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The Global Credit Crisis: Why Have Australian Banks Been So Remarkably Resilient?

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  • Kim Hawtrey

Abstract

This paper identifies a number of key factors that explain the remarkable resilience of the Australian banking sector in the face of the Global Financial Crisis, with a view to gleaning lessons for other countries’ banking systems. It is argued that in Australia a culture of prudent lending prevails: banks are soundly capitalised, with a well-diversified and stable funding base, and with a track record of healthy profitability. The industry is independently recognised for its sound corporate governance, and official oversight of banks is diligent. Importantly, the separation of commercial banking from social-assistance policy has been maintained, unlike in the US.

Suggested Citation

  • Kim Hawtrey, 2009. "The Global Credit Crisis: Why Have Australian Banks Been So Remarkably Resilient?," Agenda - A Journal of Policy Analysis and Reform, Australian National University, College of Business and Economics, School of Economics, vol. 16(3), pages 95-112.
    • Handle: RePEc:acb:agenda:v:16:y:2009:i:3:p:95-112
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    File URL: http://press-files.anu.edu.au/downloads/press/p88621/pdf/08.pdf
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    Cited by:

    1. Hussein A. Hassan Al‐Tamimi, 2012. "The effects of corporate governance on performance and financial distress," Journal of Financial Regulation and Compliance, Emerald Group Publishing Limited, vol. 20(2), pages 169-181, May.
    2. Myrna R. Berrios, 2013. "The Relationship between Bank Credit Risk and Profitability and Liquidity," The International Journal of Business and Finance Research, The Institute for Business and Finance Research, vol. 7(3), pages 105-118.

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