The net rise in unemployment in Australia over the past 25 years has not been due to prolonged periods of weak economic growth; it has been concentrated into three relatively short periods of recession (see Diagram 1).
BNYM is unique in that it also plays the dominant—and soon the sole—role in government securities settlement and in the triparty repo market. These activities are comparable in their importance to those of the financial market utilities that have been designated as systemically important by the FSOC.