Again this was global in nature, most notably including the dislocation to the US Treasury market, which serves as a critical pricing benchmark for global financial markets. There was an imperative to prevent a financial crisis exacerbating the significant impact of the health and economic shocks. In that environment, policy actions were taken in Australia on multiple fronts including fiscal, monetary and prudential.
We should recognize these facts and, in response, structure legislation that would permit the full economic integration of these various forms of financial activity, in order to gain the maximum operating efficiencies, the best tradeoffs between risk and return, and the most flexibility in meeting the needs of the customer. But new legislation should not attempt to accomplish too much too soon.