World Library  
Flag as Inappropriate
Email this Article

Australian Prudential Regulation Authority

Australian Prudential Regulation Authority
Statutory authority overview
Formed 1 July 1998 (1998-07-01)
Preceding agencies
Dissolved Australian Prudential Regulation Commission
Jurisdiction Commonwealth of Australia
Headquarters Sydney, New South Wales
Employees 580
Minister responsible
Statutory authority executives
  • Wayne Byres,
  • Ian Laughlin, Deputy Chairman
  • Helen Rowell, Member
Key document
  • Australian Prudential Regulation Authority Act, 1998 (Cth)

The Australian Prudential Regulation Authority (APRA) is a statutory authority of the Australian Government and the prudential regulator of the Australian financial services industry. APRA was established on 1 July 1998 in response to the recommendations of the Wallis Inquiry. APRA's authority and scope is determined pursuant to the Australian Prudential Regulation Authority Act, 1998 (Cth).


  • Regulatory scope 1
  • History 2
  • See also 3
  • References 4
  • External links 5

Regulatory scope

APRA oversees banks, credit unions, building societies, friendly societies, general insurance and reinsurance companies, life insurance and most members of the superannuation industry. It was established on 1 July 1998. APRA is funded largely by the industries that it supervises. APRA currently supervises institutions holding A$4 trillion in assets for almost 23 million Australian depositors, policyholders and superannuation fund members.

It regulates banks, general and life insurance companies, superannuation funds, credit unions, building societies and friendly societies to ensure that these institutions keep their financial promises; that is, that they will remain financially sound and able to meet their obligations to depositors, fund members and policy holders.

The current chairman of APRA is Wayne Byres and the deputy chairman is Ian Laughlin. Helen Rowell is the third APRA member.


In June 1996, the Financial System Inquiry (known as the Wallis Inquiry) was established to examine the results of the deregulation of the Australian financial system, to examine the forces driving further change, particularly technological and recommend changes to the regulatory system to ensure an 'efficient, responsive, competitive and flexible financial system to underpin stronger economic performance, consistent with financial stability, prudence, integrity and fairness.

At the time, the regulators of the Australian financial services industry were based on the institutions and not the regulatory function. APRA's predecessor regulators were the Insurance and Superannuation Commission (ISC), the Reserve Bank of Australia and the Australian Financial Institutions Commission (AFIC).

The Wallis Inquiry recommended a new structure.[1] The Reserve Bank of Australia (RBA) was to deal with monetary policy and systemic stability with the Payments System Board considering payments systems regulation.

The Australian Prudential Regulation Commission (later to become APRA) was to deal with prudential regulation of Authorised Deposit-Taking Institutions (ADIs), life and general insurance and superannuation (including Industry superannuation).

The Corporations and Financial Services Commission (a renamed and expanded Australian Securities & Investments Commission (ASIC) ) was to deal with market integrity, consumer protection and corporations.

APRA was established on 1 July 1998 under the Australian Prudential Regulation Authority Act 1998. APRA became prominent in the collapse of HIH Insurance in 2001 and for its investigation into the National Australia Bank foreign currency deal scandal in 2004.

See also


  1. ^ Parliamentary Library

External links

  • Official site
This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.

Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.