Second, the G20 has promoted a format for discussion and coordination of policies in some key areas. One good example is the work of the Financial Stability Board. Established at the time of global financial crisis, it started with the overhaul of the regulatory and supervisory regimes of the financial system, in particular of the banking sector.
Our banking system came through the international crisis quite well. Aggregate investment has been high, not low. Interest rates are positive, and the Reserve Bank has not had to buy large quantities of assets from the private sector. But we do live in an interconnected world. So what is happening elsewhere does have an effect here.