Finally, this summer's turbulence has raised a number of system-wide issues related to liquidity. In the event of a serious disruption in securities markets that would threaten financial stability, are there policies that would be helpful? The Financial Stability Forum has been looking at this issue.
ASIC and APRA have supervisory responsibilities in this area and associated powers to pursue if needed. Our current assessment is that Australian firms have made progress on the LIBOR transition to date. There is, however, variation across firms and continued focus and effort is needed in the year and a bit that remains.