Bank restrictions 'could hurt recovery'

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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."

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