Original article by Joyce Moullakis
The Australian – Page: 15 & 23 : 22-Mar-23

Former federal treasurer Wayne Swan says the recent spate of bank failures is in some ways similar to the global financial crisis, although he stresses that the factors at play in 2023 are different to those of 2008-09. Swan notes that Australia now has some buffers in place that were not present during the GFC, while enforcement and regulatory arrangements have been improved since then. The bank deposit guarantee is amongst the measures that were introduced in response to the GFC; Swan contends that the latest turmoil in the global banking sector means that it would be appropriate for the federal government and regulators to consider increasing the $250,000 threshold.

CORPORATES