APRA’s purpose is to ensure Australians' financial interests are protected and that the financial system is stable, competitive and efficient.
In performing and exercising its functions and powers, APRA is to balance the objectives of financial safety and efficiency, competition, contestability and competitive neutrality, and in balancing these objectives, is to promote financial system stability in Australia.
APRA achieves its purpose through supervising institutions across banking, insurance and superannuation.
APRA is also tasked with:
- protecting the interests of depositors, policyholders and superannuation fund members;
- promoting financial system stability;
- administering the Financial Claims Scheme; and
- acts as a national statistical agency for the financial sector, collecting data both for its own uses and on behalf of the Reserve Bank of Australia and the Australian Bureau of Statistics.
- Australian Prudential Regulation Authority Act 1998
- Australian Prudential Regulation Authority Regulations 2018
- Public Governance, Performance and Accountability Act 2013
- Corporate Law Economic Reform Program Act 1999
- Financial Institutions Supervision Levies Collection Act 1998
There is also enabling legislation that applies to APRA's activities in relation to each of the supervised institutions APRA oversees.
- authorised deposit-taking institutions (such as banks, building societies and credit unions)
- general insurers
- life insurers
- friendly societies
- private health insurers
- reinsurance companies and
- superannuation funds (other than self-managed funds)