1. RBA: What are the RBA's primary statutory responsibilities? Where can these be found and how does the RBA operationalise them? 2. Prudential supervision: What is prudential supervision and who is responsible for it in the Australian financial system? Why is effective prudential supervision important? 3. ASIC: Outline the broad responsibilities of ASIC in the regulation of financial markets. 4. Central banks: Compare the structure of the US Federal Reserve with the Australian central banking system. Material for Group Discussion 1) RBA: Explain the sense in which the RBA is independent of the Federal Government. How independent is the RBA in reality? What is your opinion about the importance of the RBA's independence for the Australian economy? 2) Regulation: Outline the significance of the GFC for financial regulatory authorities around the world. Why has the Australian financial system suffered a lesser impact than other developed economies