Australian Banks Urged to Continue Supporting Households and Businesses as Relief Measures Are Reviewed

SYDNEY, AUSTRALIA - MARCH 19: Governor of the Reserve Bank of Australia, Philip Lowe, makes a speech on March 19, 2020 in Sydney, Australia. Brendon Thorne/Getty Images

Australia’s top financial regulators have urged banks to tap into their capital buffers to continue supporting households and businesses as preparations are made to unwind relief measures over the coming months.

The Council of Financial Regulators (CFR) quarterly meeting held on June 19, while expressing cautious optimism, noted uncertainties surrounding the economic recovery, coupled with long-lasting effects from the COVID-19 pandemic.