This symposium of course marks 20 years of the Australian Payments Clearing Association, which was set up as a vehicle to coordinate decision-making in relation to clearing and settlement following the recommendations of the Brady and Martin Reports in the years prior. It effectively replaced the Australian Clearing House Association, which was largely focused on cheques – the dominant payment system of the time.
Reductions of inflation usually require a period of slower demand growth, and this episode is no different. At the same time as we are seeking this moderation in domestic spending, the rise in resource prices that is occurring courtesy of strong demand abroad has complex effects on the Australian economy.