Statement by the Trans-Tasman Council on Banking Supervision – December 2022
The Trans-Tasman Council on Banking Supervision (TTBC) met in Sydney on 30 November 2022 to discuss matters related to Trans-Tasman bank supervision and regulation, developments in cyber security and crypto assets, and other topics of mutual interest in the financial sector. TTBC members welcomed the opportunity to meet again in person for the first time since the pandemic.
TTBC members provided updates on recent policy announcements and significant work to be undertaken in the coming year. The meeting included discussion on economic conditions and housing markets in New Zealand and Australia, noting the challenges faced by the economies, including high inflation and rising interest rates.
The chair of the Australian Council of Financial Regulators Cyber Security Working Group and the Reserve Bank of New Zealand (RBNZ) provided an update on initiatives to improve cyber information sharing and harmonise regulation and supervision. TTBC members also discussed recent cyber security incidents and the response to these cyber security incidents.
TTBC members discussed recent developments in the crypto asset market, including the collapse of one of the largest crypto exchanges. The Australian Treasury also provided an update on planned crypto asset reforms announced by the Australian Government on 22 August 2022.
Australian and New Zealand agencies also covered the important topic of climate change. All members provided updates on their climate-related priorities and future policy development. Agencies emphasised the importance of monitoring ongoing climate change risks to the financial system.
The TTBC agreed to its work plan for 2023, which includes continued information sharing on key issues, such as economic conditions and climate risks to the financial system. TTBC members will continue to collaborate on cyber security and have committed to developing a detailed cyber workplan. This work program will complement the ongoing bilateral engagements between TTBC member agencies and enhance crisis preparedness.
The Australian Treasury chaired the Council in 2022 and will be handing over to the New Zealand Treasury to assume the chair of the Council for 2023.
About the Trans-Tasman Council on Banking Supervision
The Trans-Tasman Council on Banking Supervision (TTBC) is a working group that aims to promote the coordination of trans-Tasman bank regulation and supervision. It is jointly chaired by the Secretaries of the Australian and New Zealand Treasuries. The TTBC’s membership also includes senior officials from the Reserve Bank of Australia (RBA), the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Reserve Bank of New Zealand (RBNZ), and the New Zealand Financial Markets Authority (FMA).
The TTBC's terms of reference are available here.