APRA (Australian Prudential Regulation Authority) was created and took charge of bank supervision, a function previously performed by the Reserve Bank, and a new Payments System Board was created in the Bank with a mandate for efficiency and competition in the payments system as well as controlling risk and contributing to financial stability.
The banks that make the submissions used to calculate LIBOR are uncomfortable about continuing to do this, as they have to rely mainly on their ‘expert judgment’ in determining where LIBOR should be rather than on actual transactions.