The role of the Australian financial sector in supporting a sustainable and inclusive recovery:
Australia's financial sector entered the COVID-19 crisis in a strong position, enabling it to play a key role in cushioning the pandemic's impact. Once the national economy reopens, policymakers will turn their focus to securing a robust, sustainable and inclusive recovery. However, low in...
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Paris
OECD Publishing
2021
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| Schriftenreihe: | OECD Economics Department Working Papers
no.1699 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | Australia's financial sector entered the COVID-19 crisis in a strong position, enabling it to play a key role in cushioning the pandemic's impact. Once the national economy reopens, policymakers will turn their focus to securing a robust, sustainable and inclusive recovery. However, low interest rates are boosting house prices and demand for credit in a banking sector that is already highly exposed to housing and highly indebted households. At the same time, many young and innovative firms - which are the drivers of job creation and productivity growth - struggle to access finance. And financial frictions impede the alignment of financial flows with environmental sustainability. Addressing these obstacles, through regulatory change, developing alternatives to bank finance and facilitating technological transformation, would raise productivity and set the recovery on a more sustainable path. Financial inclusion and financial literacy are comparatively high and financial education is entrenched at schools. Further efforts are still needed to address persistent gaps in outcomes for disadvantaged groups, accompanied by stronger consumer protections to ensure that the recovery is inclusive. |
| Beschreibung: | 1 Online-Ressource (65 p.) 21 x 28cm. |
| DOI: | 10.1787/b262744b-en |
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| spelling | Lewis, Christine VerfasserIn aut The role of the Australian financial sector in supporting a sustainable and inclusive recovery Christine, Lewis and Ben, Westmore Paris OECD Publishing 2021 1 Online-Ressource (65 p.) 21 x 28cm. Text txt rdacontent Computermedien c rdamedia Online-Ressource cr rdacarrier OECD Economics Department Working Papers no.1699 Australia's financial sector entered the COVID-19 crisis in a strong position, enabling it to play a key role in cushioning the pandemic's impact. Once the national economy reopens, policymakers will turn their focus to securing a robust, sustainable and inclusive recovery. However, low interest rates are boosting house prices and demand for credit in a banking sector that is already highly exposed to housing and highly indebted households. At the same time, many young and innovative firms - which are the drivers of job creation and productivity growth - struggle to access finance. And financial frictions impede the alignment of financial flows with environmental sustainability. Addressing these obstacles, through regulatory change, developing alternatives to bank finance and facilitating technological transformation, would raise productivity and set the recovery on a more sustainable path. Financial inclusion and financial literacy are comparatively high and financial education is entrenched at schools. Further efforts are still needed to address persistent gaps in outcomes for disadvantaged groups, accompanied by stronger consumer protections to ensure that the recovery is inclusive. Economics Australia Westmore, Ben MitwirkendeR ctb FWS01 ZDB-13-SOC FWS_PDA_SOC https://doi.org/10.1787/b262744b-en Volltext |
| spellingShingle | Lewis, Christine The role of the Australian financial sector in supporting a sustainable and inclusive recovery Economics Australia |
| title | The role of the Australian financial sector in supporting a sustainable and inclusive recovery |
| title_auth | The role of the Australian financial sector in supporting a sustainable and inclusive recovery |
| title_exact_search | The role of the Australian financial sector in supporting a sustainable and inclusive recovery |
| title_full | The role of the Australian financial sector in supporting a sustainable and inclusive recovery Christine, Lewis and Ben, Westmore |
| title_fullStr | The role of the Australian financial sector in supporting a sustainable and inclusive recovery Christine, Lewis and Ben, Westmore |
| title_full_unstemmed | The role of the Australian financial sector in supporting a sustainable and inclusive recovery Christine, Lewis and Ben, Westmore |
| title_short | The role of the Australian financial sector in supporting a sustainable and inclusive recovery |
| title_sort | role of the australian financial sector in supporting a sustainable and inclusive recovery |
| topic | Economics Australia |
| topic_facet | Economics Australia |
| url | https://doi.org/10.1787/b262744b-en |
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