Katy Gallagher (ACT, Australian Labor Party, Minister for the Public Service) Share this | Hansard source

I welcome the opportunity to talk to the Senate about the strength of our banking system, because I think it is important to reassure Australians that we have a very strong, well-regulated, well-led, well-capitalised banking system with good liquidity. I think that should provide reassurance to the Australian people about the system that we have in place. It's been strengthened considerably in the years since the GFC and since the banking royal commission. It's obviously a vital and important sector for the overall functioning of our economy.

I would also say that the Treasurer and the Assistant Treasurer meet regularly and are getting updates regularly on the global situation and on what we have been seeing happening overseas. This includes meeting with the regulators of our system to get up-to-date advice.