The Australian financial sector is healthy and competitive, the RBA’s deputy governor Ric Battellino told the House of Representatives Standing Committee on Economics yesterday.
In its submission to the committee’s Inquiry into Competition in the Banking and Non-Banking Sectors, the RBA also recommended against the creation of a government guaranteed securitisation vehicle.
“While it is true that lenders relying on securitisation have lost market share in recent months, it has always been the case that some phases of the economic cycle favour some forms of financing more than others,” Mr Battellino said.
“Our view of recent events is that they are cyclical in nature rather than a permanent change to the structure of the market, in the sense that when market conditions settle, securitisation will pick up again,” he said.
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