Reserve Bank of Australia Deputy Governor Guy Debelle speaking
- The subject is Climate risks and the Australian financial system
- at the CFA Australian Investment Conference – Online
Headlines via Reuters:
- The Australian climate is likely to enter more and more discussions with foreign investors
- the climate has implications for costs, ease of access to capital for Australian businesses, government
- no obvious change in investor appetite for Australian bonds or stocks yet
- sees growing risk climate leading to greater divestment from Australia
- net zero policies abroad increase emissions costs
- says a lot of opportunities for Australia in renewable energy production
- says climate complexities mean banks need regulatory advice to deal with risks
- stress tests from local banks suggest losses from extreme weather are likely manageable
Nothing from Debelle here on his outlook for the Australian economy (excluding climate risk) not monetary policy (idem). Various bank officials, most notably Governor Lowe, have repeatedly stated that there will be no cash rate hike until 2024 on their current projections. “Taping” will continue, however.
Full text here:
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