Nick Sherry (Tasmania, Australian Labor Party, Minister for Superannuation and Corporate Law) Share this | Hansard source

You should be very careful about your interjections, Senator McGauran. The Treasurer and I have been briefed by the Treasury and are in close communication with the Reserve Bank and APRA. The government is closely monitoring and is in constant contact with the regulators on these issues. Of course, the Australian economy and financial markets are not immune from these global developments. What we have learnt with respect to regulation of financial services generally is the need for single national standard regulation of financial services to maximise integrity and safety in respect of prudential regulations and supervision of financial markets. I can inform the Senate that the Australian government has acted decisively in this way. We have reached agreement with the states to transfer all of the remaining regulatory and supervision of a wide range of financial products and the delivery of those products into a single national regulatory system. (Time expired)