Date Title & Summary Topic Area

Guy Debelle - Global Code of Conduct for the Foreign Exchange Market: Phase 1


Guy Debelle, Assistant Governor (Financial Markets) at the Reserve Bank of Australia, launched Phase 1 of the Global Code of Conduct for the Foreign Exchange Market in New York on 26 May.  The Code is being developed by a working group of the Markets Committee of the Bank for International Settlements


Bold and Ambitious? The 2015 amendments to the OBU Regime: An Industry Perspective

This paper considers the 2015 legislative amendments to Offshore Banking Unit (OBU) regime. It concludes that while the amendments were, on the whole helpful, and hence the OBU regime should operate incrementally more efficiently as a result of the amendments, the regime still falls behind counterpart regimes in the region in terms of its ability to attract mobile financial centre activity.   Further, the OBU regime may be rendered increasingly obsolete given the likelihood of significant financial innovation


Financial Sector Growth, Capital Formation and Productivity

The financial and insurance services sector is the largest of the 12 industries that make up the market sector of the Australian economy, with a 9.9% share of output compared to the next largest sector mining with a 9.8% share. Productivity growth in the financial and insurance sector has outperformed productivity growth in the market sector as a whole on average over the 24 years to 2013-14. The financial sector contributes directly to productivity growth through its share of the economy, but also indirectly through its role in determining the quantity and quality of investment. The financial sector mobilises saving, while financial markets allocate that saving to its most productive uses in the form of investment. The efficiency of this capital formation process is an important driver of productivity growth, which is the main long-run driver of national income per capita.