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Business

Poppy Johnston

EXPLAINED: Australia well placed to withstand us bank shocks | Vintage Vibes

United States Australia Silicon Valley Bank

Treasurer Jim Chalmers has reassured Australians the country's banking system is resilient. (Richard Wainwright/AAP PHOTOS) (AAP)

The treasurer says Australia's banking system is resilient as authorities monitor the collapse of Silicon Valley Bank closely for possible domestic repercussions.

The downfall of the California-based Silicon Valley Bank is the second-biggest banking collapse in US history and the largest failure since the Global Financial Crisis.

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