The Financial Cycle and Recent Developments in the Australian Financial System
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چکیده
It is a pleasure to be able to address this year’s Retail Financial Services Forum. As you know, this is the sixth year that the Forum has been held and I think it is fair to say that the current environment is more challenging than at any time over that six-year period. The global fi nancial system is having to deal simultaneously with a very large repricing of risk, an unwinding of the leverage built up over recent years, shaken confi dence in many fi nancial institutions, and rising problem loans. As a result, many banks around the world are facing the most diffi cult operating environment for many years.
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