Of course, the challenges are not limited to monetary policy. There is the question of how resource allocation in the Australian economy should evolve in response to the increases in the prices of minerals in recent years, if these turn out to be persistent.
Monetary policy has only a modest role to play there – other policies will be much more important, and they will be tested. There is also the question of how all that adjustment will dovetail with policies towards climate change, which are in the formative stages at present.