The Role of Central Banks in Financial Stability

I think a lot of people around the world would agree with your view as well. I detected it in 2014 and the RBA was out there saying there are no financial stability risks consistently. Whereas APRA was much more exercise and started crushing lending in December 14 to their credit. And this correction was engineered exclusively by APRA. The first wave of it. That's a very good point. The second wave was the Royal Commission, which will unwound some lending standards. There's also a resurgence in non-bank lending in Australia because the R&B securitisation market is booming so they can get money, lend that money. They're not really regulated by APRA but now