June 23, 2020 / 10:48 PM / 16 days ago

Australian financial regulators see signs of economic recovery

SYDNEY, June 24 (Reuters) - Australia’s main financial regulators see signs the economy is beginning to recover from the coronavirus lockdown, though flexibility will still be needed on policy to help businesses and households through the crisis.

In a quarterly statement, Australia’s Council of Financial Regulators (CFR) also encouraged banks to use the extra capital built up during good times to keep lending through the downturn.

Many support measures, such as temporary deferrals on loan repayments, are due to end in September and the council emphasised that banks, regulators and governments would need to show “flexibility” in order to support the economic recovery.

The CFR is made up of the Australian Prudential Regulation Authority, the Australian Securities and Investments Commission, the Australian Treasury and the Reserve Bank of Australia. (Reporting by Wayne Cole; Editing by Leslie Adler)

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