The Global Credit Crisis: Why Have Australian Banks Been So Remarkably Resilient?

Kim Hawtrey

Agenda - A Journal of Policy Analysis and Reform, 2009, vol. 16, issue 3, 95-112

Abstract: This paper identifies a number of key factors that explain the remarkable resilience of the Australian banking sector in the face of the Global Financial Crisis, with a view to gleaning lessons for other countries’ banking systems. It is argued that in Australia a culture of prudent lending prevails: banks are soundly capitalised, with a well-diversified and stable funding base, and with a track record of healthy profitability. The industry is independently recognised for its sound corporate governance, and official oversight of banks is diligent. Importantly, the separation of commercial banking from social-assistance policy has been maintained, unlike in the US.

Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:acb:agenda:v:16:y:2009:i:3:p:95-112

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