Notwithstanding our preference for a strategic approach to manage our external exposures, we would like to reiterate that to safeguard macroeconomic stability, use of intervention to mitigate the impact of sharp and large movements in the exchange rate would remains an instrument in our armoury.
But any move still seems some way off, given the gradual nature of the progress expected on unemployment and inflation. At this morning's meeting, as well as a thorough review of the international and Australian economies, we had a detailed discussion on the Western Australian economy.