Australian banks still face liquidity challenges, FSB peer review finds

Sydney's business district

Australia's financial system was able to weather the global financial crisis in 2008 due to the strength of its financial institutions, its solid macroeconomic fundamentals and its sound regulatory and supervisory framework. However, the country faces a range of policy challenges, including managing the dependence of its banks on wholesale borrowing as well as the implementation of Basel III capital accord requirements, the Financial Stability Board (FSB) said in its peer review of Australia

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