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The October 2023 Financial Stability Review assesses the financial stability of Australia's economy. The global and macro-financial environment is highlighted as a key factor, with ongoing uncertainty around the COVID-19 pandemic and its impact on the global economy. The resilience of Australian households and businesses is also discussed, as well as the resilience of the financial system itself. Domestic regulatory developments are also examined, with a focus on vulnerabilities in China's financial system, an update on fixed-rate borrowers, indicators of household financial stress, interest rate risk, and operational risk in a digital world. The review is published semiannually and is available on the Reserve Bank's website.