The purpose of this study is to explain rationale for regulatory change in Australia and New Zealand after the global financial crisis. Outline regulatory changes and relate to crisis experience and regulatory shortcomings exposed. Regulatory change was driven primarily by need, as capital importing nations, to comply with emerging global standards, and the different approaches in both nations are also related to domestic political considerations. The process of regulatory change in response to the crisis is ongoing. A number of areas for further improvement in financial regulation are identified. Costs of poor regulation and financial crises are identified. A comparison of regulatory approaches in two countries dominated by the same four large banks helps understand the challenges of cross-border financial regulation cooperation.