Glenn Stevens: Financial crisis developments – impact on the Australian economy Opening statement by Mr Glenn Stevens, Governor of the Reserve Bank of Australia, to the House of Representatives Standing Committee on Economics, Canberra, 20 February 2009. *  *  *  Mr Chairman, thank you for the opportunity to meet again with the House Economics Committee.
Shortly after the Committee last met, the global financial system took a serious turn for the worse. On 15 September 2008, the American firm Lehman Brothers filed for bankruptcy. It was the biggest actual failure of a major American financial institution for many years.