The Australian Government will provide the Australian Prudential Regulation Authority (APRA) with $24.1 million over four years to enable it to better attract and retain qualified staff to provide effective and efficient prudential supervision of the financial system, the Minister for Revenue and Assistant Treasurer, announced today.
‘APRA is doing a great job and this additional funding will help enable APRA to effectively compete for staff with appropriate specialised skills that are in high demand in the financial services sector’
Recently the demand for APRA’s activities continues to show very strong growth. The upward pressure on workload has been driven by significant increases in the complexity of financial services it is required to assess and monitor. On the other hand financial institutions stress the importance of being able to deal with appropriately skilled and experienced staff from APRA who truly understand the in business.
‘This measure will ensure that APRA will continue to meet its legislative mandate in maintaining the integrity of Australia’s prudential regulatory framework and ensuring ongoing confidence in Australian financial markets’.