In his book Finance and the Good Society, he writes: “Finance, despite its flaws and excesses, is a force with the potential to help create a more prosperous and more equitable society”. There is much to suggest that a developed financial sector is good for a country’s welfare and economic progress.
Australia shared in this experience from about the mid 1990s onwards, with an unusually long expansion. Compared with the instability of the 1970s and early 1980s, this was a remarkably good period for macroeconomic performance. It was also very positive, for quite some time, for investment returns.