20 See working group on euro risk-free rates (2019), Recommendations of the working group on euro risk-free  rates on the transition path from EONIA to the € and on a € forward-looking term structure methodology, 14 March. 21 By contrast, backward-looking rates based on the € can be calculated as of October 2019 and used  immediately to improve legal documentation.
To this we can add globalisation, where for some products at least, the “elasticity” of the global market is available in response to short-term demand fluctuations in Australia (or any other country).