Mathias Cormann (WA, Liberal Party, Minister for Finance) Share this | Hansard source

It is most definitely not true that the banks are self-regulated. The banks, and indeed the financial services sector as a whole, are very heavily regulated and very heavily subject to Commonwealth regulation, which is, of course, entirely appropriate. That regulation is enforced by a series of regulatory bodies, not least of which is the Reserve Bank, not least of which is the Australian Prudential Regulation Authority and not least of which is ASIC, which you have mentioned. There is a very high level of regulation when it comes to the banking system here in Australia. That is appropriate. It is always also appropriate for us as policymakers to reflect on how that regulation can be further improved. That is a process that has been ongoing and will continue to be ongoing in the future.