Key points are not available for this paper at this time.
In 2010, the Australian economy was one of the most stable economies in the world, having low unemployment rates (5 per cent) and low governmental net debt (8 per cent of GDP). The financial sector is the biggest sector in the Australian economy, being 11 per cent of the national GDP. This sector is regulated by two bodies, the Australian Securities and Investment Commission and the Australian Prudential Regulation Authority. The Australian financial sector (AFS) had 4.9 per cent growth in 2010, which was one of the highest growth rates in any sector (Anon, 2011a). According to the Australian Stock Exchange (ASX), the AFS is the second largest sector by market capitalisation, and primarily consists of banks, credit unions and building societies or financial institutions, insurance companies and superannuation companies. The total assets of financial institutions have registered a compound annual growth of 10 per cent since 1991. This is attributed to two decades of stable economic growth, strong legal and regulatory frameworks and sound management of the economy.
Joshı et al. (Fri,) studied this question.