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Australia s regulators are preparing to intervene in the property market as house prices explode and New Zealand mounts its own crackdown

Australia s regulators are preparing to intervene in the property market as house prices explode and New Zealand mounts its own crackdown
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Australia: Regulator introduces new initiatives to deal with evolving risks

The chairman of the Australian Prudential Regulation Authority (APRA), Mr Wayne Byres, has highlighted three important issues that are relevant and critical to the long-term strength and resilience of the financial sector. In a speech yesterday to the Committee for the Economic Development of Australia, he said that the issues are: climate-related risks; governance, culture, remuneration and accountability; and cyber security risks.. APRA is also adapting its supervision in response to evolving risks, launching a number of pilot projects to trial new ways of doing things. Climate-related risks Mr Byres indicated that while the financial sector as a whole has been increasingly alert to the potential risks of a changing climate, understanding and managing them is easier said than done given the long-term and unprecedented nature of climate risks.

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