期刊名称：Financial Stability Review / Reserve Bank of Australia
印刷版ISSN：1449-3896
电子版ISSN：1449-5260
出版年度：2005
卷号：SEP
出版社：Reserve Bank of Australia
摘要：Australian fi nancial intermediaries continue to perform strongly, reaping the benefi ts of the
ongoing expansion of the domestic economy. While the demand for credit from the household
sector has slowed and margins remain under downward competitive pressure, the return on
equity in the banking sector has been maintained at historically high levels – an outcome that
partly refl ects ongoing reductions in cost-to-income ratios and strong earnings from wealth
management operations. The pressure on margins and slower household credit growth have,
however, encouraged some institutions to take on more risk, and at lower margins, than they
have in the past. As a result, credit losses can be expected to pick up in the period ahead from
the current low levels. As has been the case with banks, insurance companies have performed
well over the past year, benefi ting from relatively high investment returns, although stronger
competition among insurers is also beginning to dampen underwriting returns.
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