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Reserve Bank of Australia - overall financial system stability 61607Objectives of RBA stability of Australias economy prevention of fall of a financial system that could cause a substantial reduction of economic activity maintenance of full employment and economic prosperitywelfare of Australians 61607Realistic focus sustain low inflation 61607Functions of RBA 61620Stability of economic system - provides guidelines for APRA to foster the financial systems stability 61620Control of currency - controls the amount of currency printed varying according to community demands 61620Regulation of payments system - ensures stabilityefficiency in payment methods electronic cash travellers cheques stored value cards etc conducted by Payments Systems Board 61620Banker to banks - it holds banks exchange settlement accounts used to settle debts between banks It is also a banker in the sense that it is used to buysell govt securities to financial institutions known as open market operations 61620Holds reserve of foreign currencygold - used to make international payments and in the FOREX market 61620Government banker and economic advisor for the government - govt lodges excess funds and obtains funds through treasury bills in RBA and raises short term and long term loans pays interest on these The RBAs assessments on the state of the economy influence the governments economic policy 61620Conducting the Monetary Policy - the monetary policy when the RBA influences interest rates resulting in economic growth and activity as well as low inflation Australian Prudential Regulation Authority - prudential supervision of banks and superannuation funds 61607Role of APRA to regulate financial institutions authorised deposit-taking institutions eg banks credit unions 61607Functions of APRA 61620Ensuring institutions meet their obligations 61620A recovery role for those who dontcant Australian Securities and Investments Commission - market integrity and consumer protection of the financial system 61607Role and Functions of ASIC 61620To protect consumers 61620Monitoring investigating and prosecuting in relation to illegal acts and unethical investment products 61620Responsible for all aspects of company formation registration and reporting 61620Monitors the security industry and security
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