Widely perceived to be one of the few regulators to come out of the 2008 financial crisis with its reputation intact, the Australian Prudential Regulation Authority (Apra) commands a great deal of respect both domestically and internationally.
The regulator learnt from the shock collapse of insurance company HIH in 2001 and housing market correction of 2004, and took a more hardline approach to banking regulation. As a result, the Australian banking system withstood the aftermath of the Lehman collapse and the ensuing financial chaos with no government bailouts.
But while the system held up well in 2008, Apra has not been content to rest on its achievements. While Australia does not have to wrestle with the regulatory headaches faced in Europe and the US such as globally systemically important financial institutions (G-Sifis) and complex derivatives trading, Apra has still been one of the more active proponents of regulatory reform.