In this context, efficiency includes not just the efficiency of the processes by which payments are made, but also the way in which price signals function to allocate resources and guide decisions. The RBA has a mandate to use its regulatory powers, where needed, to promote that broader efficiency goal through its Payments System Board.
We expect these issues to figure prominently in our upcoming deliberations. Conclusion It is time for me to conclude. I hope that my talk about transparency has clarified our work at the Bank. We realize the importance of transparency, along with accountability and credibility, in building understanding and trust among all our audiences.