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Wednesday, Reserve Bank of Australia's Assistant Governor, Malcolm Edey said the world economy is returning to growth, confidence has picked up and, over the last six months or so, financial market conditions have improved significantly on a number of fronts.
He added that the extreme downside risks that dominated the scene a year ago have faded now. But, he said "We can't yet say that things are back to normal, and we still can't rule out further setbacks." The past year has been an extremely challenging time, but Australia's financial system, like the economy itself, has come through it in better shape than most, he said in Sydney.
The Australian banking system remained resilient throughout the crisis period. For the major Australian banks, the rate of return on equity dropped only modestly to around 13.5% in the latest half year, said Edey.
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