Second, I would like to highlight the many advantages and benefits of more harmonized and integrated payments markets specifically for SMEs. Being the main user of the retail payments business, SMEs are absolutely key for the further harmonization and integration process.
The Review concluded that Australia's current monetary policy framework is fit for purpose. The core elements of that framework are a central bank with operational independence and a flexible inflation target centred on 2–3 per cent. In my view, and that of the Review Panel, these arrangements have served the country well.