Australia
Australia has few classic repression tools: no capital controls, deposit-rate caps or rules making pension funds or insurers hold government bonds were found. The main sovereign channel is bank liquidity regulation: since the RBA's Committed Liquidity Facility was phased out to zero on 1 January 2023, banks meet the LCR largely with Commonwealth and state government bonds, which count as top-tier liquid assets without limit or haircut, and Commonwealth debt also carries a zero risk weight. The RBA bought almost $224 billion of AGS and $57 billion of semis under its 2020-22 bond purchase program (alongside earlier purchases for its three-year yield target) and since 2022 has let its holdings run off as they mature. Other measures target housing and crypto: a ban on foreign purchases of established dwellings extended to 30 June 2029, state surcharge duties on foreign buyers (NSW 9%, Victoria 8%) and an ACT rent cap tied to rents CPI. On crypto, AUSTRAC has capped cash at crypto ATMs at $5,000, a licensing regime for digital asset platforms is enacted from 8 April 2027, and Treasury has released a draft bill for crypto transaction reporting.
- 6 em vigor
- 1 aprovada
- 1 proposta ou em discussão
Medidas em
Como o índice é construído
Cada segmento representa a contribuição de uma categoria de regras ou do pilar de mercado para o índice. A barra completa vale 100.
- Demanda cativa 0,0
- Financiamento pelo banco central 3,2
- Controles de capitais 0,0
- Tetos de juros 0,0
- Viés prudencial favorável à dívida soberana 4,0
- Crédito direcionado 0,0
- Incentivos fiscais 0,0
- Restrições a ativos reais 3,3
- Tributos sobre transações 0,0
- Pilar de mercado 6,4
Índice = 80% × regras (13,1) + 20% × mercado (31,9) = 16,9
O método em linguagem simples
- Pilar de regras (0–100). Cada uma das 9 categorias pode somar até o seu peso (os pesos somam 100). A intensidade de uma categoria cresce com cada medida em vigor: uma medida conta pelo seu fator de intensidade (0,25 para intensidade 1, 0,5 para 2, 0,8 para 3), e cada medida adicional preenche parte do espaço restante. Assim, a abrangência contribui com retornos decrescentes: duas medidas de intensidade 3 resultam em 96%.
- Pilar de mercado (0–100). Média dos indicadores de mercado abaixo: quanto a taxa básica de juros real é negativa e quanto da dívida pública é detido pelo próprio banco central e pelos bancos do país.
- Índice. 80% de regras + 20% de mercado quando há dados de mercado; caso contrário, apenas regras. Leis aprovadas que ainda não se aplicam entram apenas na perspectiva; propostas nunca entram.
As 9 categorias
Peso = máximo de pontos que uma categoria pode acrescentar ao pilar de regras. Intensidade = parcela desse peso preenchida pelas medidas em vigor. Abra uma categoria para ver as medidas contabilizadas; “O que é isto?” mostra os instrumentos por trás dela, no mundo e ao longo da história.
- Demanda cativaPeso 16Intensidade 0%Pontos 0,0
Manutenção obrigatória de dívida pública por fundos de pensão, seguradoras ou bancos. Nenhuma medida em vigor aqui. O que é isto? →
- Peso 16Intensidade 25%Pontos 3,2
Compras de dívida pública pelo banco central, controle da curva de juros, financiamento monetário direto. O que é isto? →
Financiamento pelo banco central: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 3,2 - Controles de capitais1 aprovada, 1 proposta não contabilizadasPeso 16Intensidade 0%Pontos 0,0 → 3,2 quando as leis aprovadas passarem a se aplicar
Limites à transferência de dinheiro para o exterior, limites a investimentos no exterior, controles cambiais. Nenhuma medida em vigor aqui. O que é isto? →
- Tetos de jurosPeso 14Intensidade 0%Pontos 0,0
Tetos ou limites de juros sobre depósitos ou empréstimos e taxas de juros administradas. Nenhuma medida em vigor aqui. O que é isto? →
- Peso 10Intensidade 50%Pontos 4,0
Regras prudenciais que favorecem a dívida soberana (ponderações de risco zero, regras de reservas de liquidez, isenções no índice de alavancagem). O que é isto? →
Viés prudencial favorável à dívida soberana: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 2 de 3 0,5 4,0 - Crédito direcionadoPeso 10Intensidade 0%Pontos 0,0
Empréstimos direcionados pelo Estado, orientação do crédito e exigências de investimento no país ou em prioridades estatais. Nenhuma medida em vigor aqui. O que é isto? →
- Incentivos fiscaisPeso 7Intensidade 0%Pontos 0,0
Privilégios tributários para títulos públicos ou penalidades tributárias sobre ativos concorrentes. Nenhuma medida em vigor aqui. O que é isto? →
- Peso 6Intensidade 68%Pontos 3,3
Controles de aluguéis, restrições imobiliárias e limites à posse de ouro, dinheiro em espécie ou criptoativos. O que é isto? →
Restrições a ativos reais: medidas contabilizadas no índice Medida contabilizada Intensidade Fator Pontos 1 de 3 0,25 0,8 1 de 3 0,25 0,8 1 de 3 0,25 0,8 1 de 3 0,25 0,8 - Tributos sobre transaçõesPeso 5Intensidade 0%Pontos 0,0
Tributos sobre transações financeiras, impostos do selo e cobranças semelhantes sobre ativos não governamentais. Nenhuma medida em vigor aqui. O que é isto? →
Pilar de mercado 31,9 / 100
A média dos indicadores com dados disponíveis, com peso de 20% no índice (6,4 pontos aqui).
Taxa básica de juros real
22,7 / 1000,4% · jun. de 2026
Taxa básica de juros menos inflação. Uma taxa real de +2% ou mais recebe pontuação 0; −5% ou menos recebe 100; entre esses limites, a pontuação varia linearmente. Os poupadores perdem mais quando ela é muito negativa.
Taxa básica de juros de 4.35% menos inflação ao consumidor de 3.942% (em doze meses), 2026-06.
Dívida detida pelo banco central e por bancos nacionais
41,1 / 10024,7% of government debt · 2025-Q4
Parcela da dívida pública detida pelo banco central do país e pelos bancos nacionais. 0% recebe pontuação 0; 60% ou mais recebe 100; entre esses limites, a pontuação varia linearmente.
Banco central: 12.64% + bancos nacionais: 12.01% da dívida do governo geral, 2025-Q4.
Indicadores
Dados observados de fontes internacionais, ao lado das regras acima. Juros reais abaixo de zero significam perda de poder de compra para os poupadores.
Taxa básica de juros, inflação e taxa real
Quem detém a dívida pública
O efeito de liquidação segue Reinhart e Sbrancia: com uma taxa real negativa, cerca de −(taxa real × dívida) do PIB são transferidos dos poupadores para o Estado a cada ano. O cálculo usa a taxa básica de juros, portanto deve ser tratado como uma estimativa aproximada. Fontes: BIS, BIS central bank policy rates; BIS consumer prices; IMF, IMF DataMapper: World Economic Outlook (October 2026); Fiscal Monitor (October 2026); Menzie D. Chinn and Hiro Ito, The Chinn-Ito Index (KAOPEN): a de jure measure of financial openness; IMF, Sovereign Debt Investor Base for Advanced Economies / for Emerging Markets and Developing Economies (Arslanalp and Tsuda).
Medidas
Todas as medidas acompanhadas aqui, com sua base legal e fontes. Apenas medidas em vigor entram no índice.
Em vigor (6)
AUSTRAC A$5,000 cash limit on crypto ATMs (registration conditions)
Acrescenta 0,8 pontos ao índice
On 3 June 2025 AUSTRAC placed conditions on crypto ATM operators' registrations, including a $5,000 limit on cash deposits and withdrawals, enhanced customer due diligence, mandatory scam warnings and stronger transaction monitoring, and refused to renew one operator's registration. It said it expects other exchanges that accept cash for crypto to consider similar limits. The AML/CTF Act lets the AUSTRAC CEO attach conditions to a virtual asset service provider's registration, including on the value of virtual assets or money exchanged.
Por que entra no cálculo: Caps how much physical cash can be converted into or out of crypto through the main anonymous on-ramp, narrowing a route for moving savings outside the banking system.
Base legal Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Compilation No. 63, C2026C00447), Section 76G(1)-(2) e mais 1
Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Compilation No. 63, C2026C00447), Section 76G(1)-(2)Fonte primária
“The AUSTRAC CEO may, in writing, impose conditions to which the registration of a person under this Part is subject.”
AUSTRAC media release: Scams, fraud and other illicit activity - AUSTRAC puts crypto ATM operators on noticeFonte primária
“we’ve placed a number of conditions on crypto ATM operators, including a $5,000 limit on cash deposits and withdrawals, enhanced customer due diligence obligations, mandatory scam warnings”
Fontes
- AUSTRAC media release, 3 June 2025 - Scams, fraud and other illicit activity: AUSTRAC puts crypto ATM operators on notice (read via Internet Archive)
- Bloomberg - Australia cracks down on crypto ATMs as scams, fraud uncovered (3 June 2025)
- Cointelegraph - Australia new crypto ATM rules amid rising scams
Ban on foreign purchases of established dwellings (extended to 30 June 2029) and vacancy fee
Acrescenta 0,8 pontos ao índice
Since 1 April 2025 foreign persons, including temporary residents and foreign-owned companies, are barred from buying established dwellings unless an exception applies; the 2026-27 Budget extended the ban, originally for two years, by two years and three months to 30 June 2029. Purchases of Australian land by foreign persons are notifiable actions under the Foreign Acquisitions and Takeovers Act, and foreign owners pay a vacancy fee on dwellings occupied for fewer than 183 days a year.
Por que entra no cálculo: Closes the existing-housing market to non-resident and temporary-resident capital and taxes under-use of foreign-owned homes; it curbs a real-asset store of value rather than steering domestic savings.
Base legal Budget Paper No. 2, Budget 2026-27 (Receipt Measures), Foreign Investment - extending the ban on foreign purchases of established dwellings e mais 2
Budget Paper No. 2, Budget 2026-27 (Receipt Measures), Foreign Investment - extending the ban on foreign purchases of established dwellingsFonte primária
“The Government will extend the temporary ban on foreign purchases of established residential dwellings by two years and three months until 30 June 2029.”
Foreign Acquisitions and Takeovers Act 1975 (Compilation No. 35, C2025C00672), Section 47(2)(c)Fonte primária
“(c) to acquire an interest in Australian land.”
Foreign Acquisitions and Takeovers Act 1975 (Compilation No. 35, C2025C00672), Section 115C(1)Fonte primária
“The person must pay a fee (a vacancy fee ) in relation to each dwelling on the land that is residentially occupied for fewer than 183 days during each vacancy year for the dwelling.”
RBA holdings from the 2020-22 bond purchase program and yield target (passive run-off)
Acrescenta 3,2 pontos ao índice
From March 2020 the RBA bought Australian Government Securities to hold a three-year yield target (discontinued on 2 November 2021) and, under its bond purchase program, acquired almost $224 billion of AGS and $57 billion of semis between November 2020 and February 2022, taking its share of AGS outstanding to around 35 per cent. Purchases ceased on 10 February 2022; in May 2022 the Board decided not to reinvest maturing bonds and said it had no plans to sell.
Por que entra no cálculo: The central bank still holds a large stock of government and state bonds bought at pandemic-era yields and lets it run off only as bonds mature, keeping that debt off the private market for years.
Base legal Reserve Bank Act 1959 (Compilation No. 33, C2026C00375), Section 8(e) e mais 1
Reserve Bank Act 1959 (Compilation No. 33, C2026C00375), Section 8(e)Fonte primária
“(e) to buy and sell securities issued by the Commonwealth and other securities;”
RBA Government Bond Purchases noticeFonte primária
“Australian Government Securities (AGS) were purchased to support a target for the yield on an Australian Government bond further out the yield curve than the cash rate”
ACT: rent increases capped at 110% of Canberra rents CPI growth
Acrescenta 0,8 pontos ao índice
In the Australian Capital Territory a rent increase may not exceed an amount prescribed by regulation unless the tenant agrees in writing or the tribunal (ACAT) approves; the regulation sets the cap at 1.1 times the current rent multiplied by the growth in the rents subgroup of the Canberra CPI since the last increase. The cap applies from 1 November 2019, and section 64AAA of the Act also limits increases to intervals of at least 12 months.
Por que entra no cálculo: Holds landlords' rental returns to inflation-linked growth, capping the income return on residential property held as savings.
Base legal Residential Tenancies Act 1997 (ACT), Republication R84, Section 64B(1) e mais 1
Residential Tenancies Act 1997 (ACT), Republication R84, Section 64B(1)Fonte primária
“A rental rate increase for premises must not be more than the amount prescribed by regulation unless”
Residential Tenancies Regulation 1998 (ACT), SL1998-17, Republication No 16, Section 5AFonte primária
“index number means the rents subgroup of the housing group of the Consumer Price Index for Canberra published from time to time by the Australian statistician.”
State foreign-purchaser surcharge duties on residential property (NSW 9%, Victoria 8%)
Acrescenta 0,8 pontos ao índice
States levy extra duty on foreign buyers of residential property on top of ordinary transfer duty: New South Wales charges surcharge purchaser duty at 9% of dutiable value, and Victoria charges foreign purchaser additional duty at 8% for contracts from 1 July 2019 (3% when introduced on 1 July 2015, then 7% from 1 July 2016).
Por que entra no cálculo: Raises the cost for non-resident savers of holding Australian housing, segmenting the property market by residency on top of the federal screening regime.
Base legal Surcharge purchaser duty (Duties Act 1997 (NSW)), as administered by Revenue NSW, Chapter 2A (surcharge purchaser duty); current rate as stated by Revenue NSW e mais 1
Surcharge purchaser duty (Duties Act 1997 (NSW)), as administered by Revenue NSW, Chapter 2A (surcharge purchaser duty); current rate as stated by Revenue NSWFonte primária
“The current surcharge purchaser duty rate is 9% of the dutiable value of the property.”
Foreign purchaser additional duty (Duties Act 2000 (Vic)), as administered by the State Revenue Office, Current ratesFonte primária
“For contracts, transactions, agreements and arrangements entered into on or after: 1 July 2019, the additional duty rate is 8%”
Bank liquidity and capital rules favouring government securities (LCR HQLA1, zero risk weight, CLF wound down)
Acrescenta 4,0 pontos ao índice
Under APRA's APS 210, marketable sovereign securities with a zero risk weight count as HQLA1 at market value with no haircut and without limit; in Australian dollars only Australian Government Securities and state/territory borrowing-authority bonds (semis) qualify. APS 112 lets banks risk-weight Australian Government exposures in Australian dollars at zero per cent. The RBA's Committed Liquidity Facility, which had let banks meet the LCR without holding these bonds, was phased out to zero on 1 January 2023.
Por que entra no cálculo: With the CLF gone, large banks must hold government and state bonds (or RBA balances) to meet the LCR, building a captive domestic bank bid for public debt at little capital cost.
Base legal Prudential Standard APS 210 Liquidity, Attachment A, HQLA1 (paragraph 9) e mais 2
Prudential Standard APS 210 Liquidity, Attachment A, HQLA1 (paragraph 9)Fonte primária
“HQLA1 may comprise an unlimited share of the stock of eligible HQLA. HQLA1 are included at market value and are not subject to a haircut under the LCR.”
Prudential Standard APS 112 Capital Adequacy: Standardised Approach to Credit Risk, Attachment B (sovereign exposures)Fonte primária
“Exposures to the Australian Government and Reserve Bank of Australia that are denominated and funded in Australian dollars may be risk-weighted at zero per cent.”
Committed Liquidity Facility (RBA market operations notice)Fonte primária
“only Australian Government Securities (AGS) and securities issued by the borrowing authorities of the states and territories (semis) have been assessed by APRA as meeting the Basel criteria for HQLA.”
Aprovada, ainda não em vigor (1)
Digital Assets Framework: crypto exchanges and custodians become financial products needing an AFS licence
Conta apenas na perspectiva: acrescenta 3,2 pontos quando passar a se aplicar
The Corporations Amendment (Digital Assets Framework) Act 2026 (Royal Assent 8 April 2026) makes digital asset platforms and tokenised custody platforms financial products, so their operators generally need an Australian Financial Services Licence. Small platforms are exempt if transactions through them stay at or under $10 million in 12 months and each client's holdings stay at or under $5,000. The Act commences 12 months after Royal Assent (8 April 2027 per the register's commencement table), followed by a six-month transition period.
Por que entra no cálculo: Brings crypto custody and exchange inside the financial-services licensing perimeter, so platforms serving Australians must be licensed and supervised, which narrows unregulated routes for holding savings outside the banking system.
Base legal Corporations Amendment (Digital Assets Framework) Act 2026 (No. 38, 2026), Schedule 1, item inserting paragraphs 764A(1)(la)-(lb) of the Corporations Act 2001 e mais 1
Corporations Amendment (Digital Assets Framework) Act 2026 (No. 38, 2026), Schedule 1, item inserting paragraphs 764A(1)(la)-(lb) of the Corporations Act 2001Fonte primária
“(la) a digital asset platform, unless the platform is a managed investment scheme; (lb) a tokenised custody platform, unless the platform is a managed investment scheme;”
Corporations Amendment (Digital Assets Framework) Act 2026 (No. 38, 2026), Section 2 (Commencement)Fonte primária
“The day after the end of the period of 12 months beginning on the day this Act receives the Royal Assent.”
Proposta (1)
Crypto tax transparency bill: CARF and a domestic crypto reporting regime (exposure draft)
Não entra no índice
On 15 October 2026 Treasury released an exposure draft, the Treasury Laws Amendment Bill 2026: Tax Information Reporting (consultation to 28 October 2026), that would put the OECD Crypto-Asset Reporting Framework into Australian law and create a domestic crypto reporting regime requiring virtual asset service providers to report Australian tax residents' transactions to the Commissioner. Domestic reporting is intended to be quarterly from 1 July 2027, with the first international exchanges in the 2028 calendar year.
Por que entra no cálculo: Gives the tax authority transaction-level visibility of residents' crypto holdings at home and abroad, removing crypto as an unreported store of savings outside the banking system.
Base legal Treasury Laws Amendment Bill 2026: Tax Information Reporting - exposure draft explanatory material, Paragraph 1.2 e mais 1
Treasury Laws Amendment Bill 2026: Tax Information Reporting - exposure draft explanatory material, Paragraph 1.2Fonte primária
“the domestic crypto reporting regime (DCRR) to require virtual asset service providers to provide information about virtual asset transactions of Australian tax residents to the Commissioner.”
Treasury Laws Amendment Bill 2026: Tax Information Reporting - exposure draft explanatory material, Paragraph 1.35Fonte primária
“For the purposes of the DCRR, it is intended that the reporting period will be quarterly, commencing from 1 July 2027.”
Revogada (1)
$10,000 cash payment limit bill (Currency (Restrictions on the Use of Cash) Bill 2019) - discharged
Não entra no índice
The Currency (Restrictions on the Use of Cash) Bill 2019 would have made it an offence for entities to make or accept cash payments of $10,000 or more. It passed the House of Representatives on 24 October 2019, and the Senate Economics Legislation Committee recommended it be passed, but it was discharged from the Senate Notice Paper on 3 December 2020 and its status is 'Not Proceeding'. Australia has no general cash payment limit.
Por que entra no cálculo: Had it passed, it would have limited large cash settlements and pushed payments into the banking system, removing an exit from bank deposits; its failure leaves cash use unrestricted.
Base legal Senate Economics Legislation Committee report on the Currency (Restrictions on the Use of Cash) Bill 2019 [Provisions], Chapter 1 e mais 1
Senate Economics Legislation Committee report on the Currency (Restrictions on the Use of Cash) Bill 2019 [Provisions], Chapter 1Fonte primária
“The bill will create new offences from 1 January 2020 that apply if an entity makes, or accepts, cash payments with a value that equals or exceeds a cash payment limit of $10,000.”
Senate Economics Legislation Committee report on the Currency (Restrictions on the Use of Cash) Bill 2019 [Provisions], Chapter 2Fonte primária
“a cash payment limit would, due to the offence provisions created, reduce the likelihood of firms accepting and making cash payments equal to or exceeding $10,000, hence improving audit trails and reducing anonymity.”
Antes de hoje
2 exemplos de Australia no conjunto de instrumentos, do passado e do presente, agrupados conforme a função do instrumento. Cada um inclui links para o instrumento, seus outros exemplos e a lei citada.
ContenhaContenha o preço do dinheiro
Financiamento pelo banco central
Fixação de rendimentos de títulos públicos e controle da curva de jurosReserve Bank Board decision announced 19 March 2020, media release 2020-08
2020Históricas
ReescrevaReescreva o acordo em uma crise
Medidas extraordinárias
Entrega compulsória (confisco) de ouro privadoBanking Act 1959, Part IV, sections 42-44
1959 → 1976Históricas