There are still very close relations between bank supervision and financial system stability through the close connections between the Reserve Bank and APRA (with the former having two Board positions on the latter). In addition, there is the Council of Financial Regulators, which brings together the heads of the Reserve Bank, APRA and the Australian Securities and Investments Commission (ASIC).
The global market saw the start of bond and share purchases by highly-leveraged intermediaries; the latter borrowed funds at low cost and then invested in financial markets, making substantial use of derivative instruments.