Australian Prudential Regulation Authority has reported that the banks in Australia seem to be placed better now, moving out of the global economic meltdown.

APRA Chairman John Laker has said that the banks have been recovering since February with a consequential rise in the gross domestic product estimations.

He added that the concerns on the public finances of Greece and other European countries regarding the exposure of the banks had triggered the turmoil in global financial markets. This turmoil has wrapped the foreign exchange and equity markets, the most.

The banks do not have a wide exposure in the European zone.

“We are continuing to liaise closely with Australian banks that tap offshore wholesale markets and we are satisfied that these banks are much better placed than they were in October 2008”, he said.

Laker told that APRA was also administering the effects of recent global and domestic equity market’s volatility on the life insurance and superannuation industries.

He assured that the European debt crisis will not be able to harm the Australian banks in any way. Australia has little connection and association with the European banks.