Following the 2007 – 2009 economic crisis, the Basel Committee on Banking Supervision issued two consultation documents in December 2009. Strengthening the resilience of the banking sector and International Framework for liquidity risk measurement, standards and monitoring. These papers outline the Basel Committee’s views on how to strengthen global capital and liquidity regulations to improve the banking sector’s ability to absorb shocks arising from financial and economic stress. The ABA made submissions of behalf of the Australian banking industry to the Basel Committee:
The Australian Bankers’ Association (ABA) supports the reform objectives of making the R&D tax incentive more effective in delivering support for business R&D and targeting that support to where it is most likely to produce benefits for the Australian community. However, as set out in our submission on the consultation paper on the design of the new scheme, dated 26 October 2009, the ABA also has some serious concerns with the effects the net changes will have on the wider Australian economy. Many of the changes will discourage innovation in essential areas that will be key enablers of productivity and efficiency gains, jobs and skill retention, and growth.