Tasked with maintaining the stability of banking and superannuation, APRA has failed, leading to a dangerously unstable situation in the house market
However, in its recently released Corporate Plan, APRA makes it clear what it sees as its real purpose:
- preserving the financial and operational resilience of Australia’s banks, insurers and superannuation funds;
- building on momentum to modernise the prudential architecture to ensure it remains fit for purpose both now and in the future; and
- better enabling data-driven decision-making by APRA’s stakeholders.
Nary a mention of those pesky depositors, policyholders or superannuation fund members there …Michael West Media – investigative journalists – always independent