By Robert Carry
Measures aimed at tightening lending restrictions on banks planed by the international community could damage Australia's economic recovery should they be implemented here, Commonwealth Bank's chairman John Schubert has said.
Schubert described Australia's liquidity requirements as "already conservative" adding that further tightening could push up prices for consumers.
"It's important that we do not follow a global 'one-size-fits-all' approach to the regulation of Australian financial services organisation which, unlike their global peers, have not failed," he said at the firm's annual general meeting.
Schubert's comments were re-iterated by company chief executive Ralph Norris. He pointed out, "It's important we make regulation not on the hoof... I think we need to be very careful that we don't end up with unintended consequences, which could be that the cost of credit increases and the amount of credit available decreases."
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
tweed heads south
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out