Former Australian Treasurer Peter Costello addressed a group of senior executives from the banking sector and regulatory agencies on the impact of the global financial crisis on regulation in Australia, the US and internationally. Costello participated in a Financial Services Industry Leadership Forum at the Sydney Opera House jointly hosted by the US Studies Centre and IBM. Costello pointed to the quality of Australia's financial institutions and financial regulations in weathering the GFC. But he warned that Australia should resist the temptation to over-regulate the industry in response to the crisis.
Centre CEO Professor Geoffrey Garrett also addressed the forum on the likely future course of US financial regulatory reform and the status of US-China economic relations in the wake of the GFC. Garrett was joined on the panel by June Felix, IBM's Global General Manager for Financial Services, who discussed IBM's research on the challenges facing banks and other financial institutions in an environment where rates of return are likely to be significantly lower than in the pre-crisis period. The Forum was moderated by SBS's Jenny Brockie and co-hosted by Glen Boreham, Managing Director of IBM Australia and New Zealand.