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FRoM THE CHIEF ExECUTIvE Grasping the opportunities ahead Notwithstanding the threats posed by loan impairments in the economic downturn, Australia’s banks have never been better placed for international expansion and consolidation. But, we must ensure that our relatively benign experience of the GFC doesn’t result in complacency and squandered opportunities. IN thE pAst 12 moNths the global financial system Finsia recently commissioned Access Economics has undergone a seismic transformation and Australia to review the conceptual framework that underpins has not been spared. The immediate effects on both banking and financial services regulation in Australia retirees’ superannuation savings and financial services and, in light of the GFC, to provide recommendations employees have been significant. Some industry to guide the reform process. In essence, the findings sectors will be permanently transformed. of the report, Navigating reform: Australia and the In the face of this, the resilience of Australia’s global financial crisis (see pages 8–9), are that economy and financial system has been keenly fundamental changes to the so-called ‘twin-peaks’ recognised by the international community. Indeed, approach to regulation are not necessary, but the Australia has played a significant role in the balance between efficiency and stability of the financial establishment of the G20 and in guiding the system needs to be recalibrated. international reform agenda. Australia’s financial Focusing on the future pool of industry services industry has been widely acknowledged as a professionals, the Finsia–Chandler Macleod report, benchmark for countries that are currently restructuring Broadening horizons – investing in talent, was released their regulatory institutions, notably the United States. at the recent Finsia Financial Services Conference. It Australian banks’ balance sheets have been examines the attitudes, expectations and experiences heavily weighted toward domestic loans, particularly of Australia’s financial services industry as normality to low-risk households. Conservative capital adequacy returns to the markets
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