Let me give you a flavor of that. 60. Forward guidance is always conditional. The dilemma then is how precisely the conditionality is to be communicated, and how to ensure that the market does not ignore the conditionality and interpret the guidance as an irrevocable commitment. Conversely, how does the central bank ensure that it does not become hostage to its guidance? 61.
So I think that our chances of keeping inflation low over the medium term are good. This outlook does involve a period of significantly slower growth in demand in Australia than we have seen over the period up to the end of 2007. The Bank has been candid about that.