Welcome to the latest issue of our Banking Sector Newsletter.
The Reserve Bank of Australia (RBA) has decided to increase the cash rate target by 25 basis points. It also increased the interest rate on Exchange Settlement balances from zero per cent to 25 basis points. RBA Governor, Phillip Lowe believes now is the right time to begin withdrawing the extraordinary monetary support that was put in place to help the Australian economy during the pandemic.
In other news, The Australian Prudential Regulation Authority (APRA) has published an updated set of frequently asked questions (FAQs) relating to the Financial Claims Scheme (FCS) for general insurance.View PDF