More specifically, I am going to touch on three factors that strike me as particularly relevant for our efforts in this area: the fact that the market is not a single person, the fact that the Committee is not a single person either, and the delicate interplay between the Committee and the market.
The main reason for this is that the monetary policy framework in Australia is seen as credible in ensuring that the inflation rate averages between 2 and 3 per cent over time. But again, the credibility of the framework did not rise out of thin air. Instead, it is the result of nearly two decades of having delivered low and stable inflation.