But in particular they stem from possible further increases in oil prices, a stronger pass-through of higher oil prices into consumer prices due to stronger indirect effects or possible second-round effects. I will come back to these transmission channels later on. As I have said before, the concern about oil prices will be familiar to Dr Whitaker.
2 I will focus on domestic reforms around the principal interest rate benchmark in Australia, the bank bill swap rate (BBSW). I will also mention plans underway to introduce a “risk-free” interest rate for the domestic market, as a complement to BBSW. I will not talk about the investigations that ASIC is currently undertaking into conduct around BBSW.