APRA releases 2020 Year in Review

The Australian Prudential Regulation Authority (APRA) has released its 2020 Year in Review document.

In a year that was heavily impacted by the COVID-19 pandemic, the publication provides a comprehensive overview of how APRA went about fulfilling its mandate as a forward-looking safety regulator for Australia’s financial system.
APRA Chair, Wayne Byrnes said, “COVID-19 swiftly and fundamentally changed the operating environment for the Australian financial system and APRA, as
the financial safety regulator.”

The publication details the measures APRA undertook in 2020 – often in close coordination with government and peer regulators – to ensure the financial
system remained safe and stable and to give institutions the best opportunity to support their customers amid extraordinary social and economic disruption.

It also provides APRA’s view on the financial environment and details its key activities for the year across the banking, insurance and superannuation industries, conducted in alignment with the strategic objectives outlined in its Corporate Plan. It also contains metrics for APRA-regulated industries, including analysis of industry composition, profitability and financial strength.

The document supplements APRA’s Annual Report and Financial Statements which are submitted to the Australian Government after the end of each financial year (to June 30).

You can access the 2020 Year in Review on the APRA website at: APRA 2020 Year in Review.