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Mehmet Yörükoğlu By Beverly Chandler, Opalesque London:
The Financial Stability Boards latest report focuses on the peer review of Australia and finds a country that has weathered the recent financial storms well. The peers, chaired by
Mehmet Yörükoğlu (Central Bank of the Republic of Turkey) and comprising Li Wenhong
(China Banking Regulatory Commission), Dora Balazs (French Securities Markets
Authority), Akie Oba (Financial Services Agency of Japan), Roy Havemann (South Africa
Treasury), and Mike Mitchell (Bank of England). Anil Misra and Costas Stephanou (FSB
Secretariat) found that the resilience of the underlying Australian economy helped support the resilience of the financial system.
The report found that Australian financial system is relatively large and continues to show growth. "Between December 2005 and December 2010, financial system assets rose from AU$3 trillion (approximately 300% of Gross Domestic Product or GDP) to AU$4.6 trillion
(approximately 340% of GDP), or a compound annual average growth rate of 9.2%."
Australia, with its significantly large pension fund or superannuation industry, has long been a target for asset raising for hedge fund managers. The report found that: "Following negative growth during the recent financial crisis, asset levels have
surpassed their earlier peak in 2007 and net contributions have been stable, reflecting the
compulsory superannuation contributions made by employers."
The superannuation and life a...................... To view our full article Click here
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