Banking Act 1959
In plain English
The Banking Act 1959 regulates banking and financial institutions in Australia.
This Act governs banking and related financial activities. It establishes the Australian Prudential Regulation Authority, APRA. APRA supervises banks, other financial institutions, and credit unions. The Act aims to promote stability and confidence in the financial system. It came into force in 1959. It applies to entities regulated by APRA.
Why it matters
If your business interacts with regulated financial institutions, this Act impacts those relationships. Understanding its principles helps ensure your business operates within the broader financial system’s framework.
AI-assisted summary, grounded in the source link below. Generated 2026-05-23 via gemma3:12b.
Summary
Authorises APRA to regulate authorised deposit-taking institutions (banks, building societies, credit unions). Foundational Act for prudential standards (CPS series) including CPS 234 (Information Security), CPS 230 (Operational Risk), CPS 220 (Risk Management).
Topics
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Source: https://www.legislation.gov.au/C2004A07084/latest. Rules Mate summarises and links; we don't republish full statutory text. Always verify against the live source before acting.