8Purpose for establishing APRA

8 Purpose for establishing APRA (1) The main purposes for which APRA exists are as follows: (a) regulating bodies in the financial sector in accordance with other laws of the Commonwealth that provide for prudential regulation or for retirement income standards; (b) administering the financial claims schemes provided for in the Banking Act 1959 and the Insurance Act 1973; (c) developing the administrative practices and procedures to be applied in performing that regulatory role and administration. (2) 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.