Refer to the following graph and comment on the changes in Australian banks' capital position from the 2008 Global Financial Crisis to 2020. Provide reasons as to why these changes have occurred across different layers of capital. Banks' Capital Ratios* Consolidated global operations % 16 16 Total 12 12 CET1 Tier 1 Tier 2 1990 1995 2000 2005 2010 2015 2020 Per cent of risk-weighted assets, break in March 2008 due to the introduction of Basel Il for most ADis; break in March 2013 due to the introduction of Basel III for all ADIS Source: APRA