IMF to stress test Australian banks

Source: SMH

Australia’s banks will endure mandatory stress tests imposed by the International Monetary Fund (IMF) to ensure they can withstand another financial crisis.

The IMF has targeted the financial systems of Australia and 17 other countries to undergo rigorous testing as part of a mandatory five-year check-up of the world’s top 25 financial sectors.

‘‘Amid the gloomy global economic outlook, the IMF will focus its attention on potential risks in large, interconnected financial sectors including some G-20 countries, such as Australia, Brazil, and Japan,’’ the global financial monitor said in a statement.

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