Social media posts mislead after Australia's central bank reports substantial losses

Updated on 28/09/2022 at 11:43

Australian Facebook users claim the country's central bank has gone "bankrupt" after it reported a loss of Aus$36.7 billion (US$23.42 billion) and negative equity in September. This is misleading, according to financial experts, who said the bank was not at risk of folding because its liabilities are guaranteed by the Australian government. Michele Bullock, deputy governor for the Reserve Bank of Australia (RBA), said that the bank's negative equity position would not affect its ability to operate or perform its policy functions.