So at the RBA we are carefully examining every piece of data that comes in for insight into the net effect of these forces. We are also frequently talking to businesses and industry groups to better understand what is happening in firms at the forefront of structural change.
This is because only banking institutions, including credit unions and caisses populaires centrals, can provide liquidity throughout the financial system, since only these institutions have direct access to the ultimate source of liquidity: the central bank. But the modern financial system has evolved in such a way that, today, financing is increasingly done through securities markets.