The banking regulator has bluntly rejected industry claims it is racing ahead of the world to implement rules designed to make lenders safer during times of financial stress.

To protect the world economy from financial shocks, authorities are finalising rules forcing banks to hold larger amounts of easy-to-sell assets such as government bonds.

Australian Prudential Regulation Authority chairman John Laker dismissed claims it was ahead of the world.

The local regulator plans to start the reforms from 2015, in contrast to some other countries, which have delayed the start date until 2019. This conservative stance has sparked complaints from the banking lobby group that Australia was rushing ahead of the pack.

But Australian Prudential Regulation Authority chairman John Laker dismissed claims it was ahead of the world.