Treasurer summons financial regulators to talk system resilience
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The news: Treasurer Jim Chalmers convened a special meeting of the Council of Financial Regulators to discuss the potential risks to Australia’s financial system flowing from the US-Israel war with Iran. He raised the government’s actions to mitigate fuel supply concerns.
The context: The council includes Treasury Secretary Jenny Wilkinson, representatives from the Reserve Bank of Australia, corporate regulator ASIC and prudential regulator APRA on the government’s efforts to mitigate disruptions to fuel supply.
The head of the ACCC and assistant treasurer Daniel Mulino were also in attendance.
Chalmers said “the clear message from regulators today” is that Australia has a “strong and resilient financial system that is well placed to confront global instability”. This is in line with the findings of the RBA’s latest financial stability review released on Thursday. The quarterly statement by the Council of Financial Regulators is due to be released next week.
Chalmers also highlighted the appointment of a Fuel Supply Taskforce Coordinator “to work with the states and territories to get fuel to where it’s needed”, the release of up to 762 million litres of petrol and diesel from domestic reserves and ACCC investigations into potential anticompetitive behaviour among fuel providers, at the meeting.
Chalmers also said he engaged with New Zealand’s Finance Minister Nicola Willis on the Australian government’s plans.
The source: Jim Chalmers media release
