The title of my speech is a dead giveaway regarding what is in store for you, but, as my former UK counterpart Mervyn King once said of central bankers, “boring is best”. Monetary and economic policy challenges are on the agenda. In this regard, there is no shortage of topics.
There were particularly pronounced increases in the cost of term deposits and long-term wholesale debt relative to the cash rate as financial market conditions deteriorated in late 2011. Deposits Competition for deposits, which had moderated somewhat in early 2011, intensified again in late 2011.