Australia

Australia has a relatively informal institutional arrangement for the coordination of financial stability policy, and responsibilities and tools for safeguarding financial stability are spread across several regulators. The Council of Financial Regulators (CFR) serves as the discussion and information-sharing forum for the financial regulators on financial stability matters, but it has no powers or decision-making responsibilities. The Reserve Bank of Australia (RBA) has a mandate for overseeing financial system stability but has few policy levers, whereas the prudential toolkit is controlled by the Australian Prudential Regulation Authority (APRA), which has a statutory mandate to promote financial stability as it pursues its prudential objectives.