At the same time, this increases the responsibility of the supervisory authority, demands continual refinement of its technical apparatus and requires it to be fully transparent in accounting for its actions. 3.3  Banks: costs and transparency  The efficiency gains deriving from concentrations must be transferred in full to households and firms.
It's complex but overall, in my judgement, the Australian economy is adjusting quite well in the circumstances – certainly far better than in other episodes of commodity price fluctuations we have seen in history. That said, the adjustment is still a work in progress.