It is important to better outline the relative role of monetary policy and financial regulation for price and financial stability, both in terms of strategies and institutional design. In today's integrated financial world, international coordination at appropriate level seems desirable for policies to be effective in this respect.
In the December quarter, GDP increased by 3.4 per cent, which was one of the biggest quarterly increases on record. Over the final months of the year, there was a very strong bounce-back in household consumption following the mid-year Delta lockdowns.