The trade association for the Australian banking industry — Australian Banking Association (ABA) — launched a cost of living inquiry to closely study the impact of the COVID-19 pandemic, global supply chain constraints and geopolitical tensions, among others, on Australians.

An analysis of the rising inflation and concurrent collapse of three major traditional banks — Silicon Valley Bank (SVB), Silvergate Bank and Signature Bank — recently proved that more than 186 banks in the US are at risk of a similar shutdown if depositors decide to withdraw all funds. ABA’s inquiry aims to identify ways to ease the cost of living in Australia and the Government’s fiscal policy response.

(By ARIJIT SARKAR)