It is also important to remember that Australia, along with all other jurisdictions that sign up to international standards, will be evaluated by our peers. So it’s worth spelling out our approach to some key issues.
In addition, from the end of this year Australia will have responsibility for chairing the G20 for a year, and financial reform and regulation have been prominent on the G20’s agenda in recent years. So Australia’s political leadership will have some responsibility for shaping, for a brief period, the oversight of the process.