Much of Governing Council’s discussion was focused on oil. Global oil prices are well below our forecast assumptions made in our October MPR, primarily due to supply forces. There is also an important overlay of worry about moderating global economic growth, given heightened trade tensions, with implications for future oil demand.
These tokens could then be used for payments in a similar way that physical banknotes are used today. In thinking about this possibility there are a couple of important questions that I would like to highlight. The first is that if such a system were to be technologically feasible, who would issue the tokens: the RBA or somebody else?