international investment position, australia : supplementary statistics, 2012 ”, abs cat no 5352. 0, tables 2 and 5. abs ( 2013b ), “ international trade in goods and services, australia, aug 2013 ”, abs cat no abs 5368. 0, tables 14a and 14b. abs ( 2013c ), “ overseas arrivals and departures, australia, aug 2013 ”, abs cat no 3401. 0, tables 5 and 9. acemoglu d, s johnson and ja robinson ( 2001 ), “ the colonial origins of comparative development : an empirical investigation ”, the american economic review, 91 ( 5 ), pp 1369 – 1401. bis central bankers ’ speeches acemoglu d, s johnson and ja robinson ( 2005 ), “ institutions as a fundamental cause of long - run growth ”, in p aghion and sn durlauf ( eds ), handbook of economic growth, vol 1a, chapter 6, elsevier bv. blainey g ( 1983 ), the tyranny of distance : how distance shaped australia ’ s history, macmillan, melbourne. dyer c ( 2009 ), the french explorers and sydney, university of queensland press, brisbane. grier rm ( 1997 ), “ colonial legacies and economic growth ”, public choice, vol 98, pp 317 – 335. maddison a ( 2003 ), the world economy : historical statistics, development centre studies, oecd publishing. mitchell br and deane p ( 1962 ), abstract of british historical statistics, cambridge university press, london. mitchell br and jones hg ( 1971 ), second abstract of british historical statistics, cambridge university press, london. ons ( office for national statistics ) ( 2013 ), “ uk trade, june 2013 ”, statistical bulletin, august, pp 1 – 51. rba ( reserve bank of australia ) ( 1997 ), “ australian economic statistics 1949 – 50 to 1996 – 97 ”, reserve bank of australia occasional paper no 8. ukhov a and wn goetzmann ( 2005 ), “ british investment overseas 1870 – 1913 : a modern portfolio theory approach ”, nber working paper no 11266. vamplew w ( 1987 ), australians : historical statistics, fairfax, sync & weldon associates, sydney. bis central bankers ’ speeches

made, but on which there is still much work to do. in my view, having developed a very substantial pipeline of work since 2008, our energies need now to be devoted to careful and systematic implementation of the already agreed reforms. that is not to preclude new regulatory initiatives, which are still being put forward. but the implementation task arising from the pipeline of reforms already agreed, either in detail or at a conceptual level, is very large indeed. of these, the most important ones are the basel iii package, the reforms for otc derivatives trading and clearing, establishing appropriate oversight of “ shadow banking ”, and work to address the problem of “ too big to fail ”, including cross - border resolution of systemically important financial institutions. this by no means exhausts the list of work streams, but these are the key ones. each is individually very demanding for regulators and industry players alike. taken together, they are, in a word, daunting. we need to avoid reform fatigue, and to sustain our support to those doing the hard grind of devising the new rules and making them work. to do that, we need, in my opinion, to contain the growth in the regulatory agenda, and to respond only to the most important calls for further major work streams, at least for the next little while. let me be clear this is not a call for current reform efforts to stop, or to be watered down. it is about ensuring we focus our finite energies and resources on the most important problems, and getting industry to do the same. the second point is that the business community, both in the uk and australia, and generally under the auspices of the “ b20 ”, can contribute to meaningful progress towards the g20 ’ s broader goals. that contribution will be most constructive if it can avoid being dominated by particular national or industry interests, if it can adopt a genuinely global perspective, if it can have realistic aspirations and if it can understand the constraints under which policymakers operate. a contribution like that will be key to achieving the g20 ’ s goals : an open world economy, characterised by strong, sustainable and balanced growth. i hope that australian and uk business leaders, along with their peers from around the other g20 countries, will seize that opportunity and that responsibility. references abs ( australian bureau of statistics ) ( 2012 ), “ migration, australia, 2010 – 11 ”, abs cat no 3412. 0, august. abs ( 2013a ), “