Of course, there can be attendant volatility or fickleness so we need good international relations and we value our participation in international fora. Our close working relationship with APRA is especially important (and the broader Trans-Tasman Banking Council), given the dominance of Australian banks, as are the wider Basel, BIS, IOSCO, NGFS and EMEAP communities.
The IMF Financial Sector Assessment Program (FSAP) review of our regulatory framework in 2016–17 endorsed a number of key features and competencies in our regime, while at the same time setting the bar higher in terms of the international benchmark for regulatory discipline (more intensive supervision and enforcement, greater operational independence in macro prudential policy, and more standard and higher regulatory requirements for crisis management and FMIs).