One of them was, in our judgement, a fairly expansionary setting of monetary policy.1 At the same time, there has been a very substantial build up in debt in the Australian household sector.
BIS central bankers’ speeches  industry direction, particularly if there are implications for systemic risk, but we prefer to see market-based solutions. An example of this is the current discussion about the future of domestic debit, where the Bank has not taken a position. We acknowledge the arguments in favour of preserving a domestic debit product so that competing payment instruments are available.