These considerations are not impediments to undertaking QE, but we would need to take them into account. It is a reasonable question to ask what might be the threshold to undertake QE in Australia. It is difficult to be precise, but QE would be considered if there were an accumulation of evidence that, over the medium term, we were unlikely to achieve our objectives.
In particular, if we were moving away from, rather than towards, our goals for both full employment and inflation, the purchase of government securities would be on the agenda of the Board. In this world, I would hope other public policy options were also on the country's agenda.