Statement by the Trans-Tasman Council on Banking Supervision – March 2026
The Trans-Tasman Council on Banking Supervision (TTBC) met in Wellington, New Zealand, on 19 March 2026. In this session TTBC members progressed commitments on trans-Tasman financial regulatory alignment, payments system resilience, and discussed common challenges in both jurisdictions in supporting the viability of cash as a means of payment.
In light of developments in the Middle East, TTBC agencies are actively monitoring impacts on financial markets and financial stability. TTBC members emphasised that Australia and New Zealand’s financial institutions are sound, with strong capital and liquidity buffers. Financial institutions in both countries are subject to strong prudential requirements, well aligned with international standards. This is a good foundation to ensure that our banking systems are well-positioned to navigate current and emerging challenges.
Recognising mutual benefits of trans-Tasman cooperation on financial regulation, TTBC agreed how to prioritise the three key themes for enhanced collaboration, as announced by the New Zealand Minister of Finance and the Australian Treasurer on 5 December 2025. These priorities aim to explore opportunities for closer regulatory alignment where possible between Australia and New Zealand on:
- Reforming payment systems, licensing frameworks, and digital assets.
- Strengthening collaboration on non-financial risk management banking requirements.
- Tiering of banking regulation through more proportionate frameworks.
The Council endorsed a series of working-level workshops to progress and monitor these initiatives throughout 2026, building on the considerable progress to date in aligning and streamlining our approaches to banking regulation and supervision. These efforts reflect a shared commitment to closer economic integration, improving the business environment through enhanced regulatory coordination and effectiveness.
TTBC members reaffirmed their commitment to supporting cash as an accessible method of payment, recognising its importance in maintaining payment system resilience. The Council noted ongoing work within each jurisdiction to ensure cash remains a viable payment option.
The TTBC will continue to foster collaboration and addressing shared challenges in the financial sector. The Australian Treasury will assume chairing responsibility for the TTBC for the remainder of 2026.
About the Trans-Tasman Council on Banking Supervision
The Trans-Tasman Council on Banking Supervision (TTBC) is a working group that aims to promote the coordination of trans-Tasman bank regulation and supervision. It is jointly chaired by the Secretaries of the Australian and New Zealand Treasuries. The TTBC’s membership also includes senior officials from the Reserve Bank of Australia (RBA), the Australian Prudential Regulation Authority (APRA), the Australian Securities and Investments Commission (ASIC), the Reserve Bank of New Zealand (RBNZ), and the New Zealand Financial Markets Authority (FMA).
The TTBC's terms of reference are available here.