years. Australia's third FSAP was published in February 2019, followings its first and second in 2006 and 2012 respectively.
The findings of the 2019 FSAP for Australia are outlined in the Financial System Stability Assessment, which is supported by a number of technical notes and a report on the observance of standards and codes.
- Bank Resolution and Crisis Management – Technical Note
- Insurance Sector: Regulation and Supervision – Technical Note
- Systemic Risk Oversight and Macroprudential Policy – Technical Note
- Stress Testing the Banking Sector and Systemic Risk Analysis – Technical Note
- Supervision, Oversight and Resolution Planning of Financial Market Infrastructures – Technical Note
- Basel Core Principles For Effective Banking Supervision – Detailed Assessment of Observance
The findings of the 2012 FSAP for Australia are outlined in the Financial System Stability Assessment, which is supported by a number of technical notes and reports on the observance of standards and codes for banking, insurance and securities regulation.
- Addressing Systemic Risk Through Higher Loss Absorbancy – Technical Note
- Financial Safety Net and Crisis Management Framework – Technical Note
- Report on the Observance of Standards and Codes (ROSC) – Summary Assessments
- Basel Core Principles for Effective Banking Supervision – Detailed Assessment of Observance
- Insurance Core Principles – Detailed Assessment of Observance
- IOSCO Objectives and Principles of Securities Regulation – Detailed Assessment of Implementation
The findings of the 2006 FSAP for Australia are outlined in the Financial System Stability Assessment, which is supported by a detailed assessment of observance of standards and codes.
In 2006, APRA prepared two background papers for the FSAP on banking and insurance.
- APRA Assessment Against the Basel Core Principles for Effective Banking Supervision
- APRA Assessment Against the IAIS Insurance Core Principles
Financial Stability Board
The Financial Stability Board (FSB) routinely monitors its members' implementation of the G20 FSB recommendations on international financial reforms.
The FSB member jurisdictions have committed to undergo periodic peer reviews focused on the implementation of financial sector standards and policies agreed within the FSB, as well as their effectiveness in achieving the desired outcomes. As part of this commitment, Australia volunteered to undertake a country peer review in 2011.