I do not wish to suggest that this puts the Reserve Bank in a better position, only a different position. Regulators such as ASIC have a much better legal perspective than the Reserve Bank, while APRA is more knowledgeable on prudential standards and institutional practices.
Taken together, therefore, there is a very broad range of skills among the members of the Council of Financial Regulators. (f)  Handling “once-off” threats to stability  These will arise from time to time and may be difficult to predict in advance. The clearest example of this to date is the challenge of the Year 2000.