Date
- Build a new pillar in the banking system by supporting the mutual sector — the Australian Prudential Regulation Authority (APRA) will quickly approve over 20 mutuals to use the term ‘bank’ if they apply, and review guidelines which currently prevent other mutuals from applying.
- Put mutuals and smaller banks at the centre of the Bank on a Better Deal campaign, including introducing a new official ‘Government Protected Deposits’ symbol, and continue helping mutuals to develop a structure to raise aggregated funding.
- Confirm Financial Claims Scheme as a permanent feature of financial system — to ensure continued depositor certainty and secure this critical source of funding for smaller lenders to help them make cheaper loans.
- Introduce a third tranche of support for the residential mortgage-backed securities (RMBS) market — invest a further $4 billion in high-quality, AAA‑rated RMBS to continue supporting this vital funding market which our smaller lenders rely on heavily to put competitive pressure on the big banks, to build on the existing $16 billion investment.
- Accelerate development of bullet RMBS market for smaller lenders — accelerate design of most appropriate structure for smaller lender issuance of bullet RMBS, to strengthen and diversify their funding, as an alternative to traditional RMBS.