Regulatory Policy Issues in Australia
نویسنده
چکیده
The pace of development in the Australian financial system over the past decade and a half has been dramatic. The size of the sector has more than doubled in real terms, while the range and sophistication of products and instruments has expanded rapidly. The use of complex products such as derivatives has grown apace. Technological advances are revolutionising the delivery of financial services and are making available much more sophisticated alternatives in the payments system. Greater sophistication in financial arrangements is also allowing services to be offered in new ways and by new players. In Australia, as elsewhere, a trend for funds-management vehicles to grow faster than the traditional institutions is evident, as is the related growth of capital markets at the expense of intermediaries. Consequently, competitive pressures on established institutions, including the banks, are intensifying. While professional financial markets have been globalised for some years, modern communications technology offers the prospect of a more globalised market for retail finance. Some of these trends, which are explored in greater detail in the paper by Edey and Gray in this volume,1 have raised important questions about Australia’s financial regulatory structure and for the framework of bank supervision. This paper seeks to address some of these. Section 2 considers the broad objectives of financial regulation in Australia. The following sections discuss some of the key regulatory issues.
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