APRA, on the other hand, has to be created almost from scratch. We should all support a speedy formation to make sure that the intellectual capital presently residing in its constituent parts in Sydney, Canberra and Brisbane is not lost, but is speedily brought together in one institution.
It is also important that it have a high degree of budgetary independence so that it can augment its resources from private financial markets and so ensure a high degree of interaction between regulators and practitioners. I know that the Government is aware of these needs and is doing its best to bring about an early introduction for APRA.