
The February 2026 bulletin outlines three post‑pandemic credit‑market shifts that have eased financial conditions: bank‑funding cost spreads fell about 70 basis points, variable mortgage‑rate spreads narrowed roughly 65 basis points, and business‑credit supply expanded with non‑bank lenders gaining market share. These changes stem from a higher share of at‑call deposits, tighter wholesale‑funding spreads, intensified lender competition, and technology‑driven mortgage shopping. Collectively they make monetary‑policy transmission less restrictive and suggest a higher neutral interest rate than pre‑pandemic levels. The analysis also assesses the persistence of these trends amid regulatory and liquidity‑framework shifts.

The BIS Triennial Survey shows global foreign‑exchange turnover jumped to US$9.5 trillion per day in April 2025, a 27 % rise driven by heightened volatility, hedging and speculative activity. Spot and outright forwards led the surge, while currency‑option turnover more than doubled and...

Australia is gradually aligning with the G20 Roadmap for cross‑border payments, having met the universal access target but still falling short on cost, speed and transparency goals. Bank‑based transfers to advanced economies cost about 4 % for a A$1,000 payment, while...