We take considerable care to ensure the Bank’s policy communications are consistent, are what the Bank wishes to say, and avoid any sense of the Bank saying different things through different channels or personnel. ii. The introduction of macro prudential policies  Secondly, many central banks have adopted new macro-prudential policies in response to lessons from the financial cycles preceding and succeeding the GFC.
We have recently introduced new capital requirements against high loan-to-value ratio (LVR) lending and also limits on the share of new high LVR lending. These new moves required a fresh understanding and enhanced communication12. New policy frameworks pose special challenges to build understanding of their efficacy, conditionality, and operation.