In the past, we have often provided to the Committee a paper on some banking subject, such as bank margins or bank fees and charges. On this occasion, there is no special paper, but we have recently finished a major study, in conjunction with the ACCC, on interchange fees in credit and debit card schemes.
The current account deficit, which reached 15 per cent of GDP in 2008, fell to 3 ½ per cent last year. It will continue to fall. The banking sector strategy I now turn to the banking sector. As I mentioned, what had started out as a liquidity problem threatened to turn into a solvency problem. We had to step-in to preserve financial system stability.