According to the Australian Prudential Regulation Authority Web site, Basel II will make the Australian deposit taking sector, and therefore the Australian economy, safer and more efficient. Basel II consists of three "pillars"; the first sets the minimum capital requirements needed to meet credit, market and operational risk; the second prompts firms to consider whether extra capital should be held against additional risks, and the final pillar asks financial businesses to publish details of risks, capital and risk management to improve market discipline.