speech financing sme innovation in australia – challenges and opportunities brad jones [ * ] assistant governor ( financial system ) cosboa national small business summit sydney – 4 april 2024 introduction small and medium - sized firms ( smes ) are in many ways the backbone of the australian economy. at the reserve bank, the importance of smes has long been reflected in our analytical research agenda and our liaison program. indeed, last july the rba hosted its annual small business financing roundtable event for the 31st time, while our liaison program – which includes active year - round engagement with smes spanning the breadth of the country – is now into its 24th year. there are different ways through which to view the contribution that smes make to our economy and society. the first ( and most familiar ) is through their central role in the daily life of our communities. of the 2. 6 million businesses in australia, 97 per cent are characterised by the australian bureau of statistics as ‘ small ’ firms ( comprised of less than 20 employees ), with a further 2 per cent of firms classified as ‘ medium - sized ’ ( between 20 and 200 employees ). [ 1 ] smes are widely represented across the sectors of the australian economy. a particularly notable contribution they make is through the labour market, where smes account for two - thirds of private sector employment. they also comprise just under 60 per cent of company profits. more than this, smes are integral to the social fabric of our communities – whether it be sponsoring the local kids sporting team, community theatre production or charity event. nowhere is this more true than in regional australia, where many smes are family - run businesses that provide goods and services in areas where larger firms are less active. [ 2 ] and who doesn ’ t have a favourite weekend ‘ local ’? another way in which to view the contribution of smes to our collective wellbeing is narrower but no less important – they are potential engines of innovation and dynamism in the australian economy. smes can introduce competitive tension to established markets that are typically dominated by larger incumbents, driving them to be more efficient in the process. and in generating or diffusing new ideas and better ways of doing things, they can create new markets for goods and services and facilitate the reallocation of capital and labour to more productive use. this creative energy can be of sufficient scale to directly impact our living standards. but unleashing this creative energy first requires access to financing on reasonable

tongurai limpiti : the changing role of central banks in the new financial world opening plenary address by ms tongurai limpiti, deputy governor of the bank of thailand, at the asian financial services congress 2014 “ defining the next decade ”, bangkok, 27 february 2014. * * * distinguished guests, fellow participants, ladies and gentlemen, good morning. it is my pleasure and honor to be here. since its inauguration in bangkok in 2005, the asian financial services congress has evolved to become one of the region ’ s largest annual gatherings for the industry, where participants learn the latest industry trends, share ideas and exchange opinions, as well as to network with others. as a returning participant myself, i can assure you the benefits you will get from attending this event and personally also look forward to getting the most out of my two days here. in this address, i would like to share with you the direction, we central banks, are taking into the next decade regarding the maintenance of financial stability. in particular, i will talk about the role of central banks in the areas of monetary policy, regulation, and financial sector development. when talking about the last area, i will also update you on the upcoming asean financial integration under the formation of the asean economic community or aec. ladies and gentlemen, the global financial crisis that erupted in 2008, or 2007 if you count the u. s. sub - prime crisis as its first incidence, has brought fundamental changes to how central banks approach economic and financial stability. in particular, the crisis has led to a general reorientation of central bank policies in three major directions. the first is the reorientation of monetary policy to take into account financial stability concerns. the second is the shift from “ deregulation ” to “ re - regulation ”. and the third is the supplementation of traditional microprudential regulation with macroprudential one. in the realm of monetary policy, the pre - crisis consensus was that the attainment of price stability, or low and stable inflation, was enough to ensure a smooth progress of the economy. while central banks were well aware that financial disruptions could have a serious negative impact on the economy, they were of a view that financial stability was the job of prudential regulation and that monetary policy should focus on inflation and output stabilization. the dichotomy between monetary policy and financial stability policy was well observed across the central banking community. central banks like the bank of thailand, which also looks at financial