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And while it's on par with many other counterparts, he's a long way shy of the highest-paid world leader. Bubs Australia Ltd plans to ship at least 1. Some of it is currently in stock for transport and more will be produced by the Australian company in the coming weeks and months, according to the FDA.
Meanwhile, the U. Department of Health and Human Services allowed global farm commodities trader Cargill Inc to provide raw materials needed to maximize the production of infant formula by invoking the Defence Production Act. Some of the baby formula is currently in stock for transport and more will be produced by the Australian company in the coming weeks and months, according to the FDA. Bubs' supply is another import allowed by the FDA as part of its regulatory flexibility started earlier this month in an attempt to mitigate one of the biggest baby formula shortages in recent history.
No matching results for ''. Tip: Try a valid symbol or a specific company name for relevant results. Finance Home. Watchlists My Portfolios Markets. Another challenge will be to manage the broad range of risks arising from climate change. These do not currently pose a substantial risk to financial stability, but they could over time if climate change risks to Australian financial institutions grow and are left unaddressed. And financial institutions need to continue to maintain a focus on governance and embed a healthy culture to address the misconduct that has become apparent over the past few years.
Profitability recovered over the second half of as banks raised provisions for credit impairments at a slower pace than in the initial stages of the pandemic Graph 3. Bad debts will rise over as fiscal support is reduced and a small share of loans previously granted repayment deferrals move into arrears see below. However, banks have bolstered their stock of provisions in anticipation of these losses. Current provisions are around 40 per cent above recent years, though still below the levels in the aftermath of the global financial crisis.
Net interest income was broadly unchanged over , while costs increased a little relative to income. Analysts expect banks' headline return on equity ROE to continue to recover over the coming year, and be above their cost of equity. As interest rates have fallen a larger share of bank deposits has paid low interest rates between zero and 25 basis points. This can squeeze net interest margins NIMs because as rates fall, deposits that already receive zero or very low interest rates have not been repriced lower in line with lending rates or the return on liquid assets.
Despite this, the evidence for Australia is that lower rates do not have a meaningful impact on overall bank profitability. Lower rates are generally associated with a small reduction in banks' NIMs, but this effect is offset by a reduction in borrowers' debt-servicing burdens lowering bad and doubtful debts and an increase in aggregate demand.
NIMs are also being supported in the current environment by the broad reduction in banks' funding costs. Funding costs are estimated to have fallen by a little more than the cash rate since the start of because of a shift in the composition of deposits towards cheaper at-call deposits and the Reserve Bank's package of policy measures including availability of cheap funding provided by the Term Funding Facility TFF.
Financial market indicators also suggest investors are confident that banks' future earnings will remain resilient. Banks' share price-to-earnings ratios have risen since the middle of last year and the implied cost of capital has declined relative to other listed companies Graph 3.
More generally, estimates of the equity risk premium for listed companies the implied cost of equity minus the risk-free interest rate indicate that increased risk-taking by investors has not unduly bid up the prices of equities over , since the equity risk premium is marginally above its average of recent years.
Australian banks' profitability over recent years has enabled them to build substantial capital buffers to absorb future losses. Reflecting this, the 4 major banks' capital ratios on an internationally comparable basis are estimated to be towards the top of the range of similarly sized banks globally and at a level that has historically been sufficient to withstand almost all previous banking crises.
Additional capital over regulatory minima for these banks are generally similar to, or larger than, those of the major banks. Banks have also been able to increase their capital ratios since the onset of the pandemic. More than half of this came from retained earnings, reflecting continued profitability and reduced dividend payout ratios in line with guidance from the Australian Prudential Regulation Authority APRA.
Looking ahead, planned asset sales are expected to provide further support to banks' capital positions. In recognition of banks' healthy capital positions, and the improved economic outlook, from December APRA relaxed its guidance on banks' dividends. However, banks will need to retain sufficient capital to ensure they have the capacity to continue to provide credit to the real economy and in doing so support the economic recovery from the COVID recession. Banks' holdings of high-quality liquid assets HQLA have increased over the past year, facilitated by ample access to low-cost funding in part due to RBA bond purchases and low demand for credit.
This, in combination with the undrawn portion of the TFF which is treated as a liquid asset , has caused banks' liquidity coverage ratios LCRs to rise substantially compared with late Graph 3. The increase has been even more pronounced for smaller banks than for the 4 major banks. LCRs are currently above banks' targeted levels but could shift back to within targets over the next 12 months.
The size of this reduction will depend on the extent to which banks draw down on remaining allowances as well as how TFF funds are invested. Many banks have indicated in liaison that they plan to take up most or all of their remaining allowances ahead of the deadline. Over the past year, issuance of Australian Government Securities and semi-government bonds has increased significantly to fund the fiscal policy response to the pandemic.
In its announcement APRA noted that if the amount of government securities outstanding continues to increase beyond , the CLF may no longer be required in the foreseeable future. Banks have ample access to low-cost deposit and other funding, and have reduced their funding from wholesale debt. Spreads on short-term and long-term wholesale debt have fallen to historically low levels, given reduced supply and market conditions. Strong demand for Australian banks' debt is highlighted by spreads declining for Tier 2 debt, even though the major banks need to raise more of this debt to satisfy APRA requirements for Total Loss Absorbing Capacity.
The TFF has lowered banks' funding costs and provided them with ample liquidity. This will be banks' largest ever refinancing task, though there are many factors that will influence how challenging it proves to be including demand for loans over coming years. Banks have a number of options to manage these repayments. Liaison with banks indicates that they are carefully planning for this task and will choose based on the relative cost and efficiency of these options closer to the time.
In doing so, banks are also mindful of the potential impact of expiring TFF funds on their Net Stable Funding Ratios, which could fall by up to 4 percentage points from a current level that is 24 percentage points above their minimum requirement. Measures of banks' asset quality have deteriorated somewhat in recent months Graph 3. The quality of Australian banks' New Zealand assets has also declined. Current indications are that the increase in non-performing loans will be modest.
The vast majority of borrowers that requested loan repayment deferrals in have subsequently been able to resume repayments, and banks entered with a very low share of non-performing loans. Most loans, including those in arrears, are well secured and the resilience of property prices to date — particularly for residential property — should further limit potential losses for lenders and enable borrowers struggling with repayments to sell without losing much of their previously accumulated equity.
The government's announcement of the SME Recovery Loan Scheme will also support credit quality by offering cheap loan refinancing to firms that have been heavily affected by the pandemic but are otherwise healthy. Even if economic conditions were to deteriorate significantly, stress tests suggest that banks would remain sound. APRA recently assessed whether banks could withstand a severe economic contraction, in which GDP fell by 15 per cent, unemployment rose to over 13 per cent and national housing prices fell by over 30 per cent.
APRA's modelling showed that the aggregate CET1 capital ratio across all banks would decline materially under this scenario to 6. The main driver of the declines is credit losses, of which losses on business credit contribute a bit less than half, while losses on residential mortgages contribute around one-third.
Rising risk weights account for most of the remaining declines in capital ratios. Consistent with this, the RBA's reverse stress testing model implies that it would take a recession comparable to the Great Depression for CET1 capital ratios to fall below 6 per cent. One of the aims of the proposed revisions is to build greater flexibility into the capital framework, so as to increase the ability of banks to use capital and continue to lend during periods of stress.
This is addressed by banks having larger capital conservation buffers and raising the default level of the countercyclical capital buffer to basis points from zero. The non-zero countercyclical capital buffer will provide APRA with greater capacity to reduce capital requirements in response to changes in systemic risks. The reforms will also make the capital framework more risk sensitive, which will reinforce the incentive for sound lending practices. The average risk weight on residential mortgages will also increase for the banking system as a whole, while there will be an offsetting decline in risk weights on business lending.
APRA expects to finalise the framework in and implement it from January This decision was made in light of Xinja's inability to secure enough capital to offset its depletion of cash resulting from paying more for deposits and operating expenses than it received on its assets, which did not yet include loans.
APRA had been working with Xinja for some time prior to ensure that if an exit was required, it would be orderly. In the event, APRA's contingency planning arrangements worked broadly as anticipated and in the space of just a few weeks more than 99 per cent of deposits were returned directly to customers with the remainder returned via new accounts at NAB.
In light of this experience, and what it learnt from other new Australian banks that received their licence in recent years, APRA is strengthening its requirements for granting new banking licences. The revised expectations place a greater focus on the longer-term sustainability of business models.
General insurers' profitability declined to almost zero in Graph 3. However, they remain well capitalised and analysts expect their profitability to recover in Analysts' forecasts for a recovery in profits in are underpinned by expectations that there will not be a repeat of the factors that reduced profits in In particular, profits were curtailed by substantial provisioning for potential business interruption BI claims arising from the pandemic.
Recent floods have lifted claims, but analysts currently expect the impact of natural disaster claims to be less than last year in part because of increased reinsurance cover following last year's catastrophic bushfires and severe storms.
However, there is considerable uncertainty around these expectations. Sharp falls in asset prices in early also resulted in large investment losses that were only partially reversed as asset prices recovered. APRA has closely monitored the potential impact BI could have on insurers and will continue to do so into The low interest rate environment also presents some risk to general insurers if they do not reprice policies in response to expected lower investment returns.
While most general insurance in Australia is short-tail that is, policies where claims are identified and made within about a year , compulsory third party motor vehicle, product and public liability, professional indemnity and workers compensation insurance are all long-tail classes that are exposed to this risk. However, general insurers in Australia mostly mitigate this risk through asset-liability maturity matching.
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