Australia's key financial regulators to review global banking turmoil
Australian Treasurer Jim Chalmers will convene a meeting of the country's top financial regulators to check how the latest volatility in global financial markets could affect the country, an official in the treasurer's office said on Tuesday.
Australia's Council of Financial Regulators (CFR) will meet on Thursday after Chalmers discussed the latest market turmoil in phone calls with U.S. Treasury Secretary Janet Yellen on Tuesday and European Central Bank President Christine Lagarde overnight.
The CFR is made up of the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, the Australian Treasury and the Reserve Bank of Australia.
"It's clear from my conversations that international authorities are prepared to do what's necessary to reassure markets at a time of uncertainty and volatility," Chalmers said in a statement.