There is still a place for robust credit-based benchmarks in the financial infrastructure, and we expect that BBSW and the cash rate will be able to coexist as the key benchmarks for the Australian dollar. 1 I have talked about this issue previously: Debelle G (2017).
‘Interest Rate Benchmarks’, Speech at FINSIA  Signature Event: The Regulators, Sydney, 8 September; Debelle G (2016), ‘Interest Rate Benchmarks’, Speech at KangaNews Debt Capital Markets Summit 2016, Sydney 22 February; Debelle G (2015). ‘Benchmarks’, Speech at Bloomberg Summit, Sydney, 18 November. 2 The instruments traded in the bank bill market are typically negotiable certificates of deposit (NCDs). 3 See <www.aph.gov.au/Parliamentary_Business/Bills_Legislation/Bills_Search_Results/Result?bId=r5962>.