Australian Prudential Regulation Authority Act 1998

The Australian Prudential Regulation Authority Act 1998 establishes the Australian Prudential Regulation Authority (APRA), which is responsible for regulating bodies in the financial sector and promoting financial system stability in Australia. The Act sets out the powers, functions, and structures of APRA, including its role in supervising banks, insurance companies, and other financial institutions.

The Act also provides for the delegation of certain powers to APRA's Chair and Deputy Chairs, as well as the appointment of permanent, temporary, and casual staff. Additionally, it outlines the responsibilities of APRA staff members, including their roles in providing advice to the Minister and cooperating with ASIC.

The legislation aims to balance the objectives of financial safety and efficiency, competition, contestability, and competitive neutrality, while also promoting financial system stability in Australia. The Act is supported by a range of provisions for cooperation with other agencies, including ASIC, as well as measures to protect APRA's independence and impartiality.

Overall, the Australian Prudential Regulation Authority Act 1998 plays a crucial role in maintaining the stability of the Australian financial sector and promoting public trust in the financial system.