Over-regulation is one of the biggest threats facing Australia’s banking and finance sector, Heritage Building Society chairman Brian Carter has said.
According to Mr Carter, regulation has already cost the building society more than $3 million – and that is just the beginning.
While no-one will argue against the need for proper regulation, Mr Carter said there needed to be an element of common sense in how that was applied.
“Proper regulation does not mean over-regulation. Australia’s financial institutions have survived the global financial crisis much better than those in many other countries. With that being the case, it is not rocket science to see that the Australian regulators must tread warily in fine-tuning the Australian scenario,” Mr Carter said.
“Over-regulation could well, in the long term, cause more damage than under-regulation. It is a matter of balance. Ultimately, the very people the regulators are trying to protect – the Australian people – are the ones who must bear the cost of over-regulation.”
Speaking at the company’s AGM in Toowoomba yesterday, Mr Carter also said that Heritage had managed to deliver its 11th consecutive record pre-tax profit of $42.338 million.
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