On monetary policy, I will say a little more. A similar realignment towards a medium-term approach has certainly occurred in the case of monetary policy. The centrepiece of this has been the inflation target and the Government’s reaffirmation of the independence of the Reserve Bank as outlined in our Act.
Accordingly, I would like to take the opportunity this morning to speak about issues related to the new proposed regulatory regime for credit unions, which is expected to come into effect sometime in the second half of 2013.