It places a high level of trust in the Reserve Bank to apply our analysis and tools  15  to support a specific objective – sustainable house prices - while remaining within our legislated mandate. The directive is also provided with a clear understanding that we are only one of the many stakeholders that influence the demand for, supply and price of houses.
Conclusion  I have covered a lot of ground today with a necessary light touch. The economic environment, the roles of monetary and fiscal policy, the challenges of building and operating new monetary tools, the perennial concerns related to excessive financial risk taking, and issues of income and wealth inequality.