The growth of the banking system and its pivotal position in the country’s financial architecture implies that the banks cater to a whole host of diverse stakeholders who have equally diverse expectations. The success of individual banks and of the banking system as a whole depends on how well these stakeholder expectations are met.
Monetary policy I would now like to turn to the Reserve Bank Board's monetary policy decision last week. As you know, the Board decided to hold the cash rate target unchanged at 4.1 per cent. This decision will provide the Board with more time to assess the state of the economy and the economic outlook and associated risks.