Putting current market volatility into perspective. Australia's equity market fear gauge, the ASX 200 VIX, is on track to close at the highest level since July 2013 today. While not to be dismissed, with the index currently just below 20, it remains well below the levels struck in 2008 and 2011. This is a return to normality, something that has been forgotten in recent years due to unprecedented monetary policy easing enacted by major central banks around the world.