Please click the link below to view Shane Oliver's reflections on the GFC, the lessons learned and could it happen again.

Key points raised are:

• The key lessons from the GFC are that
  • high returns come with higher risk
  • while each boom bust cycle is different, markets are pushed to extremes of valuation and sentiment
  • be sceptical of financial engineering or hard to understand products
  • avoid too much gearing or gearing of the wrong sort
  • monetary and fiscal policy work
  • highlighted the importance of proper diversification and asset allocation
  • another boom bust cycle is inevitable at some point but it will likely be very different to the GFC.