The risks that emerge from the increased variety and complexities of banking business, as well as from the various new drivers of growth has pushed the contours of risk management in banks much beyond what would probably have existed in the more traditional forms of banking activity of accepting deposits and lending in relatively stable environments.
So we are in a world economy with a more comfortable outlook than a year ago, but with still some uncertainties remaining. What of the Australian economy? The story here has been much less exciting, but the results a lot more satisfying. As you know, GDP grew by 4.1 per cent over 2001, which was the highest among comparable OECD countries.