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Financial Regulators Of Australia And All About Interest Rates

513 words - 3 pages

Reserve Bank of Australia - overall financial system stability Objectives of RBA: stability of Australia's economy (prevention of fall of a financial system that could cause a substantial reduction of economic activity), maintenance of full employment and economic prosperity/welfare of Australians Realistic focus: sustain low inflation Functions of RBA: Stability of economic system - provides guidelines for APRA to foster the financial system's stability Control of currency - controls the amount of currency printed, varying according to community demands Regulation of payments system - ensures stability/efficiency in payment methods (electronic cash, travellers' cheques, stored value cards etc.) ...view middle of the document...

lodges excess funds and obtains funds (through treasury bills) in RBA and raises short term and long term loans (pays interest on these). The RBA's assessments on the state of the economy influence the government's economic policy. Conducting the Monetary Policy - the monetary policy: when the RBA influences interest rates resulting in economic growth and activity as well as low inflation.Australian Prudential Regulation Authority - prudential supervision of banks and superannuation funds Role of APRA: to regulate financial institutions (authorised deposit-taking institutions) e.g. banks, credit unions Functions of APRA: Ensuring institutions meet their obligations A recovery role for those who don't/can'tAustralian Securities and Investments Commission - market integrity and consumer protection of the financial system Role and Functions of ASIC: To protect consumers Monitoring, investigating and prosecuting in relation to illegal acts and unethical investment products Responsible for all aspects of company formation, registration and reporting Monitors the security industry and security markets (e.g. ASX)Interest RatesTypes of rates in the short-term and long-term- Lending Rates and Borrowing Rates Lending rate: the interest rate which is charged when financial institutions make loans to borrowers. Borrowing rate: the interest rate offered to savers when financial institutions accept the savers' funds. Difference between the rates charged is the interest rate differential. Short term interest rates are the rates charged on loans with a maturity of less than a year Long term interest rates are the rates charged on loans with a maturity over a year (they are riskier and less 'liquid'

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