According to Commonwealth Bank Chief Executive Ian Narev, “Today marks the culmination of a comprehensive process of review which began in 2013, during which industry has been closely consulted.
“The Government has highlighted that Australia’s financial system is strong, stable and well-regulated and that an efficient financial system is central to delivering prosperity.
“We agree with the FSI that Australian banks should be unquestionably strong and recognised as such. For that reason, we welcome the decision to develop a reporting template for capital that is transparent against the Basel framework. This will ensure the strong position of Australian banks can be accurately represented relative to international peers,” said Mr Narev.
Mr Narev noted that the focus on innovation in the Government’s response was of growing importance.
“Measures to support digital platforms through strengthened digital identities, innovative disclosure and simplified regulation will be vital to meeting growing demand from customers for services that are intuitive, convenient and secure. The Government’s agenda on digital transformation will help to deliver policy in this area.
“Encouraging greater innovation in financial services will support economic growth over coming years,” said Mr Narev.
Mr Narev also said an efficient and well-functioning superannuation system was vital to the prosperity of all Australians and that Commonwealth Bank looked forward to participating in the reviews and consultation the Government announced today.
Commonwealth Bank has advocated enhanced professional standards for financial advisers and welcomed the Government’s announcement of legislative amendments that achieve this end.
Commonwealth Bank looks forward to continuing to engage closely with the Government and regulators on the details of all reforms as they are implemented.