We are an outward-looking country. Over many decades, our prosperity has been built on our ability to trade in open and competitive markets, to attract investment and ideas from abroad, and to attract talented people to Australia. We have benefited tremendously from an open, inclusive and rules-based international system.
Our monetary policy has therefore evolved in line with the outlook for price stability and in a consistent manner over time. The unprecedented challenges we faced in the pursuit of our price stability mandate led us to introduce a complex and multi-dimensional monetary policy package.