My Second Revelation Is Summed up by the Quote: “leadership Is Not a Position. to My Knowledge, a Promotion Never Made Anyone a Leader. Leadership Is a Fiduciary Calling” (dickens, 2008). a Misconception That I Had About Leadership Was That It Require

Reserve Bank of Australia (RBA) 

Several main purposes of RBA which is the central bank in Australia are to conduct Australia’s monetary policy and issue national currency, as well as to manage gold and foreign exchange reserves.

According to Reserve Bank of Australia (n.d.), it is a long term obligation for RBA to maintain the stability of the financial system. RBA assist in maintaining domestic financial stability by laying sound foundation for stable economy growth and monitoring the health of the financial system as well as ensuring the payment system is safe and robust. Moreover, RBA also is the chair of the Council of Financial Regulators (CFR) who also plays an essential role to maintain and improve the stability of Australian financial system. And in terms of international financial stability, RBA make considerable contributions to the debate of the international financial system reform.

IMF adopts several approaches in order to achieve its goal which is promoting a stable monetary and financial system in the worldwide. Some of these approaches are tightly related with RBA. Firstly, as the monetary policy conductor in Australia, RBA has a close relationship with IMF since IMF helps its members to develop their competence in designing and implementing effective monetary policy by providing technical assistance and training to them. Despite of this, as the institution that manages the SDR and the foreign exchange reserves in Australia, it is not surprising that RBA has a solid relationship with IMF. Main reasons for this are those essential roles that played by IMF in allocating SDR to its members as well as helping its members to meet their international payment by offering several kinds of loans to them.

Australian Securities and Investments Commission (ASIC)

ASIC is an independent Commonwealth Government body that regulates Australia’s corporate, markets and financial services with a subject to maintain and improve the wellbeing and reputation of Australia’s economic.

The ASIC contributes to achieve the financial stability by ensuring the financial markets in Australia are transparent and impartial. Associated with this are those roles that the ASIC plays in maintaining and improving the financial system’s performance; facilitating informed and confident participation by consumers and investors; fulfilling the ASIC Act as well as processing information quickly and efficiently. In addition to this, ASIC helps to encourage the financial stability through its membership of CFR.