I view the recent section 68b - financial policy - directive from the Government as a significant display of confidence in the Bank’s capabilities and operational independence and transparency.
It places a high level of trust in the Reserve Bank to apply our analysis and tools  15  to support a specific objective – sustainable house prices - while remaining within our legislated mandate. The directive is also provided with a clear understanding that we are only one of the many stakeholders that influence the demand for, supply and price of houses.