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AAP

Business

Jacob Shteyman

Local banks 'well positioned' to resist overseas storm

Stephen Jones Australia United States Anna Bligh Silicon Valley Bank

The strong regulation and capitalisation of Australian banks bodes well, says Stephen Jones. (Lukas Coch/AAP PHOTOS) (AAP)

Australia's banks are in a strong position to ward off overseas turbulence, the financial services minister says.

Stephen Jones allayed fears that contagion from US and European banks following the collapse of Silicon Valley Bank and Credit Suisse would spread to domestic institutions.

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